Grants & Funding To Help Your Business Expand
Many businesses rely on business expansion grants for development, research and operations. Grants help owners with raising capital. Grants do not have to be repaid. Most grants to expand business are obtained from government grants, including federal, state and local government agencies. The federal government has 26 agencies that are involved in making grants for all types of businesses. The government encourages business competition and recognizes the important of grants to expand business. Private organizations and corporations also provide business expansion grants. Grant funds are limited, and grants are popular. Grants can be used for hiring employees, purchasing new equipment and machinery, rent, acquisition of buildings or land, training, technology and consultation fees.
Small Business Expansion
The SBA also makes it easy for small businesses to apply for grants and loans in connection with research, development, job creation and technology. To find out if you meet eligibility requirements for a SBA grant or loan, visit the SBA website.
States and Municipalities
States and local municipalities receive federal grant money and they in turn pass the funds out in the form of grants and loans to businesses for their expansion, research, development, job creation and training and new technology and services. To find out what types of programs are available in your area, you should visit your state website.
Grants for Minority Business Owners
The best place to find grants for minority business owners is on the grants.gov website. There you can find all the details for grants to expand business for minority business owners as well as grants for non-minority owned businesses. The governed promotes minority business through the U.S. Department of Commerce, which caters to the special needs of minority businesses. Minority business grants are available for permanent residents and U.S. citizens. Grants for women can be obtained through the Women Business Centers WBC. The centers also help with technology and provide business guidance. Foundations and institutions also provide minority business grants.
Obtaining grants for business expansion takes time. You may want to apply for several grants. It may be necessary to provide a business plan and information regarding your age, nationality, citizenship, education and financial information and income along with your grant application. You can apply for grants online at the funder’s website. There is no guarantee that you will receive grant money to expand your business, but the more applications you submit, the higher chance you have that you will receive funding. There are certain reporting requirements and criteria that you must meet so make sure you read the funder’s eligibility requirements before applying.