Did you know the U.S. government offers resources to help you start or expand your business? While direct federal small business grants are rare, many state development agencies provide grants and financial assistance to encourage entrepreneurship.
Securing funds from traditional banks can be a long process involving extensive paperwork and potential rejection. Government agencies often have less stringent requirements. You can request the necessary funds, and as long as the amount is reasonable and aligns with agency guidelines, the funds are yours to keep without repayment.
Some government grants support business expansion, but not the establishment of new businesses. When a grant becomes available, it’s announced in the Federal Register, published daily. Many grants are specialized and available for a limited time. Applications are typically only accepted during the announcement period.
A grant isn’t a loan; it’s interest-free and non-taxable money. These programs usually don’t require collateral, co-signers, credit checks, or security deposits. Even with bad credit or bankruptcy, U.S. citizens and taxpayers are often eligible.
Many people hesitate to pursue government grants, assuming they’re not eligible or feeling overwhelmed by red tape. However, this money is intended for you. The government provides trillions in low-interest loans and free grants, hundreds of billions in contracts, and billions in research grants and free consulting.
In today’s unpredictable market, the government is increasingly invested in fostering economic growth by providing financial support for individuals to start businesses and become their own bosses.
People from all walks of life receive grants and assistance from the government, and you may be entitled to it as well. Explore the possibilities and see if a government grant can help you achieve your business goals.