There are many sources that small business owners can get financing for their companies. While many small businesses open lines of credit for credit cards and small loans, many are not aware that grants are available for small businesses.
Small business grants can be achieved by a writing agrant letter requesting the grant. Finding the right business grant can take up a lot of your time so you will want to decide before you embark on the endeavour if you have the time and money to search for the right grant. You can use the services of grant consultants to help you. They can be quite costly but their services are very useful.
Process of small business grants
The Catalog of Federal Domestic Assistance, or CFDA is the first place to look for your business grant. It is a free list of all the government grants available. Many of these grants are for rural businesses and minority owned businesses, if this applies to you this is a great source to find business money. Other grants available, that you will find on the list, are for training or equipment purchases. There are grants available for all types of businesses though. It will take time and patience but you can very well find the grant that is tailored towards your business.
The approval process of small business grants can sometimes take up to a year. Keep this in mind as you are doing your financial planning. You do have some control over making the approval process go a little quicker. Make sure that you completely fill out your application and use accurate information. Incomplete applications are sometimes tossed in the trash rather than trying to communicate to the applicant to get the correct information. Make sure your application looks as professional as possible and be prepared to show a business plan.
Be open and honest about your plans and goals. The more information you can provide about your business the more the grant office will be able to move quickly on deciding whether not you should receive the funds. Keep an open communication with the office providing the grant. Don’t bother them but to check in with them to inquire on the process.
Always be the most professional and polite when you’re speaking to the grant office. You want to put on the best impression at all times. You should give them good faith that they are putting their money in a worthy business.