Grant Money for Small Business

The likelihood of receiving grants for small business ventures significantly increases according to how much preparation goes into the initial stages of your business as well as the thoroughness of the grant application process. Being prepared with a completed business plan along with a clear understanding of the parameters of the grant proposal, are your company’s key elements for success. Applying for as many business grants including small business grants in Texas,  that correspond to your area of expertise as possible will also enhance the odds of being awarded the funds you need to carry out your proposed project.

There are literally hundreds of grant opportunities made available to the public through numerous government departments and large corporations. This pool of free grant money is there to aid in the start-up of a new business as well as for the expansion of existing companies. Providing free grants for small business start up or expansion is just one way that the federal government acknowledges the importance that small business has on the local economy. Independently owned businesses increase a communities tax revenue, create new jobs, provide valuable experience for today’s youth and so much more.

If you have more than one idea for a new business and are unsure which direction to go in, there are a few things you can do to help in making a decision. There are certain areas where grant money for small business ventures tend to be more popular than others. For example, companies that deal in medicine, research and development, education, the high tech sector and programs that have a direct, positive impact on people within a community have a substantial number of grant opportunities available to them. The trick of course is locating these grants. The federal government does require certain departments to set aside funds for external research and development programs. These monies are meant to help small, new and existing companies cultivate and test new technologies that have a high probability of success.

In some cases, grants for small business start up or expansion come with specific stipulations such as the company being able to match grant money dollar for dollar or to have available other sources of financing as in a low interest business loan. Depending on which state you will be doing business in, grants are often available for companies that plan child care center expansions, those dedicated to developing innovative and energy efficient technology as well as campaigns designed to expand and promote tourism. It is also important to know that nonprofit companies do have more grant opportunities that they can access than do for profit ones. That is not to say that a for-profit company should consider free grant money out of reach. Many for-profit businesses have come up with innovative ways of attaching a nonprofit department or entity to their existing business.

An important factor to keep in mind is that one must have a completed business plan to apply for most grant offers. There is plenty of free professional advice on how to write your own business plan, thus avoiding the need to spend hundreds of dollars to hire a professional to do the work for you. As an existing or budding entrepreneur you want to make sure that your time is being used in the most efficient way possible. The key to successfully finding the right opportunities lies in knowing where to find the right grant and understanding the grant application process.  Remember that no one can guarantee that your company will receive a grant and no legitimate granting agency will ever charge a fee for filling out a grant application. It is highly recommended that you avoid promises of free grant money and be aware that corporations, foundations or government departments will never approach you directly with offers of free grant money for small business ventures.

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