New Business Grants

December 3, 2010

New business grants are made available through government agencies in every state and through many large nonprofit corporations as well as a number of charitable foundations. They are virtually all designed to enhance the lives of people or groups within our local communities. New business grants are also a priority for the federal government as small business is a major contributor to the American economy; it boosts local tax revenues and contributes to lowering the unemployment rate.

Since most grants are created with a specific goal or outcome in mind, it is important to understand which types of businesses tend to receive the most opportunities. This makes planning ahead and choosing the right business venture crucial. Nonprofit companies, direct programs for an underprivileged group, and new innovations in technology as well specific research and development projects, education, medicine and housing tend to have the most available grant funding.

The first thing to consider when deciding what kind of business you will start is to look at areas that you have a passion for and ones that you have some expertise and previous experience in. Matching these areas with research about new business grants offered through government grant programs should be your next step.  Once you have a clear idea of the type of business that is best suited to your skills you will need to create a business plan. Virtually all grant proposals will request a completed business plan as part of their application package.

In can be difficult to find many of the new business grants that the government offers since although these initiatives originate at the federal level, it is local and community agencies that are responsible for the dispensing and administration of government funded grants. The key in utilizing your time in the most efficient manner possible is in knowing where to find grants within these departments and organizations. It can become even more complicated since most grants also post sub-categories that may or may not relate to your particular business.

Another critical factor while conducting research for new business grants is in recognizing and not falling prey to the many grant scams that exist. There are several key points to keep in mind that will help you avoid most scams.

  • There is no charge for filling out a grant application
  • There is no need to pay someone to help you fill out an application form as each granting agency provides step-by-step instructions and help along with their forms
  • No individual or agency can ever guarantee that your application will be successful and lead to free government money
  • It takes time for the application process. Each one is reviewed individually and the agency will contact you with your result. The status of your government grant application can also be tracked online. If you are promised a reply of grant funding within a day or two, it’s a good idea to check with your local better business bureau
  • No legitimate granting agency or government department will ever contact you personally with offers of free new business grants.

Take your time, plan ahead and do your research. Although it may seem like a laborious task, keep in mind that the better prepared you are, the better your chances of success will be. Remember also that even though you may spend a considerable amount of time finding the right grant; this is free money that will never have to be paid back! The effort is certainly worth the work put into it.

Grants for Small Business Start up

December 1, 2010

Grants for Small Business Start up are available in many sites.  This list in the business funding section of this website is the most extensive list available on the Internet.  More and more Americans realize that running a successful small business can go a long way in taking control of their financial security. Often the two biggest challenges are first in choosing a business that has the best chance of success and then finding the funds to finance its start-up. Personal savings, money from family members and personal loans from conventional banking institutions tend to be the most popular funding options for new entrepreneurs. There are however other alternatives that few people ever explore or are even aware exist at all. This being low interest loans and grants for small business start up from the government.

The federal government, like millions of Americans, recognizes the importance of small business ownership and has put in place a host of programs and funding opportunities to encourage their growth. From grants to acquire necessary business skills, to low interest loans, free professional advice as well as grants for small business start up, government agencies are there to help individuals start and grow their business. Unfortunately, although these initiatives come from the federal government, the responsibility for managing and dispersing them fall to state and local government agencies, often making them extremely difficult to find.

Starting a business and making it succeed requires the right planning, determination and of course an investment of time and patience. The same traits are necessary when looking for financial or other government aid to start or expand your business.  If you already have a business in mind, your next step is to develop a business plan. This will be an essential component when seeking any kind of financial aid, whether through conventional means or through the government. The prospect of having to write a business plan can be a scary and intimidating process for those that have never had to write one. There is no need to pay hundreds of dollars to have someone else write one for you as there is plenty of free professional advice on the internet including use-friendly templates and step-by-step instructions that are easy to follow.

Once you have a completed business plan you are ready to begin your search for grants for small business start up. The key factor here is focusing your search on only those grant areas that pertain to your particular business. The best place to look is on your state’s government website and local government agencies. Many large nonprofit corporations and charitable foundations also offer grant opportunities for specific projects. Since there are virtually hundreds of grant opportunities in a wide variety of areas it is important to know where to find the right grant categories in order to invest your time wisely.

It is equally important to be cautious in your search as there are many grant scams that offer free government money for a small fee. Remember that all grant information is free and that no legitimate agency will ever charge a fee for filling out a small business grants application. Also keep in mind that no one can guarantee you will receive a grant as each submission is reviewed separately and funds are either awarded or rejected on their own merit. If an offer of free government money seems too good to be true; it most likely is. No government agency will ever contact you personally with offers of free money for your business.

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