When US citizens are enrolled in the establishment or expansion of a new business, there are some options to consider in that regard to funding. Government grants for small businesses, bank loans and private loans from investors, family members, or credit unions are generally the most common sources of funding. And the first one is the most lucrative, because there are no interest, no obligations. It is common for new small business owners to miss the wonderful opportunity to acquire small business grants as a means of financing. Why would you reject the advantage of receiving free government money? It could happen only if you know nothing about this opportunity!
Why do you need a small business grant?
All individuals who are smart enough, resourceful enough, motivated and enterprising enough to imagine and build new businesses should at least try to get Michigan small business grants. The government sets aside hundreds of billions of dollars each year for helping new and enterprising entrepreneurs who can prove they have a solid business plan and show significant promise to become a success. Solving a problem is halfway to the solution. Judge your situation carefully to understand what your needs are. Conduct research on grants for small business in Michigan to understand the kind of subsidy that can meet your current needs, and how to get it.
A well thought out business proposal is often likely to be approved for funding by most funders, grant providers and other organizations. One of the main reasons for this is because the government is required by law to distribute these funds to the taxpayers each year. However, they are not required, and in fact prohibited from advertising these programs, so far too many potential candidates remain unaware of these amazing opportunities each year.
Find a grant you can get
There are some requirements to be eligible to receive money with MI startup business grants because your application should match the category your company falls into. For example, if you provide an application to an ethnic minority support organization, but you do not belong to the minority group, you are not eligible for financial assistance. But you can still benefit from other government programs for small businesses to fund your startup or expansion. If you are a business woman, there are a number of opportunities in business grants for women that men would obviously not qualify for. Sometimes, even if you have been denied many types of grants for various business reasons, you may still be able to get Michigan small business loans and apply this funding towards your business.
Of course, free money is free money, so you always should try for small business grants. Anyone who engages in a new and progressive business enterprise, or hope to expand or increase an existing company should certainly investigate their options to get free government help before committing to years of paying interest payments that go hand in hand with bank loans. Why should you pay for something you can get for free?
Where to find small business grants in MI
Fortunately, you will find the Michigan Small Business & Technology Development Center (MI-SBDC) useful here. You should visit their official website (www.michigan.gov) to learn more about small business grants Michigan offers for entrepreneurs. Take into consideration that grants are offered for a certain purpose. So if you want to get small business grants, make sure you can explain how the money will directly benefit your business.
The MI-SBDC can help a new business owner with counseling, training, research and advocacy. Specialists provide help to narrow down the direction of your company’s development; choose a strategy and so on. The guide includes different types of business organization, basic points of a business plan that you need to apply for small business grants, details on tax obligations, management, hiring, marketing tools and more useful information.
Make your business thrive!
The US federal government offers a number of programs to make it easier for people to start and grow a business. By helping businesses to thrive and providing the funding they need, it benefits the economy as a whole by providing income and employment. For business owners, getting small business grants in MI can make the difference between a company that does well and a company that fails due to a lack of funding. Do not miss the opportunity!
If you want to establish your own business you can look for help provided by government agencies – small business grants. The government grants this money for entrepreneurs to get started and also boost the local economy.
But just having a good idea does not automatically mean that you will receive the grant. So you need to know how the system works and how to get financial subsidies for your business.
All fifty states have state grants
Usually, you do not have to repay government subsidies. Each state has its own requirements, so if you live in Michigan, you need to know how to apply for small business grants in Michigan. The qualification process is not similar to applying for a loan but there is a process requirement, you must pass through in order to obtain the financial assistance. And consider that a small business does not receive more than one loan in a period of three years.
How to qualify
Now you need to know about the qualifications to obtain small business grants. The main factor is the viable business idea you have in mind. And you must make a good presentation of the project you want to start. In addition, the business proposal should be in this category that the government supports and encourages.
Small business grants are awarded after an individual completes the application form and goes through the process. It may take some time, but the financial rewards make it well worth your waiting. And of course, the best thing about these grants is that you do not have to pay, ever. All you have to do is to use the money to get your business off the ground.
