Small Business Loan & Grants
How Business Grants Work
When seeking business grants, there are a lot of different avenues you can explore. Depending on your specific situation, it's best to look for grants that will cover the most expenses. Of course, there are several points to consider when starting a business and looking for grants.
Who Qualifies for FREE Money from Government Grants
Entrepreneurs who are looking to start up a small business for the first time should consider government grants as a way to subsidize income. When looking for government grants, you'll want to make sure you qualify at the basic levels. If the business you're looking to start up will employ 50 or more workers, or if the income will be $1 million in gross revenue or greater, you can NOT apply for a small business grant or loan. However, if your business carries "less weight" than that, a government grant or loan may be just the thing for you!
What the funds can be used for
Funds from federal grants can be used for almost anything that pertains to growing your small business. Typically, this means that you can buy inventory and products that relate to the business. Things like office supplies, furniture, or other equipment may also be purchased. However, when dealing with these types of federal grants, it's important to know what the money can NOT be spent on. You may NOT acquire real estate or pay off existing debt. Following these rules are important. It's always a good idea to check all the stipulations concerning your grant's particular rules.
What grants pay the most for 2019
If you're currently looking to acquire a small business grant of your own, now is a great time to start! 2019 is a great year to be a small business owner. There are 3 grants that stand out for 2019 which have gotten small business entrepreneurs excited!
The Top 3 Paying Small Business Grants and Contests for 2019:
#1 LendingTree's Small Business Grant Contest - A LendingTree Small Business Grant Contest is underway for 2019 and the winner of the grant gets $50,000!
#2 FedEx Small Business Grant - FedEx also has its own contest for entrepreneurs looking to start a business in 2019, the prizes include:
The Grand Prize Package: One lucky winner will receive the sum of $50,000, plus a $7,500 credit for FedEx Office prints and business services.
The Silver Prize Package: The winner of the silver prize package will receive the sum of $30,000, plus $5,000 in FedEx Office prints and business service credits.
#3 Rural Business Enterprise Grant - This type of grant is great for two reasons. You will receive technical assistance and training for your small business, as well as $50,000 or more for start-up costs!
These are just a few great small business grants you could go for. Imagine all the money you'd be saving! With grants available like this, it may be the time to start the business you've always wanted!
Grants are like real Money Trees
What type of business can get a grant?
There are many different types of businesses that may eligible for grants. These businesses can be as diverse as the entrepreneurs who are trying to apply for them. The first thing that the lender will be looking at is the nature of the business. Is it a non-profit, a pizza joint, or some other type of organization? Perhaps you're starting your own unique business, like "Grandma's Homemade Pies", or "K's Kack's". Whatever the case may be, you'll have to find a Grant that fits your business type.
Sources for business grant funding
One of the best sources to look into while trying to secure a grant is a government grant. Some different organizations and institutions can help with business grants depending on the individual’s race, gender, income, or age. Big corporations also offer grants. Companies like MasterCard, Visa, and Federal Express usually offer grant contests for small businesses. Other originations such as Kabbage, Loan Builder, Torro, and Lending Tree all have amazing grant opportunities. These grants are usually pretty easy to qualify for. However, some stipulations may apply. The business must already be established for a minimum of 6mo, it will need to be making at least $3,500.00 per month, and you need to have a credit score of at least 550.
Points to remember about a business grant
If you're looking to make a lot of personal profit from your business establishment then you're going to want to partner up with one of the bigger companies like Visa or FedEx. These companies are pro-personal financial gain and thus are better geared to help advise and direct you towards success.
If you are searching for a grant for an organization that is non-profit, then the government is the best place to begin. Searching out and finding the right agency of the government that can help with a grant can be a huge task. However, considering the amount of money that can be awarded from grants, it's worth the effort. Businesses that receive the most amounts of help through the government usually are well qualified and are desperately in need of the service. There are also other special community programs, which are available to help small businesses within the community.
Once a business person thinks that they have found the proper grant to apply for, they may run into complications. Often grants will only be available during certain times of the year or special events. So, if you're not careful when planning to apply for a grant, you may miss your window of opportunity.
