Individuals and businesses involved in real estate development activities may be interested in real estate grants. Grants may be used to purchased property; however, the majority of real estate grants are for development activities. The majority of these grants are available through the U.S. Department of Housing and Urban Development (HUD) and foundations that focus on housing issues. Continue reading
Category Archives: Business
Minority Business Grants
Grants are available for minorities who currently own a business or are interested in owning a business. When establishing a business, it is important for a minority business owner to decide if becoming certified as such is a benefit to the business. Federal grant programs can set aside funds and designate them for minority-owned businesses. Continue reading
Commercial Grants
Businesses need financial aid for commercial development activities. The most common source of commercial grants is state development departments. These programs offer grants to businesses for research and development of product and technologies ideas that can then be commercialized for wider impact. These funds may also be distributed to local business incubators for smaller projects with the same purpose. Continue reading
Grants For Starting A Business
It can be financially prohibitive to start a business. Entrepreneurs turn to grants for starting a business to cover costs associated with starting a business. This is a growing trend. One reason for this is that most business startup grants also come with guidance and mentoring from established business leaders. It is not just about the money. It is unlikely an individual starting a new business will know everything about that particular industry as well as the overall requirements of running a business. The added-value of business mentoring is critical to sustaining the business after the grant ends.
Grants for starting a business are most likely to be awarded at the local level, particularly if you are in or near a large metropolitan area. Business incubators are designed to help with business startup. They offer grants to help with startup activities. Ongoing assistance with systems management, marketing, and customer service are provided to grant awardees.
Business startup grants may require feasibility studies pertaining to location, product idea, and market at the time of grant submission. Others focus entirely on the business concept and include feasibility studies in the costs covered by the grant. Before applying for new business grants, you should write a basic business plan to solidify your business concept. You may have to include all or a portion of your plan in your grant application.
Business incubators often sponsor business plan writing competitions. Winners receive cash awards as well as feedback and mentoring from participating business leaders. These competitions are an excellent way to establish relationships with local business leaders and grantors. Check your local business schools for business plan competitions. They often partner with local grantors and incubators, making them another resource for startup businesses.
Your local chamber of commerce may sponsor small business startup grants. These grants to start a business will be for specific types of business the chamber has determined is lacking in the community. In addition to the grant, you may become an honorary chamber member. This gives you access to all of the networking meetings, business information databases, and local grantors who are also chamber members.
Grantors include foundations. While the foundations generally cannot provide new business grants, they can provide scholarships for business school or training. In addition, they have access to wealthy donors who may be interested in supporting your startup.
Grants to start a business are available if you are willing to build relationships with business leaders. Subscribe to all newsletters local business incubators and business schools distribute. They will have up-to-date information on current and upcoming grant and competition opportunities for businesses.
Business Government Grants
There are many ways to approach business government grants. One way is to view them as a way to increase visibility for your business. Another is the tangible benefits you receive from the grant. An obvious benefit is the actual money you use to grow your business. A secondary benefit is the relationships you will establish with government officials as a result of the grant award.
Government grants for business activities can be difficult to secure. Local government business grants are not necessarily easier to obtain. Even less money is available at the local level. While the majority of funding for business grants is at the federal level, these funds are sometimes allocated to state governments for distribution. The idea here is that state governments are in a better position to develop grant opportunities that address state issues and constituent needs.
State funds will be divided in three distinct ways. One pot of funds will be set aside for discretionary use by various departments within the state government. The second will be used for state-level grant activities to be available to businesses throughout the state. The third will be re-allocated to local jurisdictions, primarily urban areas, to be used as they see fit.
Local governments rarely create grants for business opportunities. They may, instead, use funds for community development projects that include business expansion activities. At the local level, you should work with your councilperson or mayor’s office to gain access to discretionary funds for your business.
State governments are the best source for government business grants to purchase equipment such as manufacturing equipment. One caveat here is that these grants for business are typically tied to adding jobs to the community. Once you receive the grant, if you are unable to add jobs as planned, your grant is likely to convert to a loan. You will be required to repay the loan over a pre-established time period.
Government grants for business development may seem to have strings attached, but in reality, all grants require the same commitment. If you are unable to complete grant requirements, you must return the grant. For businesses, governmental entities prefer to convert the grant to a loan so the business is not penalized for something that may be beyond their control.
State governments give significant business development dollars to regional business incubators. If you are a start-up business, you may be able to get business government grants directly from a nearby incubator. Your state’s website will have a list of all state-funded business incubators.
Federal Business Grants
Getting grants from the federal government for your business is possible. The key is making sure you have resources available to locate and respond to appropriate federal grant opportunities. Knowing where to look for federal grants is the first step in the process. Continue reading