Government Business Grants

There are many resources available that entrepreneurs can explore when looking to finance the launch of a new business or the expansion of an existing one. The common first step that most people take is using their personal savings as well as loans through family members. When these options either fall short or are simply not available many people will turn to their financial institutions for a personal loan. Unfortunately, due to today’s difficult financial climate this option is rarely successful. There are other alternatives that many people are either not aware of or feel that their small business venture would not be eligible for. This area is money from the government in the form of government business grants or low interest loans.

The initial search for government business grants usually leave would be entrepreneurs frustrated in locating useful information on agencies and corporations that offer financial aid to small businesses. The difficulty in locating the right grant or any useful grant at all stems from the fact that although the federal government does set aside large sums of money for this purpose they are filtered through state and local agencies. It is these agencies and other large nonprofit corporations that disperse and administer government business grants to the general public. Another factor that makes is hard to find grant opportunities is that even within each agency these grants are generally categorized under specific areas of specialty.

There are a few things that every entrepreneur who is looking for government business grants can do to increase their chances of success. There are definitely certain types of businesses that qualify more than others for grants so that matching your skills and experience to those will open more opportunities. Having a completed business plan is another crucial step as you will need to include one as part of the grant application package. Many granting agencies are also looking for a company that can show long term sustainability beyond the grant period. Any government agency or corporation that decides to invest in your company needs to be assured that you understand the goals of the project at hand and are capable of seeing it through to completion and have in place means to measure the outcome of the project.

If finding the right grant opportunities and completing a business plan seem to be overwhelming tasks, keep in mind that there is plenty of free professional advice both on the internet and often within your own community that can help you. It is also important to be able to spot and avoid the many grant scams that exist. Always keep in mind that no government agency will ever contact you personally with offers of free government grant money. There should never be a charge for filling out a grant application and no one can guarantee that you will be awarded a grant either before or after you have filled out an application form. It is not necessary to pay someone to help you fill out application forms as each granting agency does post helpful hints along with the application.

Although you may spend a considerable amount of time in researching grant opportunities and completing a business plan, remember that government business grants are a form of financial aid that never has to be paid back! The key is to know where to look, how to match your skills with existing grant opportunities and where to get free professional advice.

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