There are no government grants available for a small business unless
it is involved the development of new technology, or is a non-profit
organization. Many publications state that there are grants on hand
to start a small business, the only accessible one is for the research
and development of technology-based products and services. If you
are looking for funds for your small business, you can find many SBA
(Small Business Administration) loans, state and local development
loans, and non-government business funding.
Government grants
Finding government agencies that give grants to small businesses requires
a lot of effort and research. It may be difficult to get a grant for
funding for an existing business because the government generally
gives grants to non-profit organizations.
The best place to research a government grant is the US Government
Grant website at http://www.grants.gov. This site will help you
find and apply for any applicable federal government funding. You
can also find information on the various types of grants that are
available and the government agencies that disperse them. Additionally,
you can also look at the Government's Catalog of Federal Domestic
Assistance (CFDA), which contains a list of various government grants
and other types of funding and assistance.
If find a grant that interests you, make sure to read its eligibility
criteria carefully. Business owners should be aware that most government
grants are not applicable the whole year. This means you cannot
apply for a government grant at just anytime. You can only apply
for a grant when it is announced in the Federal Register, which
is published every weekday. It is a good idea to look for announcements
on the Government grants website as well.
It is important to note that getting a government grant is not
easy. There is a lot of competition for federal grant funding and
they are few and far between. A small business owner has to provide
a well drafted proposal which clearly states the objectives and
aims of the business, as well as a plan and budget to be considered
for a grant. If you are awarded a grant you are required to provide
periodic progress and evaluation reports as well as financial reports
to the government because these grants are money which needs not
be repaid.
State development grants
Most people turn to the federal government for grants and funding,
but there are quite a few small business grants available from state
governments. Many state development agencies offer small business
grants directly, while simultaneously offering other types of financial
assistance to encourage entrepreneurs in starting or expanding small
businesses.
Common Types of Government Loans for Small Businesses from the
US SBA (Small Business Administration)
The following are common types of government loans available for
small business, the details of which can be found at the US SBA
website at http://www.sba.gov.
