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Three Things Every Small Business Owner Should Know About Grants

Grants are a great source of business funding, and the money doesn't have to be repaid. That's the good news. The challenge is finding one for which your small business qualifies, and that is no easy task. So, here are 3 important facts small business owners need to understand before applying for a grant.

What business owners need to know about grants

  1. Federal grants are hard to get - if you're going after a grant through the U.S. Small Business Administration (SBA), these grants are generally only available to non-commercial organizations, such as non-profits and educational institutions in areas like medicine, education, scientific research and technology development. The scope is narrow, and many small businesses may not quality.
  2. Grants for specific industries - there are also grants that are directed toward specific business areas, which means your business project must meet specific criteria. In addition, these grants may require the business owner to match the grant funding with a loan or other type of financing. Many of these grants are available through state and local programs, but be sure to read the qualifications carefully.
  3. Corporation grants - these types of grants often come in the form of grant competition or contests in which business owners will be competing with many other small businesses. They can also be harder to find.

Where to start

Small business owners can start searching for grants by contacting their local small business administration. This office is a great source of information on local corporations and even local governments that may be offering grants to qualifying small businesses.

It's all good!

Yes, finding grants is a challenge. Is it worth it? Absolutely! The key is to network with local organizations and other small business owners. This will keep entrepreneurs in the loop on grant opportunities as they become available.

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