How to Apply for Small Business Grants
Is your small business doing great, so well that you cannot keep up demand for your product or service and you need to expand? Unfortunately, you know as the business owner that it takes a lot of capital to take your company to the next level. This is especially true if you are still paying off business loans from when you first stared the company. A possible business funding source instead of loans are business expansion grants which are specifically geared to companies looking to expand to keep your business developing. Loans, unlike business expansion grants, have to be repaid. Grants do not have to be repaid as long as the business awarded the grant meets the conditions of the use of funds detailed by the entity awarding the grant.
A business owner should look at what their state offers in these types of business funding grants for expansion . These grants are a way of enticing businesses in the state to grow so they can add jobs and boost the economy in their state. This is also true on the local level with many municipalities trying to use grants to help businesses to continually develop in order to revitalize their towns.
Another type of program states offer are relocation grants. States use this type of grant to entice businesses to move to their state so they can reap the benefits of adding jobs and economic growth. A business could take advantage of a grant like this if they are willing to relocate to the area where the grant is offered. In addition to the grant there are probably other incentives that will be packaged along with the deal like lower taxes or free utilities.
Helping successful companies is a no brainer for these communities that want to add an economic boost to their area. The risk of assisting an already established company is a lot lower than helping startups with no track record. If you decide to apply for these types of business developing grants make sure you are well prepared with your business plan that details the expansion along with a detail budget and reasoning why the expansion is beneficial to your company in the long run. Once you are ready to find these types of business funding grants start by contacting the local chamber of commerce in the area, they will have the information needed on what is available and be sure to check out other states’ websites for their relocation grants.