The Deal With Small Business Grants

“Deal or no Deal?” – Catchphrase question asked by Howie Mandel to contestants on “Deal or no Deal”.

When the banker makes an offer on “Deal or no Deal,” it’s usually not one that benefits a contestant. But a small business grant is a deal that can benefit a business owner.

Unlike a business loan, that must be repaid, a grant is a gift. The translation is that it’s truly a gift, with no strings or future obligations attached. It doesn’t matter if a business already exists or is still in the planning stages, businesses are eligible to obtain such a grant under both scenarios.

Numerous government agencies, non-profits and other organizations can be found that are eager to award money to small businesses. Why? Because giving grant money not only helps a business with revenues but also improves the community they serve through increased buying which benefits the economy.

Many hours can be involved in trying to find government grants. Most state and provinces provide detailed information about applying on the Internet sites of their economic development offices. Someone searching for a business grant may also find what they are looking for on other organization Internet sites. But the key to success is finding an organization that specializes in such grants, as opposed to those for other business pursuits.

The outlook for obtaining a grant to start a small business is even better for women and other minorities because government bodies enjoy promoting business ownership by those groups. Obtaining this type of grant money may also be easier for someone wanting to open a business in an area that is economically deprived. Other groups for which a start-up money may be targeted toward include:

  • Individuals with disabilities
  • Native Americans
  • Veterans

A small business grant, like any other grant is awarded after applying and approval by the municipality or organization which awards the grant. But requesting government money isn’t about simply picking up a telephone and making the request.

The awarding of a government grant is followed by a small business owner submitting a detailed business plan. The plan should specifically identify how the money will be spent. A review of the request will most likely be looked on even more favorably if the business owner can identify how the small business will benefit the community in which it will be located.

A request for a grant money takes more than just writing a brief letter. The request should be detailed. Because applying for grants is also a talent, many companies and non-profits hire individuals to perform such tasks. Help in writing a government grant request can be found through a service for professionals who offer the service, along with employment classifieds in newspapers.

Beyond a doubt, “free” money from the government is a deal small business owners should not pass on. With no risks or obligations and a guarantee of helping a business, the only response when it comes to a small business grant is “Deal!”