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The Truth about Small Business Grants
Many people who want to open a small business of their own need the funding to do so. Looking for financial assistance can be a confusing task since there are several different options when it comes to financial aid. One method of getting funding for your new business, that you never have to pay back, is by applying for a small business grant. But just what is a grant? A grant is a portion of money that is given to individuals or groups for specific purposes. Grants are given by US government programs as well as private organizations. The American government gives away billions of dollars every year for a variety of reasons, the main one being that they want to promote and encourage economic development in the country. Small businesses contribute to a large portion of the American economy.
When it comes to finding the right grant for you, youíll have to do a bit of research. All grants come with very specific requirements that need to be met before youíre awarded the money. Take the time to find out if you meet all or most of the listed requirements otherwise youíll be wasting your time applying for a grant that you may never get. Set up some kind of personal system to keep yourself organized. Youíll need to keep track of the research you do so that you can narrow down the search for grants that youíll actually be applying for. Make sure that you take note of grant application deadlines so you have plenty of time to prepare the application ahead of time. You donít want to spend time on a proposal only to find out that youíve missed the deadline. At the same time, you donít want to rush through the application process because youíve forgotten that you have a deadline to meet next week.
The guidelines for grants, whether theyíre government grants or grants from private organizations, are quick strict. Youíll have to eliminate many grants simply because you donít meet enough of the requirements. Some of the restrictions on grants will be based on where you live while other grant programs will only look at people who are (1) part of a minority group, (2) female, (3) disabled in some way, or (4) over the age of 65. Still other grant programs will focus on certain types of businesses, such as businesses that provide a product or service that is in demand by minority groups.
The final step of the grant application is preparing a business plan that is well thought out and workable. Your business plan should include estimated costs as well as projected profits. A long term business plan for the next five years is also advisable since this shows the awarding body of the grant that you have an eye on the future.
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