Business Grant

What is a Small Business Grant?

A small business grant is money that never has to be paid back and is used for the purpose of launching a new business or the expansion of an existing one. There will be very specific criteria that the business owner must adhere to in order to qualify and continue receiving any grant funding.

Who Offers Small Business Grants?

Grants are made available through the federal government, nonprofit corporations and foundations.  Although the federal government does allocate funds for the sole purpose of grant funding, they are typically not the ones to appropriate or administer the grants. They are instead generally filtered through state, local and community agencies.

What can a Small Business Grant be used for?

Each grant opportunity will outline in detail the specific purpose for which the grant is being offered. For this reason, it is very important that your grant application addresses all components of the proposal and shows that you have a clear understanding of the project including how you will achieve the final outcome. If the business grant in question is being offered through the federal government, funding must be used for the purpose of providing a service of some kind that will benefit the community in some way and must have an outcome that is measurable. Federal grant money can not be used for the benefit of a government agency or department through the sale or purchase of property or by the provision of any such services.

Who can apply for a Small Business Grant?

Small business grants are not awarded to individuals but rather to a business in order to aid them in carrying out the primary function of the company. Anyone that owns an existing business or is looking to launch a new business can apply for a business grant. Businesses that are not for profit are often more likely to meet the criteria of such projects. Other popular businesses that tend to find grant opportunities that match their company’s primary purpose are those in the high tech sector, education, research, medicine as well as those that provide a direct service by making available, programs to members of the community that are disadvantaged in some way. There are however many innovative ways that for profit businesses can broaden their scope of eligibility. For example, a for profit art or drama school can easily open a not for profit department that caters to at-risk youth providing after school programs that build self esteem and a safe place to go at the end of the school day.

How does one Apply for a Small Business Grant?

Finding the right grants that match your expertise and business as well as having a completed business plan are the first two things that any business must do. Whether you are applying for government, corporation or foundation grants, an integral part of the application package will be your company’s business plan. All granting bodies will need to know that the money they are investing has a high probability of success. For this reason they need to see that the company is qualified to carry out the project to completion and that they have a definite means to measure the projects final outcome.

Finding grants that are available and match your company’s expertise and skills is generally the most time consuming task for any entrepreneur. The process of writing a business plan will help in narrowing the specific focus of your company and provide a means to alter aspects of the business than can ultimately increase your chances of being eligible for a variety of business grant opportunities.

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