There are many types of business expansion grants available to businesses planning to expand their current operation or to branch out into a new area. Accumulating the overall information gathered from researching grants to expand businesses, it would seem the emphasis or priorities set by most granting agencies are focused on automotive, life sciences, energy, national security industry sectors, advanced manufacturing, logistics, information technology, and research and development. If you are a company that falls within the above categories, more than likely you will qualify for a grant to expand your business.
It can be an overwhelming experience if you are looking for business expansion grants for the first time. Don’t worry there are organizations out there just for the purpose of assisting you in finding grants to expand your business and make your endeavor a success. Sometimes you will need to partner with a state organization or a local community in order to qualify for the business expansion grant.
Assistance in the form of business expansion grants varies from state to state, but the majority of states offer business expansion grants through their state-wide economic development organizations. These organizations work with each community to attract new businesses or assist existing businesses expand. Each organization is unique in its incentives and business expansion grants, but the criterion is relatively similar. You must be doing one of the following: making a capital investment, adding jobs, training employees, introducing new technology, or reducing energy consumption.
A good source of information on business expansion grants – state and federal – is the Small Business Development Center. This agency offers assistance with business plans, contracts, financing ideas, etc. Each state has several SBDC representatives that will meet with you to discuss your project. For additional information on business expansion grants and what SBDC can offer, visit www.sba.gov.
If you are a larger company and do not qualify for grants to expand your business through the SBDC, don’t worry! There are other opportunities available to you. Every state and many of the counties have an economic development organization available to assist you with your project. These organizations will offer you a grant to expand your business through training grants (up to 50% of the cost), tax abatement for new equipment and real estate, business expansion grants for new or improved infrastructure, and other types of assistance. It is important for the community you are located in to stimulate their economy and build a bigger tax base. Remember, if your project affects their area, it is in their best interest to help you!