Getting Grants For Start Up Financing

Written By Steps To Faculty Published September 30th, 2010

When it comes to funding business startup costs, there are a few routes you could take. One of the best available options today is to acquire a grant to start up a business. There are hundreds of millions of dollars made available by the government, non-governmental organizations, and private institutions. The best part about grants is that you never have to pay them back. Keep in mind that grants are generally awarded to nonprofit organizations or education institutions, not businesses like clothing design stores or other for-profit businesses. Grants usually only cover part of the startup costs, so keep this in mind as you look into the top six grants to start up a business.

Step 1. See the Business Employment Incentive Program (BEIP)

Ongoing grant money is offered for ten years to startup businesses and those that are relocating or expanding. It is an incentive program that applies to businesses in New Jersey. If you are open to the idea of starting your own business in New Jersey, this is a grant you should look into.

Step 2. Check out 8 (a) Business Development

This grant fosters business ownership by people who are at a social or economic disadvantage. People belonging to minority groups who plan on hiring less than 500 employees are eligible to apply for this grant to help with business startup costs.

Step 3. Get Business Development Assistance to Small Business

Both existing and potential small business owners can apply for grant. It must be independently owned with 500 or fewer employees and cannot dominate its field. See sba.gov for details.

Step 4. Go to the Office of Small Disadvantaged Business Certification and Eligibility

Small business owners with U.S. citizenship who possess at least 51% of their business can apply for this grant if they are socially and economically disadvantaged. If you fall into these categories and you are looking at starting your own business, this could be the grant for you. Visit business.gov

Step 5. Seek Procurement Assistance to Small Businesses

Both existing small businesses and those hoping to have their business startup costs covered are eligible to apply for this grant. They need to either already or plan to make a contribution to the U.S. economy with taxes and the use of American products and labor. See usdl.gov

The purpose of a grant is to help strengthen the role of small businesses in meeting Federal developmental and researching needs. There are several requirements that you must comply with to be approved for this grant.See grants.org for details. Please visit stepsto.com for more great business advice.


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