subject: How To Get Small Business Grant? [print this page] Capital is one of the most important things that an entrepreneur needs while starting a small business. Traditionally personal savings, retained business earnings and bank loans provided the capital for starting a small business. However Small Business Grants are an ideal way for people to start their own businesses. To cope up with the post-recession environment, U.S. Government has allocated a record amount of money to be deemed by businesses in the form of government grants. These grants are like free money given to businessmen as they do not need to make any repayment.
The small business grants are given by the federal government but are distributed by state development agencies. These are granted in the micro level of the economy to encourage and assist entrepreneurs in starting or expanding a small business. The grant programs are often awarded to fields such as medicine or education and there are some special womens grants. They have stringent eligibility criteria to make the process full proof. Here are some things that you need to keep in mind to get small business grants:
Do a thorough research on the loan and find out the proper category. This is important as there many categories under which such government grants for small businesses are given. You need to also look for the eligibility criteria for the loan and see if you meet the requirement. Find out the agencies that deal with the loan in your state.
If you meet the eligibility criteria you will need to submit a detailed proposal of your project for review. This should include the nature of work you plan to undertake and the number of people you plan to hire. Add your expertise to the report as it can serve as an added advantage.
The report will include a detailed budget for your project. Mention the amount of capital that you plan to invest in the project yourself or some other source of funding that you might have managed for the project.
In case your business needs some clearance from certain authorities make them a part of the proposal so that your report sails smoothly.
Make sure that all the information provided by you in the application are accurate. An incomplete application may not make the review process or can add delay to approving your grant causing delay in your business.
Bring in outside experts if you feel it necessary for your grant. This might prove to be beneficial in cases where your business rests on the skills of such experts. An accountant or consultant can add credibility to your application process.
Submit your application form with all the required proposals on time as late application usually gets rejected. Also keep in mind that these loans aren't available all throughout the year and you need to keep track of them regularly.
Keep track of your application from time to time to ensure that it is being processed and provide assistance to the reviewer if required as minute errors might result in your application form being stalled.
With a well researched and planned idea and following these steps should ensure that you can get government grant for your small business smoothly.
How To Get Small Business Grant?
By: submit 2plese
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