Foundation Grants for Small Business Owners

Everyone has heard about them, TV infomercials have promised them and rumors have been floating around for years. But if you're a budding entrepreneur how, exactly, can you find foundation grants for your small business? The answer all depends on the type of business, who is behind the business, and how flexible and patient you're willing to be.

The search for foundation money requires patience and creativity.

Does Your Business Deserve a Grant?

When looking for foundation grants or other financial assistance you should ask why, aside from financial need, you deserve a grant. There are thousands of new and aspiring business owners, many in your same industry, and most are looking for the same pot of gold that you are. So it's essential that you not only have a completed and viable business idea before searching for grants but you also need a clear idea of what makes your business stand out. Most types of financial assistance and grant programs favor innovative ideas and community minded efforts. There are going to be few grants for another fast food chain, laundromat or corner store. Ask yourself "what am I doing to change the world?"

Types of Foundation Grants

Foundation, government and state grants usually fall into three categories: Grants for groundbreaking ideas, grants for nonprofit organizations and grants for minorities and women. These are all given with the goal of making significant social and cultural change. Typically the types of awardees include science, technology, health care, education, social services and cultural enterprises.

Where to Find Grants

A good place to search for these types of grants is Grants.gov. This federal resource includes a database of thousands of foundations and programs broken down by business type, location and interest. Another good resource is the Catalog of Domestic Assistance, which breaks down a long list of grants, loans and other financial assistance programs.

Be Creative

Sometimes, even though the business might not qualify for grants, there are circumstances in the business owners' life--like gender, financial background and location--that can make them attractive candidate for grant makers. Take a full stock of your business, and make sure your explore all your options

Other types of Small Business Assistance

Don't be dissuaded if you are focusing on more traditional business, like a fast food chain, laundromat or corner store. Although the foundation grant money might not be as readily available, there are still avenues you can explore. Start with your local Small Business Administration. This organization provides assistance for small business and can help in securing low interest loans, venture capital funds and even angel investors.

References

• Grants.gov
• Catalog of Federal Domestic Assistance