Today raising capital for your business expansion presents a problem, especially when running a business or organization that offers significant benefits to society in general but is not especially profitable right now. So, you have nothing to lose if you turn to small business grants. You actually can get money for free.
Why do business grants exist?
Federal law requires that government agencies and private foundations provide over 1 trillion dollars to businesses and it applies to IN, too. Foundations are required by law to distribute 5 percent of their market value assets annually or they risk losing their tax-exempt status. The benefits for giving away grants are crucial for elected officials seeking reelection and larger companies saving a lot of money in taxes. Also Indiana small business grants for research and development are awarded in order to promote technological innovation in the state. Grants are available for projects worth between $ 2500 and $ 250,000 and will cover a percentage of the total project cost (up to 70%).
The difference between grants and loans
In case you are interested in getting government financial aid, there are some facts you need to know about small business grants Indiana uses for economic boost in the state. Let’s start by saying that there are two different things you can get. First, there is a loan and then there is a subsidy. Obviously, the second option is more advantageous, since you do not actually have to repay the money. Yet this does not mean that all entrepreneurs are eligible for a grant. In fact, in most cases, these funding programs are specifically targeted at those who run nonprofit organizations or charities. For example, community development, medicine, agriculture, natural resources, education and arts are the industries that mainly benefit from grants provided to small businesses. So if you want to start a company in one of these sectors, then you have a pretty good chance to get the financial support you desire.
You also need to know more about loans, because they are suitable for most types of small businesses, whatever their field of activity. Still it is important to meet the requirements for these loans. So before you get your hopes up, make sure that you are well enough informed about the programs available to choose from. It is true that a loan can be borrowed from a variety of credit institutions, step by step, but you will be surprised to discover that the government offers are the most advantageous in the market, not to mention much safer. So instead of going to local organizations to borrow the money, it may be better to give a preference to federal funding opportunities, such as small business loans.
Where to find grants and loans
In case you are interested in getting financial aid, you should start your research from official websites. The Indiana Economic Development Corporation (IEDC) provides a lot of useful programs and initiatives and you can learn more about them on the agency’s website (http://iedc.in.gov). There you can browse the available small business grants Indiana offers for new and existing businesses and choose the most appropriate option for your company. And while you do your research, look for other types of financial aid from the government. Like what? For example, you can get market research data, financial reports and non-payable loans with The Indiana Small Business Development Center (ISBDC). As you can see, there are many possibilities waiting for you, just act ahead and get your Indiana small business grants.
How can you get financial help in Indiana?
Grants are awarded each year for a variety of reasons, starting businesses, continuing education, preservation of historical monuments, art. Business grants in Indiana are usually given to candidates who have a solid business plan, and detailed reports create a better chance of getting the grant.
When starting your own small business, your first priority would be to find start-up capital. You have the same task when you want to expand your company by starting a new project, hiring more people or using new technology. Where to get the money? The answer is simple – do not hesitate and join the government program. New business owners and existing business owners are eligible to apply for business grants. There is a wide range of grants for small business in Indiana available such as grants for equipment, rent, offices, expenses and overhead.
You can apply for small business grants in Indiana here:
East Central ISBDC
1208 West White River Boulevard #126, Muncie, IN 47303
Small Business Development Center
617 Indiana Avenue, Indianapolis, IN 46202
US Small Business Administration
8500 Keystone Crossing, Indianapolis, IN 46240
North Central Small Business Development Center
401 East Colfax Avenue Suite 120, South Bend, IN 46617
Southeast Indiana Small Business Development Center – Southeast ISBDC
117 East Spring Street, New Albany, IN 47150