There are other ways to fund you small business besides the ATM
How to get a business grant?
Be the first in line. There will be many other people also hunting for these grants. So, you'll need to be diligent when searching. Timing is everything when it comes to obtaining a grant. It's wise to plan ahead. You should start looking into getting a grant in 2019 if you hope to acquire it by 2020. If you start looking too late chances are the available grants will be gone. So it's best to search for grants that are coming up for the following year.
Make sure your application is polished and professional looking. You'll likely have a better chance that your application will get picked if all the "T(s)" are crossed and all the "i"(s)" are dotted. Messy and unprofessional applications usually won't get looked at, or they'll just get tossed in the trash.
All thing good will come to those with bit of determination, and a little luck
Some people think that jotting down a letter and mailing it to the financier, will somehow magically produce a check in the mail. That's just not the case. When a business owner decides to go for a grant, they need to hire a professional grant writer. This person will be able to take all the needed information for you and your business and present it in a way that will be more understandable, presentable, professional and business-like.
What type of businesses qualify for grants?
Personal loans or small business grants?
When looking at different types of loans that are available to small business owners, you need to decide which loan will be the easiest to acquire and payback. That can mean a difference between getting a personal or individual loan, and getting a small business loan grant. Whichever loan you consider, both will rely heavily on your credit standing. The credit standing in question will also be a key in determining the rate of interest that will accrue on the money borrowed.
What To Consider About Small Business Grants
Being an entrepreneur in today's arena of small business owners can be intimidating. Finances go up and down with a struggling economy. New technology, changes in government policies, taxes, and even changes in gas prices, can determine the success or failure of a small business.
Why would a small business grant help?
These grants help in times where there are changes in economic conditions. A grant may be required in some cases for a business due to poor management. Managers and owners seldom take the appropriate steps to set the rules on spending and credit limits for their small business. They may not institute the proper techniques on how to run a small business to be successful. This can mean future disasters for the company.
Realistically, a small business owner does not have much room to allow mistakes to happen. When the business finds itself in a situation where it's failing, a small business grant can offer a cushion that can make the difference of whether or not the business will be able to survive.
In the situation where the business hits many bumps on the road, it can turn into a major disaster and even force a business to close down. If you find that the company runs into problems or issues, then good management is important to turn a business around and achieve success. Getting a small business grant can help smooth over a problemed situation. Remember that when acquiring a loan, you need to remember that there is the combined cost of running the business along with the cost of paying the loan back. That is where a grant can be what you need since most grants don't need to be paid back.
Plucking Bucks From The Tree Of Cash, "Cash Grants For Business". Get Your Share Today!
The Small Business Administration
The Small Business Administration (SBA) can help people turn their ideas for business into a thriving success. The SBA advises people looking for lenders to use a tool called "Lender Match". Lender Match is a free online referral tool, which only uses SBA approved lenders. By using an SBA approved lender your loan will be guaranteed.
Don't expect to get a loan from the SBA
The SBA is not a lender! They cannot lend money directly to small business owners. So many people make the mistake of thinking that the SBA will give them a loan. But that's not what the agency is set up for. However, they do work very closely with many lenders even setting guidelines for them to follow. By doing so they help relieve some of the risks from the lenders, thus opening doors for small business owners.
What makes a small business become a big to success
There's no magical combination of ingredients that will make your small business ventures a success. With a little "elbow geese" and "a lot of hard work" perhaps your business could be one of those we read about in the newspapers. From small business owners to giant corporations, it could happen for you! But only if your ideas are solid ones.
Where did it all start
It may have all started with a good idea. However, with success, there may come risk. Your money, credit, property, even your ideas could all be potentially lost. After all, you'll never become a success without risking something. It all can be quite intimidating for someone just starting from scratch.
Don't give up the dream!
Successful business owners are typically a success because they believed in their ideas! They have invested time and money into the project and keep pushing themselves even when the chips were down. It will take a level head and good problem-solving skills to be able to run a successful business, but in the end, perseverance will surely pay off!
Put Hundreds Back into Your Wallet
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2019 Jason Nicolosi
