How To: Determine If You Qualify for a Small Business Grant
by Christina Lee on June 23rd, 2009
This month, Entrepreneur focuses on forms of “Creative Financing,” or non-traditional means of funding small businesses. One of these – grants – is generally advertised as free government money, no strings attached.
However, applicants must prove themselves worthy before reaping any rewards, through a rather extensive application process. Each grant program holds their own requirements, though in general, applicants can qualify if they meet these few:
- Your business is small enough. Such size requirements are typically determined by the U.S. Small Business Administration. For all wholesale trade industries, this means 100 employees or less, according to clearinghouse Grants.gov.
- Your business has big impact. Most grant applications require that you send a business plan and proposal letter with your application. With these, they want you to demonstrate how their money would be put to good use. (For help, refer to Bplans.com for a number of business plan templates, and the Small Business Administration for a basic template.)
- Your business can still hire for help. Though you can easily apply for smaller grants – ranging from a few hundred to a few thousand dollars – yourself, bigger grants could require more help. Consider hiring a professional grant letter to write up a proposal letter, an accountant to write up your business plan, or both.
- Your business can afford to wait. Some steps of the registration process can take one day, some can take three – and then, your application may only surface after months of sifting by the grant agency.
Have you tried applying for a small business grant? If so, what was your experience like?
I would love to apply for a small grant to help with business start up and assistance.
818-678-9977 ask for the President Mrs. Dorlac
Thanks
marilyn dorlac
July 23rd, 2009
at 10:21 am
I would like help with a grant of $5,000.
marilyn dorlac
July 23rd, 2009
at 10:22 am
need a small grant now!
marilyn dorlac
July 23rd, 2009
at 10:24 am
I would like to see if I qualify for a grant or even a loan.
Chris Carter
July 28th, 2009
at 1:59 pm
Chris,
The SBA’s website has all the information you need. They do not offer grants to start or expand a small business but they do have a variety of loan programs.
jonathan
July 30th, 2009
at 9:45 am
Does the SBA offer classes for those of us who would like to start a small business?
Nancy Green
August 5th, 2009
at 3:48 am
Nancy,
The SBA does offer online training and their partner SCORE offers free counseling.
Here are two articles with lists of resources:
1) Planning For Success With a Liquidation Business – Great for all types of businesses
2) 11 Steps to Reach Peak Business Performance
jonathan
August 5th, 2009
at 9:24 am
I would like a grant and or small loan of $8000.00 I just started my Retail Inc Company and the money to purchase Inventory
authenticchic
August 23rd, 2009
at 12:40 pm
Do I qualify for a SBA grant? I am an out of work socialworke. I have been trying to make a go of an ecommerce investment.
Lou Wallace
August 23rd, 2009
at 11:40 pm
There are several factors that go into the approval process. Check out the SBA’s loan application page for all the facts you need.
If you meet those general standards then the best move is to submit an application. They do not offer grants to start of expand small businesses.
Jonathan Staley
August 24th, 2009
at 5:56 pm