If you have come up with a new idea or just want to finally start that business of your own, finding the capital you need to get started may be the thing getting in your way. It is no secret that many new business ventures fail because of insufficient starting capital. Well, you will be pleased to know that there is help available for startup businesses. In order to support the development of new business, the government and various organizations offer grants to new or expanding businesses. While this may sound very generous, it only makes sense since it is in the best interest of the country, and other businesses as well, to encourage new enterprises by investing new venture capital; thus giving life to the dreams of entrepreneurs and continuing to promote advancement in business and technology.
Finding the right grant for your new business is an important first step and may be the only way to get your business operational. You will be surprised once you start down his road that it is not as painful as you may have imagined. There many resources along the way to guide you through the process.
When figuring out your starting costs and the type financial assistance you will require, you need to consider many different factors. Grants are specialized and your specific needs dictate the place you should look. Location, future plans, and total dollars needed are all factors in deciding which type of funding you will need and which source is the best bet for your business. There are many Small Business Start Up Grants available at the local level, the state level, and the federal level. There are also grants provided by industry and large corporations. Doing thorough needs assessment will help you determine where to start looking.
You not only need to know where to apply for a grant for your new business, but you also need to learn how to apply for the grant once you find a source. There are online sites that give free information to those looking for grants for a startup business. Many of these sites take will take you through the entire process, including required research, business types, business plans, startup costs, business licensing, taxes, and funding.
For any grant to be considered an application must be filled out and written requests and descriptions must be provided. You will need to put in writing your business proposal, a summary of your business, grant justification, a project description, a yearly budget, your qualifications, and any outsourcing that may be done.
There are places that you can visit on the Web that will educate you in the process of applying for a grant. There are also sites that will teach you how to write a grant application step by step.
The Business Grant Steps Management is one such place. They can assist you in learning how to spend your time, writing business proposals, assessing your company’s needs, getting business clarity, and learning how to avoid scams.
Another site you may want to check out is called Women Owned Business Grants. This site is designed especially for women starting their own business, whether a home-based business or an office-based business. The site gives many suggestions as to where to look for government funding. It also provides information on start up ideas, setting up small business management.
Another place to check out is called Small Business Investment Company or the SBIC Program. Since 1958, this program has provided approximately $30 billion in both loans and equity investments to 90,000 small businesses since 1958. They represent a successful partnership between the Federal Government and private investors. There are SBIC offices nationwide. Each SBIC defines its own area of interest, specializing in specific industries or locations. Some of the most well-known businesses in America got their startup money from SBIC, Apple Computer and Staples for instance. Specialized Small Business Investment Companies, SSBIC, specialize in applications from economically or socially disadvantaged new businessmen.
Another well-known source of new business capital is The National Association of Small Business Investment Companies, also called NASBIC. This is another venture capital organization, actually, the oldest organization its kind. Any startup business owner may be wise to checkout out this source as a way to acquire the necessary funding for their new enterprise.