Finding and getting capital for operation is supposed as a common challenge for the owners of small business. It is often found also that entrepreneurs don’t qualify such credit or loan. Besides, the business owners feel difficulties in securing money from corporate or individual investors. In this case, grants for business is still something expected to develop their economy although it is difficult. In this article we will provide you related the related information of grants for business to enrich your knowledge about it.
Grants for Business
There is an opportunity for you to get capital from government in kind of grants for business. To get grants for business you have to know the eligibility first. This grant is aimed for providing capital for expanding or establishing commercial enterprise. Some exceptions are found in the regulation but for profit factories, it is commonly eligible for only government loans. Indeed, grants seem so plentiful but it is for nonprofit organizations.
Eligibility to Notice in Gaining Grants for Business
Generally, profit firms need to fulfill certain criteria for eligibility for receiving grant monies of small business. There are some size restrictions which have been created by U.S government. The restriction to get grants for business is actually based on industry where the firm works. For instance, mining and manufacturing firms need to employ not more than 500 workers. Meanwhile, trading firms need to employ not more than 100 workers.
The requirement to get grants for business from the U.S. government also restricts the total revenue of a company. This policy is opposed to employee population size. Based on the revenue policy grant applicants of service and retail industries must earn not more than $6 million as an annual income. Special businesses of trade contractor are actually capped at its $12 million while agricultural companies must not get over $750,000 per year. In this case where there are many programs which are sponsored by government, the exception can be found. Business may learn about some exceptions by communicating with the Administration of Small Business directly.
Application Guide of Grants for Business
Las information to tell about grants for business is about the application. After you as an applicant identify a grant that is qualified, you can apply directly through the portal of grants.gov. Such system has instructions in step by step regarding the application process of federal grant. After your application is submitted, you will get your tracking number allowing you to monitor your application status. Now, you just need to wait the new announcement about your application acceptance.