What are Business Grants?
There’s an old adage that says, “you have to spend money to make money”. When it comes to owning and running a business, this adage is especially true, and even though entrepreneurs know this well, it doesn’t mean that incoming costs aren’t a source of stress. Before you can get your business off the ground, or even before you can kick off a new idea or expansion, there are a lot of upfront costs to manage. Your business needs funding. With small business grants, companies can get the push they need in order to move forward with less stress.
So, what are business grants? A business grant is money awarded to businesses in need. Unlike loans, grants don’t have to be paid off. The money is not being borrowed. There is no interest attached. Grants are GIVEN to businesses with no expectation of return.
How do Business Grants Work?
Sounds too good to be true? Truthfully, obtaining a small business grant can be a lot of work, but that’s why we’re here for you. Plus, the funds received from the grant, might be all the help your company needs in order to succeed.
Small business grants can come from the federal government, state government, local government, and corporations. Each of these sources have their own benefits, and their own draws. For example, the federal government has more grants available, but the local government is more likely to reward businesses that give back to the community. Each grant from each establishment has a specific focus, and business owners will want to find and apply to those grants that pointedly meet their needs. Unlike loans, grants can’t be spent on anything the business deems fit. Grants must be applied to the specified areas explained in the application. Depending on the company, that money may be allocated specifically to hiring fees, land, building, technology, programs, sustainability, etc.
Doing all of the research to find the right grants for your business can be most of the battle. Luckily, we’ve created a database of over 15,000 available grants to make your research as seamless and simplified as possible. Once you’ve found the right grants, the application process can take time to complete. Competition may stiff, so spend whatever time is needed to truly portray why your company is deserving. We can help you with all of this, as well. Be diligent and be patient with the process. Waiting to hear back will take some time.
Who’s Eligible for a Business Grant?
Are you a small business owner? Yes? Most likely you, then. Any company meeting a small business grant’s specified criteria could be eligible to win. The better the application, the better the odds.
In addition to government and corporate grants, there are special interest grants. A special interest grant is one devoted to empowering potential minority groups. There may be a special grant for women business owners. There may be a special grant for hispanic entrepreneurs. Education companies. Special needs groups. Etc.
Are Business Grants Worth It?
We think they are. Thousands of strong businesses today wouldn’t exist without the crucial help of a small business grant. If you have the desire to develop your business, do the research, have patience in the process, and reap the benefits of a grant, you’ll spend less money for more money made.