Start up grants are designed to help those inspiring to be business owners. If you are looking to start your own business and have a business plan just waiting to be put in motion, a start up grant might be right for you. Applying for a start up grant can help you obtain the funds you need to get your business up and running. The best part of start up grants is that they are not a loan, all grant monies do not need to be repaid as long as the receipting maintains the agreement and condition related to the grant.
What is a start up grant?
A start up grant is federal funding designed to help those looking to “start up” a business. Those looking for a start up loan must submit an application along with a business plan and any other requested documentation. Start up grants provide the recipient with funds towards cost of property, equipment, inventory and so on. Many inspiring business owners take advantage of start up grants because they do not need to be repaid unlike start up loans. There are typically requirements that need to be met by the recipient to show progress and that the grant monies are being used for what they are intended for.
Common Benefits of Start Up Grants
Grant monies do not need to be repaid, unlike loans.
Can be used to purchase business property.
Can be used to purchase equipment.
Can be used to purchase inventory.
Can be used to pay vendor obligations.
Can be used to meet payroll obligations.
The use of start up grants with your new business are endless.
How to Get a Start Up Grant
Research the type of start up loan that applies to your needs, the Internet and state offices will have the information you need.
Be sure you meet all requirements.
Create a business plan if you do not have one already.
Submit an application along with any other requested documentation.
Wait for a reply, this can take up to 12 months but the benefits of start up grants are endless.