New Business Grants

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.

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