Whether you have an existing business or are an aspiring entrepreneur who has dreams of being your own boss, you realize it takes plenty of money to start a business or keep it growing year after year. If you rely solely on loans, you may soon find yourself greatly in debt, assuming you can even get the loan in the first place. Rather than face this dilemma, you may instead want to explore the world of government business grants. Government grants are not a myth. State and federal government agencies are willing to give you free money to help ensure you have a successful business. Intrigued by this possibility? Here's all you need to know.
How Do You Find Government Business Grants?
Like anything else in today's world, you will begin your search for government business grants online. It will take plenty of time, effort, and research on your part, but it will be worth it if you secure a grant for your business. Once you start looking around on Google, you'll find plenty of websites that can help. When you speak to your CPA about this, more than likely they will direct you to Grants.gov, which is considered to be the most comprehensive resource for federal and state government business grants.
When you visit Grants.gov, you are able to not only review various types of grants that may pertain to your business, but also read over the eligibility requirements and even apply on the spot for the grant. This will simplify your search, since you will be able to use a single platform instead of moving from website to website. You can also take advantage of the site's downloadable app, which will allow you to check on your application through your smartphone.
Along with Grants.gov, don't forget to also consider SBA.gov, the site of the U.S. Small Business Administration. The SBA can be especially useful in helping you locate grants that are geared specifically for high-tech businesses or ones focusing on scientific research and development, since these types of businesses may qualify for grants through the Small Business Innovation Research or the Small Business Technology Transfer programs.
Who Qualifies for Government Business Grants?
When you start discussing grants with your CPA, one of the best things you will discover is that there are grants available for almost anybody and any type of business. More and more grants are available for military veterans, women-owned businesses or aspiring female entrepreneurs, and for virtually all types of minority groups. However, because of the volume of grants available from state and federal government agencies, chances are if you do enough research, you will find a grant that will apply to you and your business.
Many government business grants also focus on helping existing business owners or entrepreneurs who are located in rural areas. This is especially true if your business is healthcare-related, since rural healthcare is considered to be at a crisis point across the United States. If this sounds like you and your business, you may want to check into the U.S. Department of Agriculture's Rural Business Development Grants program. Applying to businesses that have fewer than 50 employees, less than $1 million in annual gross revenue, and are located in select rural areas, this could be just the free money you need for your business.
What is Needed to Apply for Government Business Grants?
Once you have found a few government business grants you think may be suitable for your business, you'll need to gather some important documents together to begin the application process. Before you do so, always make sure you have consulted with your CPA, since their input will be crucial to ensuring you submit the correct financial information that will hopefully help you obtain the grant.
You will need a detailed business plan, which will describe your company and its structure, services offered, and its financial projections. Next, you'll need a detailed budget, showing your payroll, expenses, and other costs associated with your business. You may also need to submit such financial documents as an income statement and balance sheet, which is where you will need your CPA's expertise.
Perhaps most importantly, you will need to submit a written vision for your business. This will let you showcase your business, describe how it is unique, why you should be awarded the grant, and how you will put the free money to good use. Essentially, you are selling others on the idea of your business. A project description should also be included as part of your application, as should a cover letter that should be simple, to the point, and very positive.
What are the Benefits of Government Business Grants?
Finally, you are of course wanting to know all about the various advantages associated with government business grants. The most obvious one to you and your CPA will be the fact that it's free money, meaning you won't have to worry about paying it back to the government. You will also notice the wide array of grants available to businesses, meaning you may have a very good chance of landing one if you do enough research. Finally, obtaining a government business grant can give your business immediate credibility within your industry, letting you move forward much faster with starting your business, expanding an existing one, or completing other important projects. When others know you were able to secure a grant, they will without a doubt take you and your business much more seriously.
Since obtaining free money is always a good thing, get started right away exploring the many government business grants available today to all types of businesses and business owners. By doing so and working closely with your CPA during the process, you may soon find a state or federal government agency is all too eager to hand you free money to ensure you are a successful entrepreneur.