Small Business Start-Up Grants
Whether you’ve come up with a new idea or just want to finally start that business of your own, finding the capital you need to get started may be what stands in your way. It’s no secret that many startups fail due to insufficient start-up capital. Well, you’ll be happy to know that help is available for new businesses. To support the development of new businesses, the government and various organizations offer grants to new or expanding businesses. While this may seem very generous, it only makes sense as it is in the best interest of the country, and other companies as well, to encourage new companies by investing new venture capital; thus bringing to life the dreams of entrepreneurs and continuing to drive progress in business and technology.
Finding the right grant for your new business is an important first step and may be the only way to get it up and running. You will be surprised once you start down this path that it is not as painful as you may have imagined. There are many resources along the way to guide you through the process.
When calculating your startup costs and the type of financial assistance you’ll need, you need to consider many different factors. Grants are specialized, and your specific needs dictate where you should look. Location, future plans, and total dollars needed are all factors in deciding what type of financing you will need and which source is the best bet for your business. There are many small business start-up grants available at the local, state, and federal levels. There are also grants provided by industry and large corporations. Doing a thorough needs assessment will help you determine where to start looking.
Not only do you need to know where to apply for a grant for your new business, but you also need to learn how to apply for the grant once you find a source. There are sites online that provide free information to those seeking startup business grants. Many of these sites will guide you through the entire process, including required research, business types, business plans, startup costs, business licenses, taxes, and financing.
In order for any grant to be considered, an application must be completed and written applications and descriptions must be provided. You will need to put in writing your business proposal, a summary of your business, justification for the grant, a description of the project, an annual budget, your qualifications, and any subcontracting that may be done.
There are places you can visit on the web that will educate you on the grant application process. There are also sites that will teach you how to write a grant application step by step.
Business Grant Steps Management is one such place. They can help you learn how to use your time, write business proposals, assess your business needs, gain business clarity, and learn how to avoid scams.
Another site you might want to check out is called Grants for Women-Owned Businesses. This site is designed especially for women starting their own business, whether it’s a home-based or office-based business. The site offers many suggestions on where to look for government funding. It also provides information on start-up ideas, small business management creation.
Another place to check is called the Small Business Investment Company or the SBIC Program. Since 1958, this program has provided approximately $30 billion in loans and equity investments to 90,000 small businesses since 1958. They represent a successful partnership between the federal government and private investors. There are SBIC offices throughout the country. Each SBIC defines its own area of interest, specializing in specific industries or locations. Some of America’s best-known companies got their start-up money from SBIC, Apple Computer, and Staples, for example. Specialized Small Business Investment Companies, SSBICs, specialize in applications from economically or socially disadvantaged new entrepreneurs.
Another well-known source of new business capital is the National Association of Small Business Investment Companies, also called NASBIC. This is another venture capital organization, actually the oldest organization of its kind. Any new business owner may be wise to consult this source as a way to acquire the necessary funds for their new venture.