Is your business successful?
Even if you do not have to repay the government money, small business grants are often awarded to companies that have the ability to survive and expand over time. These companies must have the ability to create jobs and increase the country’s revenues, which in turn will add to the country’s welfare. Several organizations offer training grants for developing businesses. To find out the best way for obtaining grants for business, you need to contact the government agency that provides such subsidies.
Resources on Current Grants for Small Businesses in Michigan:
State and Local Implementation Grant Program (SLIGP)
Date for applicants: Feb 06, 2013 – Mar 09, 2017
Expected Number of Awards: 56
Category of Funding Activity: Consultation, Planning, Governance, and Outreach
Agency Name: National Telecommunications and Information Admini
Contact Person: Michael Dame 202 482-1181
Pakistan Reading Project
Date for applicants: Jan 08, 2014 – Dec 05, 2015
Estimated Total Program Funding: $160,000,000
Award Ceiling: $160,000,000
Expected Number of Awards: 1
Category of Funding Activity: Education
Agency Name: Pakistan USAID-Islamabad
Contact Person: MOHAMMAD HUMAYUN 92-51-208-1270
Collaborative Center for Aeronautical Sciences
Date for applicants: Jan 22, 2014 – Feb 25, 2017
Estimated Total Program Funding: $2,500,000
Expected Number of Awards: 1
Category of Funding Activity: Science and Technology and other R&D
Agency Name: Air Force — Research Lab
Contact Person: Noreen Bennett 937-656-9671
Violent Gang and Gun Crime Reduction Program (Project Safe Neighborhoods)
Date for applicants: Jan 09, 2013 – Mar 11, 2016
Award Ceiling: $500,000
Category of Funding Activity: Law, Justice and Legal Services
Agency Name: Bureau of Justice Assistance
Contact Person: 800-518-4726
Getting Michigan business grants
If you live in Michigan and dream about your small business, you can apply for grants from the state government. The state of Michigan has many programs for entrepreneurs. By visiting www.michigan.gov/business, www.sbam.org and misbtdc.org you will be able to find a lot of info on Michigan small business grants, training and other programs.
Grants from private organizations are also available, but tend to be more stringent in their requirements. They also usually provide a lower amount of money than their government counterparts. But you should apply for as many grants for small business as you can. Starting a company is hard enough without looking for the initial capital. Imaging how you’ll pay for everything can make the future ten times worse than what it should be. The problem will be solved with small business grants!
More Opportunities for your small business in Michigan
US Small Business Administration
477 Michigan Ave, Detroit, MI
(313) 226-6075 · sba.gov
Michigan Small Business & Technology Development Center Regional
510 W Fulton St, Grand Rapids, MI
(616) 331-7370 · misbtdc.org
Michigan Small Business and Technology Development Center
309 N Washington Square #115, Lansing, MI
(517) 483-1921 · misbtdc.org
Small Business Strategy Group
27350 Southfield Rd, Lathrup Village, MI
(248) 358-1442 · growingsmallbusiness.com
Michigan Small Business and Technology Development Center of WCC
301 W Michigan Ave, Ypsilanti, MI
(734) 547-9170 · misbtdc.org
Small Business Doctor Inc
128 S Forest St, Standish, MI
(989) 846-2440 · thesmallbusinessdr.com
Small Business Center
950 W Monroe St, Jackson, MI
Michigan Small Business Development Center
1961 Delta Road, Bay City, MI 48706
Small Business Association of Michigan
120 N Washington Square #1000, Lansing, MI 48933
Michigan Small Business & Technology Development Center
Haworth College of Business, Western Michigan University, 3110 Schneider Hall
Western Michigan University, Kalamazoo, MI 49008
US Small Business Administration
477 Michigan Ave, Detroit, MI 48226
Oakland County One Stop Shop Business Center
2100 Pontiac Lake Road, Waterford Township, MI 48328