Small business owners or people wanting to start their own small business have very limited funds as well as limited resources. Financial assistance from outside sources becomes necessary for the ambitious business owner. Add into this equation the sometimes-unrealistic demands of institutions, which make this process even more complicated. You should also keep in mind that starting your own small business is not free and you end up paying dearly for the loans, which you request if you are approved. This is a side of the coin, which makes anyone cringe when contemplating starting their own small business.
Is it that easy?
Everyone has viewed the advertisements about free government grants for small businesses. Watch out for the frauds associated with these advertisements. Qualifying government grants to start your small business is never truly that easy. Free dollars do not merely begin rolling in with you standing there with a wheelbarrow to catch the influx of dollars. Applying for government grants can sometimes be a tedious affair however, with time and patience, the end reward is worth it.
Where can I begin my search for government grants?
Research has found that the US Department of Commerce does not provide small business grants. There are other grant programs, which exist through many state programs as well as other non-profit groups. Keep in mind that many of these grants are awarded into the educational field or medical field and the standards for these grants are ludicrous therefore allowing anyone with hopes of obtaining said grant left shaking their head in disbelief.
What are the requirements for government grants?
Do not be fooled by they hype. Obtaining government grants for your small business can be a lot of work, which involves a lot of your time. The time you will spend ensuring you qualify for government grants can be not only confusing but also frustrating with all the specific requirements. Get in the realistic mind frame that money is not free; there is always something, which is required to obtain grants. There are also many people who are competing for the grants, which you are soliticitating.
Seeking government grants can be frustrating!
If you have the time and resources to spend on research while formulating applications or are prepared to learn the difficult government grant program only to realize you will not receive your money yet for another year, you very well might begin to focus on your own resources as compared to the governments.
Why am I not being awarded government grants to start my small business?
It’s very difficult to find government grants for your small business largely because grants are more times to none allotted to organizations which are commonly called non-profit’s which in the government’s eyes benefit the community or the general public as a whole.
If you are actually awarded a small business grant, you will be required to provide continual feedback as well as financial reports to the government. Keep in mind, most business owners want to keep the government out of the realms of their business.