Everyone knows that it takes money to make money. But what happens if you just don’t have the cash you need to start a business?
If you’re an enterprising entrepreneur who needs money to start a business, or to expand your existing business, you need to know about the free small business grants program. Many states offer small business grants, allowing novice business owners the chance to start or improve their ventures. Others provide financial assistance in the form of loans or incentives for small businesses. It requires relatively little effort to apply for small business grants, and the payoff can mean the difference between failure and success.
In the United States, the Department of Homeland Security (DHS) offers small business grants to individuals who have good ideas pertaining to security-related innovations. Through the DHS Small business Innovation Research, small business grants are offered to qualifying businesses in the United States with 500 or fewer employees. An initial small business grant of up to $100,000 is available, allowing applicants six months to conduct the research required to prove the scientific, technical and commercial values of their concepts. If the DHS approves the proposal, the successful company may then apply for two-year free small business grant to develop prototypes of the product. Proposals must fall into one of the following categories: information technology, marine security or chemical and biological defense.
The federal government does not provide free small business grants; however a number of state-run development agencies do offer grants and other forms of financial assistance to help budding entrepreneurs start or expand their small businesses. Economic development agencies that extend small business grants exist in Kansas, Utah, Nebraska, New Hampshire and New Mexico. Other states offer financing and technical training services to individuals who want to go into small business.
Even though the federal government does not provide individuals with small business grants, it has spearheaded efforts to support individuals starting small businesses, through the Small Business Administration (SBA). Through the SBA, the U.S. government extends very attractive loan packages, along with the necessary technical support and training, to help small business owners succeed. The SBA was established in 1953, and has helped thousands of budding American entrepreneurs develop their small businesses. SBA offices can be found in every state, and work in cooperation with various lending, non-profit and educational and training organizations nationwide.
Small businesses account for more than half of the nation’s gross domestic product, and continuously generate new jobs for the U.S. economy. With these facts in mind, the SBA intends to reach the 25 million small businesses that employ more than fifty percent of the total private industries work force.
With the huge contribution small businesses give to the U.S. economy, it is imperative that proper assistance and guidance be provided for individuals engaged in small business. Small business grants are small but important benefits given to these deserving individuals.
If you are a U.S. citizen with dreams of making it big in business, and a budget that requires you to start out small, look to your state government for information on how you can benefit from small business grants.
By: Elizabeth Thomas
Posts Tagged ‘Small Business Grants’
Small Business Grants
December 13th, 2009Some Important Guidelines For Business Grants
December 12th, 2009Every year millions of dollars are given away by United States government to people for various purposes including your personal and business needs. If you are thinking of starting a new business or want to expand the present business but lack in funds then you can always apply for small business grants. Though they are many grants offered by the government yet it is not easy to receive one as according to the most famous proverb, there can be many slips between the cup and the lip. There are many reasons on the basis of which many times proposals for grants are rejected so special care has to be taken while seeking grants. Granting agency sets specific guidelines and it becomes utmost important to meet these otherwise the chances of getting a grant gets negligible. Hereby you are given some tips, which would help you to clear the hurdles and achieve your purpose: Firstly the intention and the objective for applying grant has to be explained comprehensively and explicitly so that the officer-in-charge reading the proposal should easily understand it. The format of the proposal for grant should be systemized in such a manner that it clearly sketches the features of the business plan for which the grant is needed and then each and every step is elaborated upon. Also make sure that the grant proposal is double checked for any spelling, grammatical and typing errors before submitting it for perusal. Also do not forget to submit the proposal within the fixed time frame. Do not give vague ideas rather goals should be clearly defined and facts should be well researched and formulated to make your proposal more authoritative. There is also need to put in extra time and effort to calculate the estimated cost and funds required while applying for grant and strictly avoid any guesswork in this stage. If the grant reviewer gets even a little suspicious over the funds needed and the accurateness of the application, then the chances of getting your grant proposal being rejected gets manifold. What is optimal is to do research of the granting agency and find what is that they look for just to make certain that your application is appropriate according to their specifications. The grants require to strictly adhere to their rules otherwise your proposal may get rejected. For example if certain agency requires the proposal to be submitted online, then do it as required without asking for any other alternative. Agencies granting money are anxious to know where the money is going to be spent by whom and why and ultimately who are all going to be benefited. So make sure that person who is writing this grant proposal should clearly mark these areas. Grants are not easy to find and are extremely competitive so it becomes all the more important to present best possible proposal to the extent that it instantaneously captures the attention of the grantor.
Small Business Startup Loans – How to get Funding for Your New Business
December 12th, 2009Beginning a business is a big daydreamfor many people. To get ready to embark on your business however, takes time, groundwork, patience and hard work. The first thing you need to do is do some market reseach about the type of business you plan to start. . After this comes the most perplexingstep for most potential business owners – the source of funds. There are several options for finding funds. Some people may have savings or family inheritances that may seem tempting to use. Another place to consider for funding can be a small business startup loan. Funds can be accessible from from a wide array of lenders, including banks, the Small Business Administration, private institutions and the federal government. The most practicalaspect about a grant, is that it is free money and does not have to be repaid. For example, there are some agencies that offer just small business grants for women. Also, some places may have a unique offer for people that are looking for a small business startup loan or grant in particular areas. Furthermore, there can be agencies that practice exclusively for small business startup loans and/or grants for minorities or those wishing to start much-needed businesses. You will {need to do your homework|want to be prepared with preparation about your type of business before applying for your grant, as the companies that will be responsible for approving your startup loan or grant will want to know that you have put thought and effort into your plans. Lots of excellent resources can be found on websites that can help you to build upa business plan. To check if you can qualify for a small business startup loan, or even better, a grant that will not have to be repaid, visit this site and answer their few questions. They will pre-evaluate your situation and check to see if you are eligible and can even offer some instruction to budding entrepreneurs. Once you have gotten your grant (you can get started with the link above), you are ready to start on your business. Small Business Startup Loan and Grant Information – Click here!
