Billions of dollars are given out each year in grants for new and existing businesses. This represents over 1 million business owners. Grants are available from three main sources - federal programs, state programs and private foundations.
Grants do not have to be repaid. This is a huge advantage for new businesses and can mean the difference between the success and failure of the business. Loans with high interest rates can smother any profits a new business might generate. Grants are a way to start your business off on the right foot with a healthy amount of cash.
Most people are not aware of all of the types of grants offered by various organizations or the magnitude of the payouts. People who are aware of the various types of grant programs often overlook them as a funding source, mistakenly assuming the grants are too tough to get or that they are impossible to qualify for. Neither are correct. With accurate information and a proper strategy, grants are within reach of most business owners.
To successfully obtain a grant, you need:
1. A listing of applicable grant programs from the federal government, state governments and private foundations.
2. The appropriate forms for each grant application.
3. A proven strategy for getting your grant application approved.
4. Time to accomplish steps 1 through 3.
There is definitely a lot of work involved in applying for and getting grants for business development, but as grant money does not have to be repaid, the return on your investment of time is potentially huge. Individual businesses can qualify for hundreds of thousands of dollars to help get started.
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