Grants for small business do exist. However, they are not usually available to for profit businesses. With that said, there are ways that you can still get them. The key to finding grants for small business is research, research, research! There are several ways you can research grants for small business. The first way is grant databases. Grant databases like the Foundation Directory contain information on thousands of organizations that may offer grants for small business (not just nonprofits). There is a hefty fee for this site if you want to access the database from the comfort of your home or office. However, most public libraries have free access to grant databases like Foundation Directory. I suggest going to your local public library to search grant databases (to save money).
Another way to find them is through a Google search. I suggest using the search term “grants for small business [insert name of your state].” Often times, cities in certain states have initiatives going on to encourage the start of new businesses and the advancement of existing businesses. These initiatives can include giving out grants to small businesses. For example, here in the Detroit area, there is a program call the Motor City Match Grant. They give out up to $500,000 in grants to small businesses, per quarter. Local businesses compete for the grant money and the winners typically get an average of $10,000 (or more) each. (One of our clients won $10,000 through the program). There may be similar programs available in your city.
Be Prepared to Apply for Grants for Small Business
Applying for small business grants is not as simple as filling out an application. Before you apply for grants for small business, you will need a business plan. Grantmakers will want to see a business plan that includes a marketing plan and at least three years of financial projections. The business plan will help them determine whether or not you have viable business. Viable businesses with proven business models have a better chance of getting grants for small business. If you need a business plan so you can start applying for grants for small business, contact us today for more information.