Free Federal Grants for Small Business, minority small business grants.#Minority #small #business #grants
Free Federal Grants for Small Business
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While there are few grants a small business may qualify for, this often depends on your industry. Learn how to search for grants to see what you qualify for.
Identifying and acquiring operating capital is a major challenge for many small business owners. Depending on the type of work you do, you may be eligible for grants from federal and state government departments. These grants are usually limited to businesses with goals that intersect with specific local needs. For example, if your state or community is short on child care services, a new child care business may be eligible for grants. Other businesses that may have more luck finding grants include those centered on tourism and energy efficient technologies. Many of these grants require you to match funds, either through your own or through a loan.
In most cases, the U.S. government does not provide grants aimed at establishing or expanding a commercial enterprise. Although there are exceptions, for-profit companies are usually eligible only for government loans. Grants are plentiful, however, for nonprofit organizations. Examples of the types of businesses often awarded grants include educational institutions and 501(c)(3) corporations.
For-profit firms must meet certain criteria in order to be eligible to receive small business grant monies. The U.S. government places size restrictions based on the industry in which the firm operates. For example, manufacturing and mining firms must generally employ fewer than 500 people, while wholesale trading firms must have fewer than 100 employees.
Some industries are restricted by total revenue, as opposed to the size of the employee population. Grant applicants in the retail and service industries, for example, may require that you earn less than $6 million annually, while those in construction may be limited to a maximum of $28 million.
As is the case with many government-sponsored programs, there are exceptions to the rule. Businesses can learn about exceptions by contacting the Small Business Administration directly.
Finding Government Grants
The U.S. government maintains an online resource aimed at helping small business owners identify grants for which they might be eligible. Grants.gov is a government administered site that provides a searchable database with information regarding grants available to organizations in a variety of industries.
Once an applicant has identified a grant for which he is qualified, he may apply for it directly via the grants.gov portal. This system provides step-by-step instructions regarding the federal grant application process. After an application has been submitted, the applicant is given a tracking number that allows him to monitor the status of his application.
About the Author
KJ Henderson has more than a decade of HR and talent acquisition experience. He has held roles at a Fortune 100 investment bank, a media conglomerate and at one of NYC s largest executive staffing firms. He currently heads recruitment sourcing at a major movie studio. He read literature at Oxford.