Free Money for Your Business
Who wants free government money for their small business? No doubt you are probably raising your hand right now, but there are several factors that you have to take into account if you are interested in getting a Government grant.
Government grants are free money that the government gives out to businesses in order to help them to succeed. It is in the government’s best interest for small and large businesses to do well. According to Lantern by SoFi, “While many grants are aimed at established businesses, others are designed to provide free money (and sometimes support) to start a small business”.
Businesses stimulate the economy by giving jobs and resources to individuals in the community. Due to this fact, the government tries to give as much support to businesses as possible.
What Are The Advantages and Disadvantages of Getting a Government Grant?
Some of the advantages of receiving a government grant are the following;
-Grant can be a great multi-year funding stream. -Government grants are generally large amounts that help you to go to your business.
-Receiving a government grant improves your organization’s reputation.
-A government grant can stimulate other sources to give you funding in the future.
What Are Some of the Disadvantages of Applying for a Government Grant?
-Government grants are difficult to apply for.
-Government grants require a team effort to apply.
-Your organization will have to track the funding.
-Your organization will have to submit frequent reports.
-You have to be prepared for audits.
-Your organization must comply with high compliance standards.
What are The Steps to Applying for a Government Grant?
In order to apply for a government grant, you will have to review a Request for Proposal. This is a request that gives all of the eligibility requirements in order to qualify for the grant. You will need to show your organization’s qualifications.
Next, you will go to Grants.gov, where you will download the application, and you can fill them out on that form.
Once the form is complete, upload the forms onto Workspace. Check the documentation in order to make sure that all of your application is completely filled out, and then you can sign and submit it. Once the application is submitted, you can periodically check back to see the status of your application.
How Do Government Grants Work?
Grants work in three different phases. The phases are the pre-award phase, the award phase, and the post-award phase. During the pre-award phase, the government will announce the grant fund opportunity. During this phase, you apply for the grant. If you are selected, the government will notify you, and that moves you into the award phase. Once your business implements the proposed program, you will need to report the progress of the program. All of these phases take time, and the post-award phase can take place over the course of several years.
Are Free Government Grants for Small Businesses for You?
If you own a small business that is in need of extra funding and you believe that it is worth the time and effort, you can apply for free government grants for small businesses. If your organization is approved, you can reap amazing benefits, and even though the criteria are strict, the benefits could greatly outweigh the work that you have to put in.