Could a Grant help Your Business?

Are you thinking of opening a larger office? Perhaps you’ve been contemplating expanding your inventory or trying a new product or service. Starting or expanding a business requires time, planning, and money. A small business loan or line of credit might be the answer; community banks and credit unions can frequently offer lower interest rates to small business owners. 

But what about "free money", or a small business grant?

What kind of grants?

It may take a bit of research, but there are grants available to anyone who is interested in building their business. Many grants are out there for minorities, women, the disabled, military members, or those businesses located in rural areas. If your business is trying to recover after a natural or economic disaster, there may be special opportunities for you as well.

Where are the grants?

So how do you find these grants? Start with patience and persistence. Federal grants are mainly for non-profit groups and research and development. If your business is in those categories, a good place to start may be grants.gov, a centralized location for grant seekers to find and apply for federal funding. The Small Business Administration (SBA) is a great resource as well.

First steps to getting a business grant

Most businesses, however, should look at the local and state levels for grant money. Try searching on the internet for "YOUR STATE small business grants" or "YOUR STATE Department of Development". You can also contact your local Chamber of Commerce to see if there are opportunities available in your area.

Once you've found a grant, you can either fill out an application for the funding or write a proposal explaining why you're eligible for the grant. Sometimes these grants are free. There are also grants where the recipient must match the grant funds such as Virginia's VIDA program. In addition, the SBA offers a free online training course you may find useful. 

When searching out grant opportunities, research any grant you apply for to be certain it isn't a scam. Be especially wary of anyone requesting financial information, such as bank account numbers, or social security numbers.

Companies both large and small have benefitted from grants over the years. Why not your business? A grant may not make or break your business, but it can be a jump start to get where you want to go.