As an entrepreneur who wants to launch or expand a business, you will surely need money to make either of these goals come true. Aside from human resources and time, capital is one of the vital elements that you need to succeed in these ventures. Without it, you won’t be able to purchase supplies and pay for the rent, taxes, permits, wage of your workers, and other costs.
Now, in order to help people to be self-sufficient and productive, there are a number of grants and programs, which are open for certain business projects.
Sources of Funds
While there are endless sources of funds for people, there are also many criteria that they should first meet before they can secure free money coming from the government. Some require proofs that their plans are viable and can help increase the employment rate in their local community. Other funders do require certain business to serve less fortunate members of the society or bring positive social change. Those who seek funding aid may just apply for right funding opportunities, based on their needs and qualifications.
Grants for Businesses
Here are some funding sources to help you grow your venture:
1. Direct Grant.
This is a form of cash award allotted for trainings, recruitment, capital investment, and export development. This type of grant aims at helping businesses that focus on:
- technology; and
- social entrepreneurship.
Further, this is also offered to:
- women entrepreneurs; and
- members of minority groups.
This is a special type of funding aid wherein the amount of money given is not required to be paid so soon. Though repayment is required, the terms are flexible and more “generous” than a loan given under normal conditions. Rates vary from low interest rates to no interest at all. With this, repayment scheme can be adjusted, which lets borrower to pay the loan for a long period of time.
3. Money from Angel Investor (AI).
There are also funds coming from AIs, those individuals who acquire posts in start-ups at their early stage of establishment. AIs often fund small firms or business start-ups that they believe will likely to succeed in the future.
4. Money from Venture Capitalist (VC).
Though quite same with AIs, VCs are more focused on investing on established businesses and firms. They are not likely to invest on start-ups, which pose greater risks on their capitals.
With careful analysis and strong determination in seeking funding aid, sure you’ll have greater chances to launch or expand a business. All it takes are some guts, good research skills, a good grant proposal, and ample supply of patience and you’re on your way to reaching your goal of becoming a budding business tycoon.
Look for Aid
Want to launch or expand a business but have not enough funds to fulfill it? Seek grants. Knowing the types of grants that support a business is not enough for you to succeed. Make a formal request. Put it in writing.
If you can’t make a good business proposal, seek help from expert grant writers.