Billions of dollars at both the federal and state levels are awarded to savvy business owners who seek to expand an existing business or add needed diversity to their services using business grants. There are well over 900 business grants programs offered by twenty six federal grant-making agencies within the federal government. While private sector foundations focus on non-profit charities, the federal government is now setting up to help select local service providers and regional materials suppliers grow and get back on their feet with by funding business grants opportunities available to those who qualify.
Generally, most people who are looking for money to start a business stand a much better chance of getting a small to medium business loan opposed to a federally funded business grant. It’s important to know the difference between grants for business and business loans, because the federal government offers both. Many of the available federally mandated opportunities are available to business owners in the industries of tourism, child care, agriculture, environmental management, manufacturing and technology. Business grants are very difficult to get due to very stringent governmental requirements that applicants must meet. Business grants are sparingly awarded and notoriously hard to win by the typical mom and pop small businessperson unless you qualify as a minority business owner. It pays to look at both business grant opportunities as well as federally subsidized small to medium business loans.
If it’s a grant you seek for your business, the major awarding federal agencies are U.S. Department of Agriculture, known as the USDA; the U.S. Department of Commerce, the National Institute of Standards and Technology; National Oceanic and Atmospheric Administration also known as NOAA, the U.S. Department of Defense, the U.S. Department of Education; U.S. Department of Energy; the National Science Foundation or NSF and the National Institutes of Health known as the NIH. You can easily navigate to any of these web sites from the primary federal Internet portal at Grants.Gov.
If you are a small to medium business owner, or are thinking about becoming one; and your business is in the industries of tourism, child care, agriculture, environmental management, manufacturing or technology – you may want to pay a quick visit to SBA.Gov to look over available loans, opposed to grants for business. The business may be a sole proprietorship, partnership, corporation, or any other legal business entity. The SBA or Small Business Administration offers low-cost loans to independently owned and operated businesses or business start-ups who:
- Are organized for profit;
- Has a place of business in the US;
- Operates primarily within the U.S. or makes a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor;
- Is not dominant in its field on a national basis.
At the SBA website, explicit and easy to follow instructions with videos can also be found detailing how to register with the U.S. Government so as to be eligible for all available loans and associated grants for business up for award.
