Entrepreneurs and small business owners who are looking to start or expand their businesses should look into small business grants. These grants are available from the government, large established corporations or private foundations that are looking to help fund small businesses. Business grants often have very strict guidelines in how the money is allocated once a grant is awarded and also what types of business are eligible to apply.
Business grant funding from the government is available from federal, state or local municipalities and are very specific in the industry and type of small business can apply and how the funding can be used. Business funding through the federal government is commonly given to those conducting new research, developing new technologies, renewable energy and agricultural-based companies. State and local business grants are more interested in helping local economics grow and thrive. These grants are directed towards enticing new industries, businesses willing to create jobs in underprivileged areas, and companies willing to repurpose old local buildings to revitalize the local areas.
Entrepreneurs that are developing their businesses and are looking for business funding will have more opportunities available through Small Business Grants small business grants by the state and local programs. Government grants are very precise in what types of small businesses they are willing to fund and how that money will help provide for the entire community.
Large established corporations and private foundations are also looking to help fund entrepreneurs that are in the midst of business development. Business owners typically apply for these grants annually, and must read and verify each grants ruling to make sure their small business is eligible and applies to all of the specific criteria listed. If a business does not meet the specific criteria of a business grant, they will not qualify and will have wasted their own time and effort. Grants with larger reward amounts often have longer applications, which are later reviewed by a panel of appointed judges whom decide the winners and then award them the grant money.
Once awarded the grant funding, businesses often have specific stipulations and restrictions for the application of the money within their business. Many corporation and foundation grants are programs for small businesses that are founded by minorities, women or veterans that are developing or expanding their business. If a small business meets any of these qualifications, they will have a larger availability of grant opportunities.