Small business entrepreneurs are always on the lookout for funding opportunities for starting, developing or expanding their businesses. Small business grants, are an excellent source of money that a business can use for starting or developing their business. The best thing about a business grant is that they do not have to be repaid as long as all the rules and criteria for the grant are followed. These business grants come in many different forms and are funded by various entities from the government to private organizations.
Private Foundations and large corporations offer small business grants to entrepreneurs that meet certain criteria. The criteria usually has to do with why they are offering the grant, they want to help out a certain type of business. For example there are grants that are for startups, business expansion, rural areas, women, minority or veteran owned, just to name few. Then there are grants for businesses that help the community in some way by empowering a certain sector of individuals, offering jobs to disadvantaged individuals or helping an economically distressed community.
Grants of this type are usually awarded on a yearly basis although there are a few grants that are issuing awards on a monthly or rolling basis and you can apply to anytime. Entrepreneurs just need to take the time to research the internet for small business grants especially if they fall into any of the specific categories stated above. Once they find a grant that they qualify for they can apply online and hopefully be awarded the grant money.
The federal government has their own programs for small business and usually distribute grants to businesses that fall into these categories; new research, development of technology, renewable energy, and agricultural-based companies. The criterion for eligibility is very specific and the rules of how the awarded grant money can be used are very controlled. The payoff of investing the time is free money that does not have to be paid back.
Entrepreneurs also need to look into what their state government offers in the way of small business grants. Many states have grants for businesses to help their state’s economy grow, create jobs or revitalize depressed areas. These federal and state business grants can be found by researching on the federal grant website and the states website that will usually have a tab for business funding opportunities.