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Federal Business Grants: Main Benefits

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Federal Business Grants: Main Benefits


 

Federal business grants are awarded to people all the time. Federal grants are given every year for just about every reason that you can possibly imagine. For example, they are given for small business start-ups, preserving historic monuments, continuing education, as well as art. These are not the only grants which are offered, but you can clearly get an idea. For every million grants which are applied for each year only a few hundred are actually granted. Some of them are free grants, which implies that if you receive one of them, you won’t have to pay for it. Other grants are more comparable to loans and will require a repayment with interest.

Federal grants and government grants are funded in one of two ways: the money comes from the taxes we pay as well as from private foundations that must give five percent of their assets in order to maintain their tax-exempt status. If you are a US citizen, and are 18 years or above, you have a right to several of these federal grants. Government grants don’t require credit checks or collateral in order to receive and they don’t ever have to be repaid. Let me begin by saying that very, very few government grant programs actually do provide any 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. They plainly state that " Most Foundation grants to individuals are awarded either through publicly announced competitions or on the basis of nominations from universities and other non-profit institutions".

In most cases, recipients are selected based on the merits of their proposals and on their potential contribution to advancing the Foundation's program objectives." If you are to continue looking for foundation grants, then the term you need to look for is "Other Program Related Investments."

The federal government will and is obliged to provide a given amount of funding each year. You are of course going to need to provide a very detailed proposal request and business plan. The best part is that you don’t have to have a stellar credit or perfect history in order to apply and be accepted. The federal business grants are a great means to build up your business without all of the pressures that getting a loan can involve. Especially since you don’t need to pay the money back and worry about the interest ever adding up.
You can make use of your federal business for things such as equipment, start up costs, supplies, and lots more.

Just about anything that you would use for a business, including marketing can be attained with this money. The more detailed your proposal is the better your chances of being approved will get. As long as you are mindful of your P’s and Q’s you should be completely fine.