How to Get a Finance Grant for Your Business
Getting a business grant requires planning and research. Many state governments, local governments, and foundations have developed grant programs to assist business owners who want to expand or those who want to start a new business. Business grants are essentially free money as opposed to conventional loans which require you pay back the business financing with interest. Although you are not required to repay the grant money, there will be certain tasks that the applicant will be required to perform. Be certain you clearly understand what is expected of you before committing your business.
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Instructions
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Write a professional business plan. Describe how your business operates in detail. Document your businesses' past performance by including financial statements for the prior three to five years of operations.
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Research your state's economic development centers and small-business development centers for business grant opportunities. Start your search by visiting the Businessfinance.com online directory.
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Conduct an online search using the U.S. Small Business Administration's search tool for business loans, grants, and financing. You will need to provide such information as the state where your business is located, your businesses' industry, and whether or not your are seeking special assistance for a minority-owned business or woman-owned business.
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Research the foundations and other small-business grant opportunities recommended by Businessgrants.org. You can contact businessgrants.org by email at info@businessgrants.org or visit its website to see the most recent list of recommended business grant opportunities.
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Prepare a list of the business grant opportunities based on your research. Prioritize the list so that you know which grant opportunities require immediate consideration.
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Contact the organization to request a grant application. Be prepared to provide the organization with your contact information and business address.
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Complete the business grant application. Give yourself enough time to fill out the necessary paperwork and ensure that you submit the application and supporting documentation well before the application due date.
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Tips & Warnings
Verify the legitimacy of your funding source before you commit by making sure they have a phone number, email address, physical address, and do not require that you pay to apply for the grant. You can also check the status of your funding source with the Better Business Bureau.
