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Considering Federal Business Grants

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Part 2 : Considering Federal Business Grants


 

Federal business grants are awarded all the time. Federal grants are given every year for just about every reason that you can possibly imagine. Grants are attributed to small business start-ups, preserving historic monuments, continuing education, as well as art. These are not the only grants which are offered, but you get the general idea. For every million grants that are applied for each year only a few hundred are actually truly granted. Some of them come at no extra cost, which implies that if you receive one of them, you don’t actually have to pay for it. Other grants are more like loans and will then require a full repayment with interest.

Federal grants and government grants are funded in one of two manners: the money comes from the taxes we pay as well as from private foundations that must contribute 5 per cent of their assets in order to maintain their tax-exempt status. If you are a US citizen, and are 18 years or older, you have a right to many of these federal grants. Government grants don’t require credit checks or collateral in order to be awarded and they don’t ever have to be paid back. Let me start by saying that very, very few government grant programs actually provide funding for private businesses.

There are other grant programs that you can apply for in this circumstance such The Ford Foundation and apply under their Other Program Related Investments option which is only for those projects that will advance the cause of philanthropy. The federal government will and is obliged to provide a certain amount of funding each year. You are of course going to have to provide a very detailed proposal request as well as a business plan. The best part is that you don’t need a stellar credit or perfect history in order to apply for a grant and be accepted. The federal business grants are a great method for you to build up your business without all of the pressures that getting a loan can involve. Especially since you don’t have to pay the money back and worry about any of the interest ever adding up.

Click here to read part 3 of this business grants course.

Or click here to go back to the start of this business grants course.