Finding the funds necessary to start or build a new small business is not an easy task, but business grants can provide budding entrepreneurs the resources necessary to take on such a challenge. Grants are essentially programs sponsored by the government, large corporations, or private foundations that provide free funds to small businesses.
Federal government funds are typically allocated for cutting-edge research, technology development, and ventures into renewable energy and agriculture. On the state and local level, business funding aims to boost the area’s economy, therefore grants are more often available for those looking to bring new industry to untapped areas, create jobs in struggling communities, and repurpose older structures for their new businesses in order to promote revitalization. This all results in state and local programs having more small business grants available for up and coming entrepreneurs, although these grants can be very particular in what they are looking to fund and what sort of businesses can apply.
Stipulations exist for almost all levels of government grants that dictate what businesses are eligible as well as how they can spend the money if rewarded. These can be limiting, but small business owners who do not fall into these certain categories can turn to grants from corporations and foundations. There are many large businesses and private organizations that endeavor to help entrepreneurs through business development with monetary assistance. .
These grants are typically awarded on a yearly basis and have online application processes with strict deadlines. Businesses need to ensure they are eligible for these grants before wasting valuable time filling out extensive applications. While there are some exceptions, applications become more extensive as the possible monetary reward increases. .
Once they are completed, a panel of judges reviews the applications and the business grant is awarded. Many of these corporation and foundation programs target specific underserved groups in their Small Business Grants . small business grants, including minorities, women, veterans, so entrepreneurs falling into one or more of these categories should explore the possibility of funding their start-up with a government or private grant. .