Business Grants: How to Get Cash for Your CompanyPosted by Factor Funding Co. on May 7, 2013
If you own and operate your own business, you may have heard about the availability of grants from private individuals or the government. While small business grants do exist, finding them can be a tedious and time-consuming process. Since so many entrepreneurs are sole proprietors, they simply may not have the time to search for a grant that they can apply for. Here are a few options for finding grant money for your business.
Business Grant Sources
A simple way to look for grants is to research them in books and resources that have been compiled on the subject. Many of these publications provide comprehensive listings of grant money that is available for small business owners every year. Since so many grants come with extensive requirement criteria, consulting one of these books can help you find a grant that you may qualify for much quicker than if you tried to find one yourself.
Other sources for finding business grant money includes government-sponsored programs that are specifically designed for small businesses such as grants offered by the Small Business Administration. Several academic and non-profit institutions also feature grant programs, including the Small Business Innovation Research Program (SBIR) and the Advanced Technology Program offered by the National Institute of Standards and Technology.
Should You Hire a Grant Broker?
If you believe that you might qualify for several government or private grants, but you haven't been able to locate one on your own, you might consider hiring a grant broker or a grant writer. These professionals spend their time searching for available grants and helping you write applications for them. The only downside to hiring a grant broker is that you'll have to pay them a steep fee for their time - typical grant broker fees range from $25 to $100 per hour—and you still may not receive any grant funding.
Applying for a Business Grant
If you happen to find a grant program that you are eligible for, you'll need to apply for it. In most cases, this requires writing a lengthy essay that explains why you want the grant money, the kind of business you intend to open, and how you will use the funds in the course of your business. Be sure that you select a grant program that is aligned with your company's goals to increase the likelihood of getting your application approved.
Finding and getting a grant for your business can be a tricky proposition. With time and persistence, though, you just might find a grant to help you get your hands on the capital you need!