What can be more important for an entrepreneur with a new business than small business grants? After all, a grant is a solid amount of money and you will not have to repay it. Getting inheritance from a rich relative or winning a lottery does not sound very realistic, but getting a business grant could be a perfect solution.
Of course, nobody gives money right and left without grounds, the procedure is strict and long, but everything is possible. The process itself causes a lot of confusion and misinformation about these programs. So, this brief guide on small business grants California provides will help to cover some of the basics.
Where to get a grant
Firstly, you need to know the common source of small business grants. These programs are not usually offered by the federal government. Private groups, organizations and state government offices however, often give business grants for specific purposes. Generally, subsidies of the state government are used to help people, create more jobs and stimulate the economy in the state. Even if your business does not qualify for state subsidies, such grants are provided by a variety of organizations including private foundations, and the choice always depends on your circumstances and peculiarities of your business. You can learn more about grants for small business in California at the portal of Business and Economic Development (http://www.business.ca.gov) and use this information to find the most suitable program for your business.
What type of business can get a grant in CA?
So what are these specific purposes small business grants are given for? Not every candidate can qualify for all available grants. Many grants are specifically provided for groups such as disabled people, women or ethnic minorities. There are grants for small businesses owned by Native Americans, subsidies for environmentally-friendly energy companies and grants for innovative technologies too. And this is probably the least understood aspect of small business grants. Many people mistakenly believe that anyone can get a business grant and all you need is to send an application. But you must follow a set of strict rules and guidelines. For example, a small company started solely by a male owner not going to get a grant that is created for female entrepreneurs.
Applying for business grants in California could be profitable because this state is known for the fastest growing companies, highest innovation capacity and the largest number of patents. Just take into account that small business grants are usually not created for a start-up. This is another common misconception about this form of subsidies. Planning to start a new business people turn to this solution thinking that getting a business grant is the best way to get the money they need. The problem though, is that most small business grants can only be awarded to existing or developing businesses.
How to get a grant
Getting a grant takes time. And there is a detailed step by step application process to be completed. You should consider that you must meet a few important requirements before they even look at your application. And once the application is accepted, it could take a few months or even a year before the board decides who will get the small number of business grants available to them.
The good news is California small business grants are numerous. There are literally hundreds of places to apply for financial help, but every organization usually has a very limited number of grants to give. The time schedule can also differ: the same subsidized program can be available from the same organization each year and, in some cases, it is just a grant open every five years or more. And there are different grant for different industrial sectors. Visit http://www.ca.gov to learn more about small business grants California offers for expanding companies.
Part of the grant application process will involve submitting a copy of your detailed marketing and business plans and financial data to show potential profits and benefits for the state. When you have chosen an organization and a grant program that can be helpful to your business it could be a good idea to hire consultants and professional grant writers, because the procedure can be very tricky and tedious.
So yes, getting business grants in California is entirely possible, but consider that you will have to work very hard to get one, and it might take some time too.
Here are some addresses where you can go to get a business grant in California
Los Angeles District Office
330 North Brand, Suite 1200,Glendale CA 91203
Los Angeles Regional SBDC Network
1601 Carmen Drive, Suite 215, Camarillo CA 93010
65 Enterprise, Aliso Viejo, CA 92656
San Fernando Valley Small Business Financial Development Corporation
5121 Van Nuys Blvd, Third Floor, Van Nuys CA 91403
Inland Empire Small Business Financial Development Corporation
516 North Lemon Ave, Ontario CA 91764