Government Grants for Small Business—Think you Qualify?
Can I get a Government Grant to Start and Grow My Small Business?
It’s not unreasonable to expect that the government provides grants for small businesses. People all over the internet are telling you it’s possible, and some will charge you for giving you “details.” The fact is, government grants are funded by your tax dollars and, therefore, require very stringent compliance and reporting measures to ensure the money is well spent. As you can imagine, grants are not given away casually.
Whatever you’you’ve heard from speakers or read on the internet, federal and state governments do not provide grants for any of the following:
Starting a business
Paying off debt
Covering operational expenses
That being said, some federal government grants are available to small businesses. But here’s the catch —federal grants for businesses are typically aimed at specific industries and targeted causes identified by the government, such as scientific and medical research, conservation efforts, and so on.
At the state government level, business grants or “discretionary incentive grants” are sometimes available and, again, are closely tied to the agency’s agenda. These grants usually serve to advance regional economies and promote causes, such as clean energy development. However – and here’s the crux of the matter – state grants are often targeted at larger employers and have stringent eligibility criteria that prevent many small businesses from tapping into this funding source.