A successful business typically starts
with an individual idea. Then, with a little support from external financial
resource, the idea is eventually turned to reality. See where we are going with
this? Even though we are not saying that money can make the world go round, it
can help you in reaching lots of achievements, hence turning your ideas into
dollars, for example.
However, therein lays a problem. How many brilliant ideas do
you think have people come up with daily? A Hundred, a thousand? Out of all
these ideas, how many of them have been turned into highly successful business
enterprises? Twenty? Thirty? More than likely, it’s because the person who
developed the idea does not have the financial means to make their idea
flourish.
Consider this, what if we told you of a way for you to
legally finance your dreams for Free? No, we’re not talking about loans. We’re
talking about business grant money.
Contrary to a loan, Business Grant Money does not require
you to repay the given amount. As a matter of fact, that’s the reason many
people refer to it as “free money” and technically it is. On the other hand,
there may be obligations and sanctions imposed.
The wonderful thing about business grant money is the fact
that it is out there. It exists; even though you may perhaps have to dig deep
to find one that matches you perfectly. When it comes to federally funded
business grant money, you will usually have to dig a bit deeper.
While many private organizations and non-profit groups offer
business grant money to resourceful individuals, the real money (a major chunk
of it, actually) frequently comes from government.
Congress allocates about $70 million in business grant money
to be dispersed to the 57 federal agencies all over the United States. For a
very simple kids reading project proposal, you may get awarded somewhere
between $1,000 - $25,000 in business grant money.
The only condition that the federal government imposes is
that your business program or project must be beneficial to the local community
or the general public. A quick search through the Catalog of Federal Domestic
Assistance (CFDA) will direct you to two types of business grant money: one of
which is for rural businesses and the other one is for minority business grant
enterprises.
So what is rural business grant money for? The purpose is to
promote sustainable economic development in rural communities with exceptional
needs. Considering that the grant program provides a strong emphasis on
encouraging existing businesses growth. Eligible applications for this start up
business grant money are public entities and non-profit organizations that may
consequently award money to the very residents they serve.
Two other eligible applicants for the grant money for
starting a business consist of:
- Indian tribes on both Federal or State reservations, and
other Federally recognized tribal groups.
- Cooperatives with members that are primarily rural
residents and that conduct activities for the mutual benefit of the members.
On the flip side, minority business grant money offered in
the "CFDA" is focused on fostering new minority business enterprises
as well as maintaining and strengthening existing companies in order to
increase their opportunities to benefit from external financial resources.
Applicants eligible for this program for grant money for
starting a business include State, Federal or local government entities or
quasi-governmental entities, small/junior colleges, universities, American
Indian Tribes, nonprofit
organizations, and for project organizations.
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