Government Grants for Small Business
Government Grants for Small Business – Types, Availability, Eligibility and Application
Government grants for small business financing are available from various federal agencies and provide excellent opportunities for start-ups and small enterprises to get the funding they need for being able to develop. The free money available with these grants is very much in demand, which also means that the competition is huge, but with a carefully written documentation based on a solid business plan your application can be successful – here is how.
Types of Government Grants for Small Business Development
The government provides numerous free financing options for small businesses, but only very few federal grants are available to for-profit businesses, most grants being provided to non-profit organizations such as educational institutions and 501(c) (3) corporations. However, the government does offer grants for small businesses and start-ups that operate in certain fields and industries and the activities of which are aligned to the objectives of the grant provider agency such as medical or environmental research or high-tech start-ups. For example, start-ups and small firms that operate in these fields might qualify for the Small Business Innovation Research grant program.
Eligibility Conditions for For-Profit Companies to Obtain Government Grants for Small Business Development
The possibilities are few for for-profit companies to obtain federal grants, but they do exist, with certain restrictions related not only to field of activity, but size, the percentage of ownership by American citizens and annual turnover as well – essential conditions that are different for every industry and that you must pay attention to before starting to prepare your application documentation.
Where to Find Federal Grants for Small Businesses
The website of the Small Business Administration and the government’s central database website are the best sources to find federal grants. Both contain lots of valuable information about the available grant programs, eligibility conditions, as well as guidance regarding the application process. Both databases allow you to narrow your search for the grants you can qualify for.
How to Apply for Government Grants for Small Business Purposes
Each grant program is different, and each has different conditions regarding eligibility – some conditions are straightforward, others more complicated to understand. Most grant program require applicants to provide a description of their activities as well as of their goals in the future, in other words, they must show that their company is worth investing into and it will promote the grant provider’s objectives if it is awarded the money. Many programs use online application processes that require applicants to download the application package, to fill out the provided forms, to attach the requested documents and to submit the package via the portal.
It is very important to pay attention to every requirement, including the length of the summary about your company and your business plan as well as the other documents you need to submit and the application deadline. Don’t forget that competition is fierce for free money, so if you find a grant that you are eligible for, don’t lose the opportunity just because you sent an incomplete application. Government grants for small business development can be your chance to obtain the financing you need to be able to grow, so grab the opportunities that you find and don’t be put off if your first application is not successful.