Small business grants come in many varieties. There are grants that you don't have to pay back at all, grants that you pay back only a portion, and grants that act like low- or no-interest loans. Regardless of the business you are in, there are grants out there for you. The trick is knowing where to find them.

Narrowing the Search

The most important thing to understand is that funding is located in different places depending on the type of business that you have. For example, the federal government only offers grant funding to nonprofit organizations and businesses, a select group of career fields, and business owners who fit a certain set criteria. On the other hand, each state sets aside money to provide grant funding to small businesses that can include for-profit ventures as well as nonprofit organizations. Narrowing your search for small business grants to entities that provide grants to your type of business will help you save time, money, and frustration.

Knowing Who Can Help

The Small Business Administration doesn't provide actual funds for small business start-up or expansion; however, it does provide a list of government agencies that do. Contacting the Small Business Administration and requesting information about where to apply can save you many hours of research. Logging on to www.grants.gov opens the door to more than 900 grant possibilities. Once there, you will need to sift through the available grant applications and determine if your business qualifies for any of them. Keep in mind the federal government only provides grants to certain types of businesses, and you need to determine whether you qualify before spending time filling out applications. if you do qualify, applying is a straightforward process in which you fill in the blanks and send it off for review. Each state's economic and development department offers grant funding to small businesses on an annual basis. You will be expected to fill out an application, provide information about your business, and answer any follow-up questions the state may ask.

At Your Fingertips

The Economic Development Directory is a clearinghouse for approximately 2,000 agencies, associations, and consultants interested in promoting the development of small businesses and providing grants for that purpose. You can go to the site, choose your state, and find a wealth of grant and economic development information.

Source:

Economic Development Directory

Where to Find Small Business Grants

The Foundation Center and Grants