Free enterprise is the backbone of this country’s economy. When a new business emerges, it creates needed jobs for the unemployed and keeps money flowing through the market. The government acknowledges the importance of small business and has a grant program in place to help new businesses get up on their feet.
Many people are unaware the grant program even exists for business owners, because it’s not advertised or spoken of often. But, there are dozens of different grants that you may be eligible for if you plan on starting a business, or if you already own one.
The amount of grant money you can receive for a business will vary depending on the requirements and type of grant you are applying for. You will never be responsible for paying it back and it can be used for such things as business licenses, overhead, company payroll, supplies, and any other business related expenses.
The process of applying for a business grant can be lengthy compared to other types of grants, such as school or college grants. To prepare for federal funding for your business, its important to get all your needed paperwork in order. This means going through your sales revenue, spending, projected sales, set goals, and time-line of the business. You may need other information if the grant application asks for it. Be sure to fully complete any and all grants you apply for.
When you think you have all, or most of the information pertaining to your business ready, its time to start applying for the grants. Remember, don’t limit yourself to one grant; apply for as many business grants as possible. It’s not uncommon to receive a grant to start your business and one to use for paying your employees.
During your application, be as honest and accurate as possible. A simple mistake on something like revenue could cost you the grant. It’s not a bad idea to have someone go over and proofread your application.
You may want to consider hiring a consultant to help identify your businesses needs and help find a government grant that your business would likely qualify for. This can be time-consuming and may cost a little extra, but compared to the payoff you’ll receive, it should be more than worth it in the long run.
If you do take the route of hiring a professional consultant, keep an open dialog with them. They will be your lifeline to knowing whats going on with your grant application process. Not only will they be there to guide you through, but they can answer any questions you have along the way.
If your business is related to research, community projects, or “going green”, you will be more likely to receive multiple business grants. The government realizes these types of businesses not only help the economy, but they help the community as a whole.
Starting and owning a business is no easy task. It takes time, effort, and money. Thankfully, though, grants are commonly given out to people just like you who are looking to start a business. It’s up to you to be proactive and find the information you need on applying for these free business grants.