Small Business Grants and Loans
Starting an individual business might sound risky but the thought of financial independence, self employment and empowerment makes one feel inclined towards it.
Small Business Grants and Loans
Well if you are also keen on establishing your own business, then you have multiple federal grants to apply for the financial constraint that you face.
The U.S. government has funding resources, grants and loans for enthusiastic entrepreneurs seeking to start their small business. Follow the tips and procedures to qualify and become eligible for the grants.
Tips and Procedures to Apply for the Grants
Applying and qualifying for a grant either through the government or a private foundation, it goes through a series of critical processes hence, requires proper planning and preparation of every step.
A strong business plan: go for it at the very beginning. Ensure that it covers everything in details—startup costs, capital for the investments, your mission, vision, purpose of the business, managerial concerns, marketing requirements, financial prerequisites and your planning for at least next 5 years. You can refer the Small Business Administration’s website for your business plan.
A thorough research: a thorough research of all the leading granting organizations, both private and federal, is a must. You can search the Grants.gov site for all the government grants. Read through to ensure whether you will qualify for the grants. Be aware of scam sites, make sure the sites your research are genuine.
Note the deadline: For eligible grants the applications are supposed to be duly filled and submitted within the deadlines as late applications are not accepted.
Arrange all paperwork: Make a note of all the credentials and business documentations required to complete a business grant. Some of these documents include businesses’ EIN, bank details, financial analysis, prior tax returns, audited financial statements, local and state licenses or registrations etc. Moreover, letters of recommendations will be a necessary from renowned and respected business people.
Make an interesting grant proposal: A grant proposal should be professionally made and must be interesting at the same time. It is important for the proposal to be an exception in comparison to hundreds of other proposals reviewed by the Grants Panel. There are plenty of materials available online for consultation or a professional grant writer can also be hired. The proposal must include:
- Complete description of the business organization
- Its mission, vision, offerings, objectives, products, services and role
- Explanation about the ways your business will fulfill the goals of the granting organization
- Budget, financial statements, summary of the planning to use the grant money
- Professional biographies of the team and yourself
Select and research on a grant program: Select grant programs suitable for your need, business or personal. Thorough research of all the organizations providing grants must be done by compiling a list of all the grant programs, organization’s name and contact. Pick the grants which are closest to your needs. Once you select the organization, look for news articles, press releases and materials related to it to gain a better understanding of its funding aspects, its purpose and procedures of work.
Contact the organization: Get in touch with the representatives from the granting organization directly and clear all the doubts on various queries related to the proposal process, submission formats if any and any key areas of interest that the organization might have. There also may be special grant opportunities available for your small business plan.
Submission of proposal: It is very important to have an error free grant proposal. Try to follow all the necessary instructions and follow all the desired formats and get your proposal proofread by an editor for any mistakes. Submit the final copy to a designated recipient or your contact. It is better to include a cover letter with a brief introduction about you and your company and make sure the application in submitted before the deadline.
Why wait then? Apply for the grants, follow the tips and get qualified for the grant that helps you build your dreams into reality.
- Small Business Grants and Loans