How to Get Business Grants With No Credit
It is possible to get business grants with no credit. The government agencies and the private companies that offer financial assistance to businesses have different criteria when determining which business will get a grant. A grant is not a loan, so a business owner's credit history or lack of one is not an essential part of the selection process. Grants do not have to be repaid. Grant makers are looking for good business ideas, detailed business plans and an owner with the determination, work ethic and organizational skills to successfully run a business.
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Instructions
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Contact your state's economic development office. All state governments offer its residents business grants to start or expand a business. These offices are called state development agencies or economic development agencies. You can find the web addresses of these agencies by visiting the Secretary of State website for your state.
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Read the "Catalog of Federal Domestic Assistance." The CFDA contains information about various federal programs and agencies that provide grants. While the federal government does not provide business grants, it does offer grants for educational and medical programs. If your business relates to medicine or education, a grant may be available to you.
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Check out the Foundation Center website. Corporations and charitable foundations also provide business grants. To locate these grants, the Foundation Center has an extensive database of grant opportunities. Most public libraries offer its patrons access to this database. The website also offers resources on how to find business grants and how to apply for them.
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Locate eligibility requirements for grants. After you have found state grants information or possible grants from the CFDA or Foundation Center, thoroughly read the information to learn the eligibility requirements for the business grants you have uncovered. Some grants give financial assistance only to women-owned businesses or minority-owned businesses. Others are just for start-ups, although most grants are for businesses that are already established. Many grants have strict requirements and are limited to businesses that meet certain criteria, such as annual revenue, years in business, type of business and location. Some grants do care about the credit history of the business owner. Finding business grants for which you are eligible is hard work and takes a lot of time. After you have found some, request the application packets by email, online form, phone call or letter.
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Apply for the grants. The final step in the process is completing the grant applications. It is important to follow all the instructions when filling out the applications. Answer all questions and provide the requested information. Any missing information can delay the application process or, in some cases, get your applications denied. Competition for business grants is fierce, so the best chance of getting a grant is to submit a completed application with no errors, and this includes spelling and grammatical mistakes. It takes months to learn if you have been awarded a business grant. There are no guarantees, but funding is available.
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