How to apply for Small Business Grants in Texas
Setting up a business in Texas is easier than many people may suppose. Those who are interested in doing so will just have to be aware of four simple steps and they can dream to own and establish their small business in Texas in a short time. Texas is widely known as a state that is open to varied business opportunities and provides grants for small business. There are several private and local agencies that aid interested people to meet the eligibility or norms for starting a business.
Steps to start a business in Texas:
- Planning is the most crucial factor in any work that you undertake. Even in case of starting a small business, planning comes first. It includes the business requirements, concepts of a business, legalities to be addressed, etc.
- Meet all the criteria needed for the grant. You need to apply for a business grant instead of a personal one. This will give you the benefit if having a company.
- Applying on the internet online also yields good results. You will come across several government grants online. The process is also very concise and short.
- Have a proposal in written along with the business plan. You can get additional aid form the SBDA or SBA nearby branch. This will offer a breeze to your task of applying for small business grants in Texas.
In general, people find it a painful process to learn to apply for business grants. However, bear in mind that a few weeks time is enough to get hold of it. in fact, one should hold several qualifications to apply for small business grants.Texas District Office 10 West 15th Street Suite 1100 Helena, MT 59626 United States Phone: 406-441-1081 Fax: 406-441-1090 Texas Department of Economic Development Office of the Governor State Insurance Building 1100 San Jacinto Austin, Texas 78701
More on Small Business Grants in Texas
While following the suggestions of the many resources available for business owners in Texas, in addition to the information available at the loan section of our website, it is important to avoid the obstacles and pitfalls common to many entrepreneurs.
The most common mistake owners make when seeking grants and loans for their business is failing to approach a financial institution that matches their mission, size and project objectives. Texas is a large state with a variety of businesses and investors willing to grant funds to your small business. Consider a Small Business Administration licensed program, a Small Business Investment Center (SBIC). Privately owned, SBICs are investment funds that are often more willing to work with small or new businesses when traditional commercial loan and grant applications in Texas face denial. SBIC officers often have information on angel investors and grant makers not easily identified within the public at large.
When seeking funding for new or innovative projects and business ideas, it is important to file for any technology or invention patents, register business trademarks, or legally cover any information that requires copyright. During the grant and loan search, the entrepreneur is constantly sharing critical and confident information; it’s entirely possible that data could be misplaced or shared inappropriately. Protecting sensitive and unique ideas and information legally will allow for remedy should one of these unlikely events occur.
Using one source for fundraising capital is unwise. Remember the adage, “do not put all of your eggs in one basket.” Grant making agencies and Texas financial institutions want to clearly see leverage for each dollar invested. Private foundations, credit unions, commercial bankers, and SBICs offer funding based on different priorities and criteria. Taking the time to build a relationship with several organizations before filing applications can smooth the process, yield information not available on documents issued and identify several agencies interested in one project. Working together with your Texas small business, grant and loan makers are able to see the mutual benefit of providing funding when alternate sources are presented. This provides sustainability, protecting you and the business by ensuring the failure of one funding source will not necessarily spell disaster.
Finally, it is imperative that when writing grant or loan applications, the goals and objectives for the project are clearly indicated with measurable benchmarks. This presents your business in a positive, well-lead light to the financial institution while providing a timeline for evaluating project success or need for adjustment. Succinctly lay out your S.M.A.R.T goals in your business plan, beginning with an overview presented in the Executive Summary. This document is your company’s ‘face,’ present it in the best possible light.