Many American entrepreneurs are interested in receiving help with funding to supplement the costs of launching a new business. Starting a new venture can be exciting, but one aspect of it is that when you’re just on the verge of opening or have just started, it can seem like everyone has their hand out to be paid, whether it’s for an operating license, utility hookup, purchasing equipment, buying signage, whew, the list goes on….
That’s why a popular request for information is for new business grants. If you’re able to offset some of these many costs, then the sooner you can be on your way to profitability. The exact type of grant and the level of funding can depend on a number of factors, such as where your business is located, your situation, if you’re in an area called an “enterprise zone” (or similar), whether you’re going to be creating jobs, and a number of other factors.
A good strategy for seeking new business grants is to search at different levels of government. Be sure to check into city, county, state, and federal government programs. The programs may either be open to everyone, or else offered to a select group, such as women, minorities, Native Americans, persons with disabilities, youthful entrepreneurs, or other groups. The idea is that there were in the past, or are now, challenges that prevent some people from competing on a level playing field in the business world.
A new business grant may be for the purpose of acquiring equipment, hiring employees, opening export markets, opening in a location that is in a disadvantaged neighborhood, or a number of other possible purposes. Sometimes, it may be provided for general purposes, but more often, a specific purpose is required for its use. Sometimes, there is also a requirement for follow-up reporting to show how you used the funding or what the outcomes were. For example, a new business grant that is provided for the purpose of employee training may require a before-and-after skills assessment evaluation to show the effectiveness of the use of funds.
Therefore, the new business grant provides a kickstart to help with getting started as an entrepreneur. In addition, there may be assistance offered with learning how to run a business, plus help with creating business plans, financial projections, applying for future funding, complying with business regulations, and other assistance and information that a business owner needs to know. Even if you don’t directly qualify for this type of assistance, you can usually take advantage of government-subsidized small business assistance centers in your area. They’re staffed with helpful, friendly expert who help you figure out whatever you need to know.