Government grants to start a business: Examined
- Author Therese Capistrano
- Published May 28, 2010
- Word count 579
It's no secret that the government pretty much hands out billions and billions of tax dollars on free give-aways. So then how can you get your hands on some of that money in the form of government grants to start a business?
Are you aware that the US government gives away some $25 billion a year on domestic assistance grants? Of course not all of this is on assistance to small businesses but all the same, billions of it is. It's done to stimulate small business growth in certain areas.
For instance, the government won't help you to set up a bar or a strip club, as an extreme example. However; there is a huge list of businesses that they will help you to start.
The best place to find out what these businesses are and what types of funding is available is to check out the online site for the (CFDA). This is the Catalog for Federal Domestic Assistance. It's the main warehouse for this type of information.
Also while you're at it, take the time to check out the main site for the (SBA) or the Small Business Administration. It's another great source for information about what's available and what it takes to qualify.
After you find a business that interests you, you're next step is to become completely familiar with it. Learn about all the products that go into running it, its price structures etc. You see, you're going to have to become fully knowledgeable in order to write up a business plan.
One excellent source of help, is a professional consultant. These are people who have successfully helped people to obtain government grants to start a business and one can help you to do the same. Lastly, work on your presentation and promotional skills. You're going to need them.
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Before you start applying for grants, make sure that you have your business planned meticulously. Be prepared with an excellent business plan, with the exact amounts and figures that you require in every aspect of your business such as overhead, manpower, facilities and other expenses. Once you have the figures in place, add an extra 25-30% to this amount as a contingency measure to safeguard you against unexpected expenditure. A well-planned business plan could work wonders towards you obtaining a good grant to help you with your business.
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Engage in the services of a consultant to help you find and obtain a small business grant. Although this may prove to be slightly costly to you, but the experience and knowledge that the consultant brings for your grant application could prove to be priceless, and may be the deciding factor in you obtaining it, or failing in your bid.
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Use the internet and available website to good effect. Visit relevant sites such as the Catalog of Federal Domestic Assistance (CFDA) where you could find a list of small business grants that you could apply for, as well as the Small Business Administration (SBA) website where you would discover all the information required in regards to grant applications here. Other useful sites especially for women entrepreneurs include usagovernmentgrants.org, and of course grants.gov, a government-linked site where your grant-seeking activities could bear fruit.
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Do not forget to work on your presentation skill as well, as you would be required to present in front of a grant-awarding committee. Thus be prepared to impress them with your proposal, and all the best in obtaining the small business grant for yourself!
Article was written by Therese Capistrano. Find the latest information on Government Grants To Start A Business.
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