A new small business is not cheap. Starting a new venture requires extensive research, securing inventory, and developing a business plan. Without a network of financiers, securing startup funding can be a challenge. But applying for small business grants is more than putting your name on a list. By following the guidelines, you can increase your chances of obtaining the funding you need.
- Unlike loans, small business grants are free money that the government offers to small businesses. While few government funding programs are open to all businesses, most of them are geared toward certain industries or groups. As with most government programs, you must pay back the money plus interest in full. But you can check with industry associations to find out if there are any government funds that are specific to your industry.
- There are government programs that help small businesses finance their startup costs. Some are targeted towards specific industries, while others are general. These government funding programs are usually loans that must be repaid with interest. Some may be available to you as an entrepreneur or for the business’s founder. Whether or not you qualify for them depends on your situation. For example, you could be a member of a trade association. You can ask them about government grants that focus on your particular industry.
- The best way to get a grant is to apply for them online. Most organizations offer a variety of grant options. Some are free and others require an application fee. Before you apply for a grant, you should read the guidelines carefully. While some grants do allow multiple applications, it is important to double check the eligibility criteria of each one. You should have a decent credit score to be eligible.
- The first step is to determine your eligibility for the grant. You should make sure that you meet the requirements before applying. Then, you can contact the organizations to see if you qualify. Remember, small business grants are not handouts and require you to apply. They are competitive, so you need to apply early and make the most of them. A good plan can save you a lot of money.
- Many small business grants are available to help new businesses start at iCapital. The Small Business Administration coordinates the grants and offers several types of grants. The Small Enterprise Fund is a popular choice among small businesses. In addition, you can apply for one of these grants to finance your startup. The only catch is that the application process can be lengthy. There are also other grant programs you can apply for. These programs are available online.