Securing a grant for business is a great way to start a venture. Grant money is often equated to “free money” because it does not have to be paid back. However, the government, corporation or organization is paying for that grant and looking for a return other than financial gains. Entrepreneurs should know that these grants are not necessarily free. The have a cost because of the highly competitive nature of grants, usually taking lots of time and resources to get approved. Thus, prepare yourself to find highly specific grant criteria. You might have to do a significant amount of business research before finding an opportunity that fits your venture. In this post, we’ll cover the new business grants that you may want to consider applying for.
Disabled Veterans Grants
The veterans who served and protected our country can apply for business grants. They deserve the support to get up and running again. The Veterans Administration has continued to expand their self-employment program. If you are a veteran with a disability, you should consider going into business for yourself. Even without a disability, you might be eligible for veterans business grants that could give you funding to start your own business. As the country continues to emphasize support for vets, we should expect more new business grants for veterans to be available.
Minority Business Grants
In an effort to give minorities more business opportunities, you can find many new minority grants available. Many of the minority business grants are organized under the U.S. Department of Commerce. They have a specific division known as the Minority Business Development Agency (MBDA) located in various cities throughout the United States. Moreover, these branches offer minority grant opportunities as well as resources to help you apply for them. As a minority, the extra support could help you find and secure the grant funding needed to start a successful company.
Women-Owned Business Grants
Next, there are billions of dollars available for female entrepreneurs, with many new grants available each year. Women can use the money for startup capital, business expansion, overhead costs or additional business funding. To apply for a women-owned business grant, you can check out the newest grants available at the federal, state and local levels. Moreover, there are over 100 Women Business Centers across America. Similar to the MBDA centers, they can help you find the right grant and work through the application process. Similar to the patent application process, a bit of additional expertise can give you a pretty good chance of winning a new grant.
Unemployed Business Grants
Another incentive offered by the government, new unemployed assistance includes grants. Instead of receiving traditional unemployment benefits, entrepreneurs can receive financial aid and training to start a business. While in the program, they do not need to show that they are actively seeking work because they are starting a business. If you are eligible to receive unemployment benefits, this opportunity might be the closest type of new grant. Since you don’t have to pay back the money, it’s still free. More importantly, it could be that boost you need to get into business for yourself and never have to work about unemployment again.
Small Business Grants
Sometimes, corporations and governments will offer new grants for small businesses. Unlike the previous opportunities, these grants are for established small businesses who are having trouble growing. Corporations are offering anywhere from $7,500 to $50,000 to recipients to scale their business. If you have already started a carpet cleaning business, you should consider applying to new business grants from corporations. There are many new grants coming available each year. Your small business might fit their criteria perfectly. Just do your research and a strong application could get you the expansion funding for your business.
If you would like to get a new business grant, you should consider all the funding sources. You can apply for business grants at the federal, state and local levels. On top of that, you can apply to both private and public sectors. When doing so, utilize any of the new grants for veterans, minorities or women if you are eligible. Additionally, consider your options for getting free money with unemployment assistance programs and traditional small business grants. If you have a dream to start a business, you can make it a reality using new grants, meticulous planning and plenty of hard work.