Finding a way to finance your new business is something that you might have thought of several times already. However, you can now take advantage of some small business grants that are available and can be used to fund the startup costs of your new business.
The Small Business Administration (SBA) has been created to provide support and assistance to small businesses in the United States. The organization is under the U.S. Department of Commerce and it is responsible for assisting in the development of new businesses in the country.
What are the small business grants that are available?
The Small Business Association (SBA) offers many different types of funding to support businesses in the country. You can use some of the grants to cover a specific need or challenge that your business is facing. Some of the available grants include the Women Owned Small Business (WOSB) program, the SBA 7(a) loan, and the Microloan.
The WOSB is the only federal program that is specifically designed to support women business owners. With this type of funding, women can qualify for small business grants and receive access to capital.
The SBA 7(a) is the biggest and most powerful federal loan program that is available. This type of loan is available for all small businesses and it can be used to fund the startup costs and operational expenses of the business.
The microloan is the smallest of the small business grants that are available and it is the only grant that is available for individual entrepreneurs. These loans are typically used to fund the start up of a new business or to meet specific needs.
What are the best small business grants that are available?
Some of the best small business grants that are available for funding your new business include the SBA 7(a) loan, the SBA WOSB loan, the Microloan, and the Women Entrepreneurship Program. If you decide to seek for these grants, then you will have a wide variety of options to choose from.
5 Simple Steps To Get Business Grant
If you have heard about business grant then you might be a bit curious to know about the availability of grants and how to apply for one. If yes then don’t worry because I have prepared some simple and easy steps to get a business grant for your business.
Step 1: Identify your project
First of all, you have to identify the kind of project you are applying for. The next step is to get an idea of the kind of funding you are looking for. Once you have decided you will start researching about the available grants.
Step 2: Find a suitable organization
If you don’t know what kind of organization can help you in getting a grant, then you need to find one. There are many organizations which provide grants to small businesses and startups and you can check the list of available grants in your state.
Step 3: Apply for the grant
The next thing that you will need is to fill up the application form. The most important thing in the application is to mention your project and the amount of money you need. It is important to know that the application deadline varies from one organization to another.
Step 4: Get the approval
Once you have submitted the application, it is very important to wait for the approval. It is also a good idea to keep a check on the status of your application. If you are in a hurry then you can go through the information provided on the organization’s website.
Step 5: Get the money
It is the final step and if you have completed all the previous steps then you will get the money. If you have found a suitable grant, then it is just a matter of waiting for the approval and the funding.
The Key to Getting Small Business Grants
Start with the research
There are two types of grants that you can get, they are the traditional and non-traditional grants. The traditional grants are given by banks, government departments and others. They are mostly for veterans that are already running their business for a while. If you are thinking to start a new venture, then you can try to get a non-traditional grant. Non-traditional grants are given by different types of organizations and they are called small business funds. There is no limit to the amount that you can get. These grants are for startups and for small businesses.
Read more at the website
Now that you have learned about the traditional and non-traditional business grants you can go ahead and read about the different types of grants that you can get. Some of them are as follows:
Economic development and assistance
The economic development and assistance grant is one of the most common and easiest grants that you can get. It is given to new or veteran small business owners to help them to improve their business. This grant is for the startup and the expansion of the business.
Economic Development Assistance Grant
The Economic Development Assistance Grant is given by the government to the entrepreneurs. This is to encourage them and also to help them to set up a successful business.
State or local government fund
This type of grant is mainly given by the state or local government for the new or veteran entrepreneurs. They are to assist them in setting up a new business or to expand their existing business.
Startup and expansion grants
This is one of the most effective types of grants and they are mostly for the new and veteran entrepreneurs. They are designed to encourage the people to invest and start a business.
Grant writing and reviewing
If you are thinking about starting your own business, then you can also think about the grant writing and reviewing. It is the process where you will write a grant proposal and also review the applications. If your application is accepted, then you can get the grant that you have applied for.
Finding grants for your business can be quite tough and it is also a lengthy process, but with the help of these tips you will be able to get a perfect business grant for your business. I have also shared with you a list of organizations and the application form. So, follow these steps and get your business grant today!
It is important to note that when you apply for these small business grants, you will need to qualify for them. The application process can be long and tedious, but the benefits that you get are worth it. So, make sure that you don’t delay and get started right away.