How do you get a grant to start a small business?… This is one of the most common issues people face when starting a small business.
Lots of people would love to be able to start their own small business, but they lack the capital necessary to get their business off the ground. Some hear about the idea that the government provides grant money for starting a small business, but have no clue how to get that grant they so desperately need.
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A grant has one major benefit over a loan. Grants don’t have to be paid back! This benefit comes with additional restrictions and qualifications that make getting them more difficult.
Don’t worry you’re not in this alone. Some companies exist today specifically to help you acquire these grants and other federal benefits. The large majority of these funds will not need to be reimbursed. Though this is basically free money for your business, it’s not a means to rapid wealth and requires you to go through an application process to qualify.
Once you’ve identified which program is right for you, apply and follow the instructions outlined by the program. Every program will be different with its own set of rules and regulations.
To file an application for assistance either you or your company needs to be registered at Grants.gov.
2. Prepare Standard Form 424
This form can be found here. Though a few of the programs will require forms unique to them, a good amount utilize Standard Form 424, “Application for Federal Assistance.”
In addition, it may be necessary to prepare a number of other standard forms and possibly a few certifications in addition to your proposal. This particular form is used to gather simple background information about yourself, your project, the sources of funding, the amount you need, and other state requirements.
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3. Have your proposal ready before seeking federal funding
A great deal of proposals, fail to follow the directions outlined by the EPA resulting in a lengthier review process and lower odds for receiving assistance. A large portion of these do not describe in an efficient way what the tangible goals of their business are.
4. Select a Grant
Listed below are the best five grants available at present:
a. Women’s Business Ownership Assistance
b. Very Low to Moderate Income Housing Loans
c. Unsolicited Grant Program
d. Minority Business Development
e. Business Development
It should also be mentioned that the SBA asserts that grants for starting a business are not granted by the federal government. Typically such assistance is only available for state or local governments, not-for-profit organizations, or large businesses currently engaged in scientific research that is being supported by the government. This information is available at: How Do I get a Small Business Grant or Loan
Despite this, government agencies on all levels maintain loan guaranty programs to simplify the process of acquiring a loan for the purpose of business expansion or initial start up from a bank or other lender.
Getting a grant can be a great help for launching your new business. But, be sure to read all the rules and regulations before you agree to accept a grant to start your small business.