It is not uncommon for people who wish to start a business to need financial assistance in some way. The issue is that most people are in such a hurry to begin their business that they go straight to getting financial assistance from banks. This is not necessarily a bad idea, but potential small business grants are often overlooked. Another reason some people file the small business grants applications is that they have been denied a business loan and still need capital in order to get their business up and running.
The biggest reason why most people do not file small business grants applications is that they are not sure how to go about applying for them. Here are some things you should be aware of before going to apply for a small business grant.
Get Your Application in Early
The downside to federal and state level grants is that they are not in any rush to throw money at you. In fact, when applying for a grant you should expect a wait time of roughly eight months. For this reason, it is recommended to get your things in order quickly and get the application submitted if you need the money quickly.
We have tried to make the application process as easy as never before. Please check our video tutorial that describes all steps of a small business grant application process. Follow it and get a grant fast!
Have a Good Business Plan
Federal grants are provided to small business owners that really need the assistance to either stay afloat or start a new business. They really do try to ensure that their grants are going to good use to companies that have real opportunities to succeed and provide jobs for other people. For this reason, you should have a good business plan going into the application process. You should almost expect going into it that you literally have to sell your business model to whoever is reviewing your application. Therefore, take in mind why you business is a good one to invest in. What are the demographics of your area and how does that relate to your business plan? How does a receiving a grant ensure that your business is going to be profitable and growing within a year or two?
Prepare for a Review of Your Small Business Grant
The government is not going to throw you a check and then walk away. Instead, it is definitely going to be something they are going to come back to and look at. Typically, you can expect the government to show up a year to sometimes three years after they provide you the grant to see how the money was used and if it was beneficial. It is not that you will be expected to pay the money back, it is to ensure that their money is not or was not wasted or used in ways that were not agreed to.
The application process may seem a little bit scary but if you are going into it from an honest standpoint and you believe that your business can be changed for the best if you were to receive a small business grant then you really have nothing to worry about. The worst thing they can do is say “no” and with the state of the economy, right now is actually a good opportunity to receive a grant from the government.