WHAT YOU NEED TO KNOW ABOUT BUSINESS GRANTS
Entrepreneurs looking for viable forms of funding to start or expand their business do have various options, one of them being small business grants. These types of grants are basically monies given to a business from the government, large established corporations or private foundations. These funds usually have stipulations as to what businesses can apply for the grant along with how the money is allowed to be used once rewarded. Business grant opportunities from the government could be offered from the levels of federal, state or local municipality and are very specific in the industry and type of small businesses that can apply and how the funding can be used.
Business funding through grants on the federal level is typically for new research, development of technology, renewable energy, and agricultural-based companies. State and local level grants are geared toward helping the state and local economies grow and thrive so grants are in the forms of enticing new industry, businesses willing to creating jobs in deprived areas, and companies willing to repurpose old buildings so there can be a revitalization of locally depressed areas. State and local programs would be have more small business grants available for business developing that can help entrepreneurs with business funding. As noted government grants are very precise in what they are willing to fund and how the money will better the community as a whole.
Large corporations and private foundations are also willing to lend a monetary helping hand to select entrepreneurs in in the phase of business developing. These types of grants are usually awarded on a yearly basis and use an online application process with a specific deadline. Business owners need to read and verify the grant rules and criteria to apply making sure that their company is eligible for the grant. Spending time and effort on an application that a business is not even qualified for is a waste of valuable time.
The application process varies per grant but normally the larger the amount being awarded the lengthier the application. Applications are then reviewed by an appointed panel of judges and winners are announced and the money is awarded. Typically the grant money awarded must be used for certain expenditures and may have various stipulations and restrictions. A large portion of these corporation and foundation grants are usually programs for small business and targeted directly to specific groups such as minority, women or veteran entrepreneurs starting, developing or expanding a business. A business that falls into one or more of these categories will have more availability for grant opportunities.