Finally decided to start your own business, but having trouble finding start-up capital needed to make it work? Want to start a new project on expanding your company and the only obstacle is lack of finances? The good news is the government has your back! Yes, the federal and state government provides free grants and low interest loans to small business owners as a way to help encourage the growth and stability. Although there are many Illinois small business grants available each year, but most people do not even know they exist or have no idea how to get one.
How can you get access to government grants?
A new entrepreneur always dreams to turn his or her idea into a successful venture, but most of them fail to achieve realistic goals. One of the biggest factors contributing to this is a lack of start-up capital or initial investment. Only a small percentage of new businesses were started with auto financing, but most of them require borrowed funds. And of course, running your own business is expensive, but the cost of its expanding is something that is easy to underestimate. For this reason, the government provides free grants that are available to stimulate new businesses here, in America.
If you want to start or already run a business in Illinois and planning an expansion, Illinois Finance Authority (IFA) offers effective and affordable solutions. You can find all the information you need at their website (www.il-fa.com) and choose a program that will be perfect for your type of business. Some guidelines for this process and some tips on what to look for in a grant offer can be found here online. As the investment banking arm of the state, IFA enjoys the position of the most recommended source of business grants in Illinois and other low-cost financing. Each year, the IFA spends nearly $ 2.8 billion, what is important for the economic development of the state and the creation of new jobs.
Selling the idea
The first important step is your presentation. Any small business grant distributor will be interested primarily in how you tend to use the money if they give it to you, and also how you plan to use the funds to make a profit. The difference between a bank loan and a business grant is that you do not have to show them how you will repay it (grants are practically gifts), which means that you should focus on the ultimate goal of your business rather than small steps you will take to generate income along the way.
The business plan is the base of any grant application. This plan gives a clear idea of your goals and vision and an indicative timetable for the achievement of these objectives. The potential in your company is represented in your business plan and this is the plan itself, which is used as grounds for distributors to choose your company for this particular type of subsidy.
How to get Illinois small business grants
Applying for business grants you need understand their purpose in the economy. These programs were created to help develop those industries that have potential but do not have financing. Organizations providing grants and loans have their own objectives and choose those entrepreneurs who have a chance to achieve them in the best way possible. For example, the company’s location is a big reason for sanction of grants for small business in Illinois. The government wants decentralization of industries to increase agricultural productivity and promote rural diversity. For example, you would have an easier time getting IL startup business grants from the government if your company is started in Edwardsville or Olney rather than Chicago.
The purpose of grants
All private companies that are based in Illinois, with less than 50 employees can benefit from these programs. These companies, however, must be engaged in the development or commercialization of a technology or invention. Finances are available for research, testing, marketing and development of technological products. Illinois small business grants are provided for many purposes such as labor hiring, purchasing new equipment or machines. In the case of the company that is established, small business grants are provided for further development, expansion and research, as well as for the improvement of methods, technology and produce.
Learn about tips of gettin a Illinois grant for small business here:
US Small Business Administration
500 West Madison Street, Chicago, IL 60661
Illinois Small Business Development Center at SIU
Innovation Drive, Carbondale, IL 62903
Illinois Small Business Development Center
820 Davis Street, Evanston, IL 60201
Small Business Development Center
510 North Pearl Street, Macomb, IL 61455
Illinois Department of Commerce & Economic Opportunity – Southeast Region Office