The government and private foundations provide a wide variety of small business start up grants. These are not loans, and they are not given to just anyone. There are specific requirements that must be met in order to qualify for a grant. This is not like getting a loan. You do not simply apply for a grant and expect the cash.
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When it comes to applying for grants for small businesses, you will find out that you are going to have to do some work if you want to get approved for financing. If you don't have the time or the experience to do the work, you should probably hire an attorney. These specialized people know all of the ins and outs of government and non government financing. They can help you get the free money you need to get started.
The government provides many different types of grants for small businesses. The two most popular are the Small Business Administration (SBA) grants and free money from federal loans. Non-loan financial assistance comes in the form of debt financing. While debt financing may seem better suited to smaller enterprises with low economies of scale, these loans often have high interest rates.
Finding Small Business Start Up Grants and Financing Options
Debt financing requires your company to have a certain amount of assets. A few things that will determine this number are your credit score and the value of the assets. Many grants for small businesses also require the business to be at least 10 years old. It is important to remember that age does not always equal profitability. If a business is older than 10 years old, but it is very profitable, it may not qualify for grants for small businesses.
Most small business start up grants require a company to have at least one year of operation. In order to qualify, your company should have a permanent establishment. Some grants for businesses require operational earnings as well. These include: payroll, rent, electricity, gas and building maintenance. While these are mandatory requirements, they can make a big difference when applying for grants.
Many grants for small businesses offer money to help finance specific projects. You may need to pay for certain equipment or you may need to pay for staff members to help manage your project. Many grants for small businesses help finance sales and marketing. This can be done through: advertising and marketing expenses, shipping and freight costs and professional marketing. Depending on the grant you receive, some grants may require you to spend a specific amount of money per year.
If you are unable to obtain a federal loan or a grant, there are other sources of financing for small business. The SBA offers funding to qualifying small business owners through third party lenders. Many angel investors provide small business start up grants to new businesses. However, you need to remember that most angel investors do not want to invest large sums of money unless they are sure that the business has a very high probability of being successful.
Venture capital is a great alternative for financing small businesses. This is because it does not require a credit history and there is less of a risk involved. However, there are many things that an angel investor will look at before agreeing to provide venture capital. Most angel investors prefer to provide seed money to start-ups rather than venture capital unless they have a history of investing in successful small businesses.
One of the best ways of getting start-up grants for small business owners is to submit your application to several government agencies. Each agency has their own set of grant resources. It's a good idea to visit each of the government agencies individually to see if you are eligible to get a grant. When submitting your grant application, be sure to include a detailed business plan with projected financial figures.
Private foundations such as foundations associated with universities, colleges or other organizations also provide funding to start-up ventures. If you belong to a local philanthropic organization, your chances of obtaining grants for small business startup grants are great. In most cases, you will need to submit your grant application to several organizations in order to apply for a grant. When searching for private foundation grants, keep in mind that there are often restrictions based on the organization you are applying to.
There are several other financing options available for a small business start up. Some small business finance sources allow you to use your home as collateral. You can also look into other personal assets such as real estate, life insurance and stocks. It's really just a matter of looking around to find new small business finance sources.
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