Grants For Small Businesses – Why & How of It
The federal government recognizes the contributions that small businesses make and sets aside grants that are available for small business owners for start up of a profit or non-profit business, expansion of an existing business, research, development, job creation, training, legal fees, acquisition, purchase of equipment and machinery, equipment leases, salaries consultation services, patent registration, technology or purchase of commercial buildings. Many federal grants are given to state and local municipalities who distribute the grants to non-profit and for profit businesses. Funds are set aside for small business grants for minority businesses as well. In fact, for 2012, the government has set aside $1.51 billion for grant programs. Private organizations and corporations also provide grants for small business. Grants are free and do not have to be repaid.
U.S. Small Business Administration
Through the U.S. Small Business Administration Small Business Innovation Research (SBIR) Program & Small Business Technology Transfer (STTR), businesses can receive grants funds to help with research and development programs of innovative products and services to compete globally and nationally. By receiving small business grants, small businesses are able to grow and expand their businesses and create more jobs for the community.
Business Grants are available for most industries including agriculture, construction, energy, electric power, consumer goods and services, financial services, food and beverage, health care, oil and gas, printing, publishing, pharmaceuticals, biotechnology, telecommunications, media, transportation and mining.
How to Apply?
Applications for grants are available online at the funder’s website. Access to federal grant applications is available by registering at the grants.gov website. State and municipal grant applications are available by going to your state website and searching under grants. Private grants may be accessed by searching online grant sites such as the Foundation Center and searching under small business owner grants or grants for small businesses. Each funder has their own requirements and criteria that should be followed carefully. Be sure to complete the entire grant application and attach supporting documentation requested by the funder. Most grant applications can be submitted electronically. Some funders require both an electronic copy and a hard copy to be mailed to them. It is a good idea to apply to many grant opportunities because there is no limit, and since there is no guarantee that you are going to get a grant, the more you apply for, the better chance you have of getting funding for your small business.
Business grants give small business owners the opportunity to start and expand a business in order to fulfill their goals and dreams and create new technologies and services that help them compete in the business world and stimulate the economy.