Getting a small business grant is not the easiest thing in the world to do. You must first apply for a government grant, which will likely involve a lot of paperwork. Submit every article that they ask you for. After you have submitted all the necessary documentation, you must then be approved.
You must be completely specific about what type of business you are seeking to fund. Government grants for small businesses are usually awarded to those businesses that will benefit the community, such as non-profit organizations. It will be next to impossible to secure a grant that is beneficial only to you and your immediate family. Even if you do qualify for a small business grant, it is highly likely that you will have to combine it with a small business loan.
If you feel that your business venture has the qualifying factors, then locate the SBA (Small Business Administration) in your city or county. You can obtain an application online by going to grants.gov or sba.gov, where they will give you detailed instructions on just what you will need in order to secure your grant. As each city or county has their own laws, it is best to research the branch in your own hometown.
Along with the application, write a detailed letter explaining exactly what type of business you are trying to secure and how your business would benefit the community. Be sure to be completely detailed. The more specific you are, the better your chances are of being approved for your grant and/or loan. Be sure to follow up regularly. Don’t just expect that they will go out of their way to contact you in a timely manner. They are likely to have many other applications to look at along with yours.
If it takes a little longer for you to secure your grant than you anticipated, take heart and do not give up. Remember that nine chances out of ten, you will have to apply for the loan as well, because the grant alone will not usually be enough to cover all of your expenses.
Where to get money to start a small business
If you are looking to receive money to startup a small business, then understand that it will take a little bit of hard work in order to get one. There are a few things that you need to do in order to secure that business loan for your business. A good business plan will lead to loans and grants, which can help you to start your small business.
Here are some tips on where to get money to start a small business:
Offer a convincing business plan: You have to be able to convince investors that you are going to succeed with your business plan. You have to make them think that your business idea is brilliant, and will bring in a boatload of money. If you cannot manage to do that, you will be looking for a grant for a long time. You do not want them to think that you are a risky investment.
Pay a visit to your local branch Small Business Administration: You can also go online and visit their website if they are not close to where you live. The Small Business Administration will offer you loan programs and you can also learn about SBA loans here.
Visit your local bank and ask them if they offer SBA loans: You will find that most banks offer these loans. For the screening process you will need to fill out an application, give a financial statement, show 3 years prior of your tax returns and you will to show what you have for collateral.
Check with big bank corporations: For example, banks like Capital and Bank of America will offer small business loans. Banks like this will still be cautious with their money, but you might find that it is easier to receive a grant from them. This is because they are so big that there is less risk if your business were to fail.
Use networking to your advantage: By doing this you can find grants, investors and small business loan opportunities. The bigger network that you have the more chances you will have of securing a small business loan. You can also attend certain organization events and this will help you to network, and find someone who is willing to invest in your business.
While it might be difficult to secure money for your business, with hard work and dedication you will get your business loan. The important thing is to never give up because then you cannot fail. Sooner or later you will find someone who is willing to give you money to start your business. Owning a business is hard work, and getting past the first stage of difficulty, shows that you are willing to do whatever it takes to succeed.
Corporation grants for small businesses
The largest problem many startup businesses probably face is getting capital to start up the business.
Grants therefore provide a big boost to start up businesses or businesses that are not doing well. Getting grants is not as easy as it appears on paper. There are a lot of issues one should consider in order to improve one’s chances of securing the grant. For individuals applying for corporation grants it is important to note that most corporations mostly give out grants to small businesses that have objectives related to the company’s business. Big corporations also tend to restrict their grants to regions and towns where the corporation does business.
Corporation grants are also mainly given out to businesses in the local community or non-profit organizations. Corporations also prefer giving out grants to civil society organizations or businesses that are oriented towards environmental causes. This does not imply that they do not offer grants to individuals with other business plans. These should however encourage individuals seeking corporate grants to think local.
Corporate grants may come in different forms such as full grants or partial grants. Partial grants are mainly offered to individuals or groups with ailing businesses and are seeking to improve their businesses. Full grants are offered to those seeking to establish businesses. Corporations also offer research grants which mainly target businesses that are science oriented.
Choosing a proper small business grant can however be stressful due to the many grants available with very specific requirements. Individuals seeking corporate grants should ensure that they put together assessments and documentation regarding the small business that they want to start up. One should have background research, proposals and the objectives of their intended business. For those with existing businesses it is important to have the sales revenue for the current or past year of business since this is a common necessity in the application. The Foundation Center and Council of Foundations are two important places where one can get information on various grants. Grant seekers are therefore advised to bookmark these organizations.
Applying for corporate grants should be done with care and attention, if one is to secure the grant. It is important to read through the conditions of application thoroughly. Individuals should also ensure that they mention the amount of the grant being sought out clearly. Corporation grants are available in plenty and one should feel encouraged to apply for one.
Corporations give out grants because they can save the company a lot of money in tax exemptions. Local laws require that corporations give out 5% if the company’s asset value as grants if they are to be considered for a tax exempt status. This encourages large corporate companies to give out grants worth billions, which support individuals looking to establish small businesses.