When you think of a small business, you may think of a single guy working on his computer in his home office, or you may think of the old fashioned “mom and pop” store. In reality, though, various organizations, including our own government define “small business” in various terms. It could be based on your revenue, your tax debt, or the actual number of full-time employees. If you are looking for a grant for small business, it is important to know for sure if you are a “small business”.
There are many places from which you can obtain a grant for small business, and the first stop for most businesses is the federal government. The Small Business Administration website is a thorough resource for any company that is looking for guidance and funding. Keep in mind, however, that the federal government does NOT issue small business grants, or any other business grants to individuals. The SBA site, however, will provide many excellent sources for women’s small business grants and loans.
When you apply for a grant for small business from the government or any other legitimate funding organization, you will be required to also show the legitimacy of your own business. You will need a business license, a registered name, an employer identification number (obtained from the Internal Revenue Service), and other documents. Although you may be working as just a guy and his computer, your business will need to be fully legal.
In addition, it is good to know that grants are unlike loans in that they do not have to be paid off. The disadvantage with grants is that you will be required to spend the money in a particular fashion, or perform a particular piece of work. If you are able to do that, then a grant may be the best way to get your business off to a good start.
Photo Credit: egor.gribanov