If you are considering starting your own business, you may feel concerned about your startup funding. Perhaps, you have even attempted a few avenues for your venture and hit some bumps along the road.
Small business grants from the government might be worth considering for your business as they offer the aspiring entrepreneur a way to grow their business and focus on growing their business while enjoying a sense of financial security.
There are various types of grants which ensure that the small business industry grows to participate in the larger economy and service the needs of customers. Here are some avenues for grants for small business available in the US to propel small businesses to the next level.
What you need to know
Sure enough, government grants for small business are not easy to come by, but it is important to understand what type of funding is available for your business. The federal government generally does not cover starting and expanding a business, paying off debt, or covering operational expenses.
However, if your idea is in the scientific, environmental and medical research field, you may have a good chance of gaining funding to grow your business. Student startup ideas can be developed through programs like The Small Business Innovation Research.
The fact that taxpayers fund government grants mean that the business needs to benefit society on a large scale. Grants for small businesses are usually appropriated through Congress and the White House. Therefore, funds are tightly controlled and are business that propels the agenda of a particular government agency are supported.
Larger companies stand to benefit from government grants, but this should not deter the small business owner or student startup ideas as there are options available through discretionary incentive grants.
Sourcing and applying for grants
Before giving up on government grants for small businesses, there are few options you can try to see if your business qualifies for a grant. These resources will greatly assist in finding the type of funding that is ideal for your business.
1. www.grants.gov – This is a website dedicated to helping you find the ideal and most relevant grant to your business. The database offers access to over 1000 programs you can apply for and you can narrow down your search to your business.
2. State and Local Grants – This resource is available in each state. Each state has an agency that oversees the distribution of grants with a focus on distributing funds to local businesses. The agencies also provide a wealth of information.
3. Corporate and Non-Profit Grants – If your startup idea is dedicated to empowering a sector of society, you might be able to gain a grant that allows growing your idea. There is funding available from companies like WomensNet and Intuit’s Love Our Local Business campaign.
Support for high tech innovation and research
Innovation in technology and research is a high priority for the government. While you are busy crafting your business idea, you may need assistance in keeping with your course load and you can use custom writing login and buy essay. The expert writers at this service can also help you with other writing materials like thesis, dissertation and term papers.
Grants such as the Small Business Innovation Research (SBIR) grant, as mentioned above, support businesses that grow the economy and dedicate their case to the development of highly advanced technology. This has become central in the US as a first world country.
Applying for this grant and its requirements is quite straightforward. The business should be 50% or more American owned, based and operating in the US with fewer than 500 employees.
As with any business grant, you need to prove that your company is aligned with the Research and Development goals of SBIR. By simply visiting their website, you can gain more information.
What you need to understand
A small business grant is not a capital injection for a startup but rather a supportive grant for a business that is already in operation. You can also use these funds to further develop projects that you are working on and developing.
One of the greatest misconceptions is that the government offers free money to a business, as seen on infomercials and this is simply untrue. You need to research viable avenues for government funding and ensure that you meet the most basic criteria for gaining a grant even before applying.
As a small business, there are many hurdles to overcome; however, each one is a step in the right direction and that is growth.
It might not be easy to get your hands on resources at first, but as your business grows, it will get easier through angel investors, crowdfunding and business loans. The hard truth of business is that there is no such thing as free money. Hard work is the only way to reap the benefits of being recognized by government agencies willing to give a grant to your business.
Taking the initiative to work on your own startup while studying is a brave step, and a lack of funding can be a demotivator. However, you always need to stay a step ahead by focusing on developing your product to a point where it is worth government funding.