Getting a business grant is basically the best way to get money for your small business. Funds are provided at no cost to you to put entirely toward your business. According to Forbes, you can find and apply to grants based on the theme of your business in addition to your own demographics. There are grants for minority business owners, women, single mothers, and more. Try visiting FederalGrants.com to find grants offered by the United States government. Here you’ll find information on how to find and qualify for a grant, how to apply for a grant, and what to do next once you are approved.
Finding the right grant and actually getting one can be extremely difficult, but you probably didn’t assume getting free money would be easy. The majority of grant programs require in-depth proposals where you will need to list out every aspect of your organization. The U.S. Small Business Administration (SBA) states that our tax dollars fund these government grants, and because of this they have extremely strict compliance and reporting measures to ensure the money is spent in the right way and put towards a worthwhile endeavor. The SBA also lists out three scenarios in which the government will not provide a grant:
- Funding operational expenses
Federal, state and local government agencies provide financial assistance programs that help small business owners obtain low-interest loans and venture capital financing from commercial lenders. You should reach out to your local SBA for help finding an approved lender that can help you figure out the right program for your type of business.
While getting a government grant can be challenging, the SBA can make it easier to get the funds needed for starting a new business, growing your current small business, or recovering from any major financial setbacks with loan programs. What these programs provide is a guarantee to lenders and banks for the money they lend to small businesses owners. Lenders interests are protected by a promise to repay a portion of the loan if an instance arises where the business owner defaults on the loan.
Planning for and opening a new business can be difficult. If you are opening up a retail store, let an expert help you with all of your store planning needs. From design, production and installing the best store shelving, learn how to create your ideal retail space for optimal sales.