business articles business management businesses Marketing sales Technology Business finance Lean Manufacturing small business Investing articles employee health
Search This Site
Custom Search

What do I have to do to qualify for government grants for small businesses?

mansmessyoffice32015334.jpg
A small business grant can be a great way to start a new business. You will need to do research to find the best type of grant that you qualify for because there are many grants, but the qualifications are almost as diverse. Much of the qualifications depend on the specific grants, but you should have the basics on what it takes to qualify for these grants and setasides.

In the past, fraud has been used to illegally acquire money from these government grant programs. You will find that the qualifications have become more stringent in order to stop these frauds. Unfortunately, you as the small business owner suffer because the red tape increases and the qualification process becomes lengthier. You will have to be very dedicated to the process to eventually qualify. You will find that it can be very difficult even if it appears that you easily meet all of the requirements for the grant.

You will want to structure your business in such a way as to qualify for the most grants. For instance, if you have a majority owner as a woman or minority, you will qualify for a lot more grants and setasides. You may want to research with your lawyer how best to do this if you find you need this advantage to qualify for the grant. The government has set up these regulations to encourage women and minorities to become business owners. If you don't qualify you may be able to find the right partner to do so.

You will find that many of the grants and setasides are actually funded by the private sector. The government has made these regulations to support the small business owner and to make sure that all of the larger business do not squeeze the small businesses out. The regulations give preferential treatment for contracts to be awarded to small businesses like yours.

However, some of these contracts will be awarded to larger companies that in turn hire or contract out the work to small businesses. The large companies are able to get preferential treatment by subcontracting to the small businesses. Thus, these larger companies find that it is in their best interest to encourage and support the growth of small businesses. Hence, when you are searching for grants do not limit your search to only government grants. The private sector has a lot of grants and setaside programs with funding that is available too.

Another qualification for small business grants is that you will have to show that your business is viable and will continue to be so. This means that you will have to show your records that prove you are making a profit. You will have to submit your books and show contracts that support them and that you are not just waiting for a government grant to start up your business.

Your future viability is also very important. The intent of these programs are to support companies that are viable and will remain viable not make a quick buck and then go out of business. If your industry is changing or being outmoded you may also be disqualified. For instance, if you specialize in TV vacuum tubes, you will probably not find the government very supportive of the industry.

Last, before you start the application process you must realize that it will be lengthy and time consuming to complete. Some grants have mandatory waiting periods regarding how long you must be in business before you can obtain certification.

In summary, grants for small business owners are designed to help businesses in the early stages of their creation. These grants can be difficult to qualify for and the process can be lengthy. Each grant may have specific qualifications and you will have to research each of them through your quest to qualify for a grant.

Search our site for more information:

Rate This Post
  • Currently 0/5
  • 1
  • 2
  • 3
  • 4
  • 5
Rating: 0/5 (0 votes cast)

Comments (1)

Women and minority groups f... (Below threshold)

Women and minority groups find it easier to get grants. But they too have to write out a good proposal first.

Categories: Marketing,

Share this article:
SocializerSocializer, DiggDigg, del.icio.usdel.icio.us, redditreddit, StumbleUponStumbleUpon

Favorites: Add to favorites
Tags:
Posted by DF
FREE: Get More Leads!
How To Get More LeadsSubscribe to our free newsletter and get our "How To Get More Leads" course free via email. Just enter your first name and email address below to subscribe.
First Name *
Email *


Get More Business Info
Business Info
Marketing and Sales
Technology
Finance
Manufacturing
Small Business
Investing
Employee Health and Fitness


Sponsored Links
Recent Articles

Categories

Search This Site
Search This Site
Custom Search

Syndicate This Information
Syndicate This Site!   Syndicate This Site!   Syndicate This Site!


Copyright © 2003-2010 by BusinessKnowledgeSource.com - All Rights Reserved
Privacy Policy, Terms of Use