The size of a business is classified on the basis of the investment made, its production capacity, the net profits made by the company and the total strength. Enterprisers may invest their own finances for the running the business or depend on Government help. Unlike bank loans which have to be repaid, business grants can be basked without having to return it to the government.
Any sum of money received to either set out a new business or expand an existing one is known as a business grant. These finances are piled up by the government for the welfare of its citizens. As business grants are not advertised by the government, a a lot individuals are unaware of this facility. While it is right to say that every rightful citizen can apply for a grant, not all will stand to get it unless certain eligibility criteria are fulfilled. You need to do your preparation to find out which grants you are eligible for before you apply for them.
While it is the truth that business grants are available to the public, the screening process is quite rigid and not all may be lucky to get the grants. It is essential to know your exact business demands as this is very crucial while applying for a government grant. Next, you have to find out the categories for which business grants are granted and determine whether your business falls under any of those. It is also beneficial to register your company as it further emphasizes the fact that the grant is in assistance of your business needs.
To apply for business grants, you have to take an application form from the authorities that provide the grants. As the procedure is boring and time consuming, applying online would be an easier alternative as it saves time and also increases your probabilities of receiving the grant. The procedure online is very user friendly and it gives you a step by step guide by offering you with an FAQ section. An online grant request is given a Financing Opportunity Number which is required to be quoted during application and also for registering on the Central Contractor Registry.
The most serious part is to write your business proposal. The proposal should be kept simple and must cover all the questions that may be posed by the grant committee. The project undertaken must be briefly described in the proposal and should be a real one. Details about the purpose, goals and finances must be distinctly stated in the proposal. You can look for assistance from the local branch of SBA or SBDA in drafting the business proposal.
To receive business grants, it is necessary to present all the required papers. If your documentation is incomplete, then, even a good project proposal will not get the grant.