Small business resources from Government Grant Agencies
Government Grant Agencies
Ever since 2008, it has been difficult for many startups and small businesses to get the capital they need to grow. In addition to a dramatic amount of capital disappearing overnight as a result of the housing crash, banks became too afraid to take any chances with business loans. Although there is now a decent amount of credit and financing floating through the economy, the vast majority of it is going to politically connected institutions, such as the mega-banks. For this reason, alternative and creative forms of business funding became more important. Although there are some angel investors helping finance businesses, there are simply not enough of them to make a large enough impact on the economic health of the country.
Fortunately, there are a number of federal programs in place that make it easier to fund or finance a good company. Some of these programs have been around for decades, while others were developed as a direct response to the economic issues that have plagued the country for a few years. Regardless of which program best fits your business, there is likely to be something that can benefit you, if you are willing to look for it.
While finding a loan for a business can be difficult and can negatively affect the health of your company’s balance sheet, there are few negatives associated with applying for federal grants to help grow your business. Unlike loans, federal grants allow you to spend money on specific infrastructure or staffing requirements without any need to repay the money at any point in the future.
Although the federal government does have grants for businesses, they will not give free money to just anyone. There are specific criteria that must be met before there will be any dispersal of funding. One of the best ways to get federal grant money is to assess which industries are beneficial to the political agenda currently in power. As of early 2014, this means that companies that are in healthcare, green energy or just green products are most likely to be the beneficiaries of a federal grant. Be sure to visit the federal website Grants.gov to see if you qualify for any specific federal grants.
In addition to federal grants, there are a number of smaller state grants that might be available, depending on where you currently live. California, in particular, has a large number of small microloans and microgrants available for business owners to apply for.
In addition to grant money, the federal government has a number of resources to help small businesses grow more effectively. The Small Business Resource Center, under the authority of the U.S. Department of Labor, helps businesses learn all of the legal issues that might arise as a result of owning a business. In addition, the Small Business Resource Center has links and access to a number of tools that are useful in applying for business loans and grants.
The U.S. Small Business Administration is another resource available for small businesses looking for assistance with sub-contracting or finding available loans and grants in the area. The SBA also helps business owners and potential business owners find all of the legal forms they need to create or alter a legal business entity. These resources can save a significant amount of time and money when used properly, so be sure to make the SBA website one of the first websites you visit before making any changes to your company.
Although it is not currently easy to make a living in the marketplace, it can still be done with hard work and an understanding of what resources are available. Make sure to have every possible advantage by checking out federal government resources.