Learn About the Free Government Grants for Small Business
There are several free government grants programs that are specifically designed to promote small businesses. The money offered under such grant programs do not have to be repaid. Though applying and obtaining the free government grant money may be time-consuming, but it is definitely a good source that helps an entrepreneur to offer the required financial boost to his business.
The free Government grants are available to individuals or businesses that meet the eligibility criteria. One such requirement is that the applicants must be legal U.S. citizens who are at least 18 years old. Following are some other criteria requirements that the applicants must take into account to ensure they are eligible for the grant money:
1. Size: Before applying for the free government grants, the respective small business owner must make sure that his business meets the size as well as the annual income requirements for the “small business” classification.
2. Registration Process: The applicant is required to get his business registered prior applying for the grant. But even before the small business is registered with the government, the business has to obtain a DUNS number from Dun and Bradstreet and register with Central Contractor Registration. This process is important because it allows the government to verify the business’s identity.
Apart from the above two important requirements that the applicant needs to adhere to, he is also required to produce a business proposal for obtaining the free government grants. The main objective of a proposal is to outline the details of the business (including products or services that will be offered), and more importantly it is to describe how the grant money will be used. Hence an effective business proposal plays a very vital role in securing the grant.
Moreover, the free government grants programs for small businesses are generally categorized by the government agencies on different basis. Following are the basis of classification:
1. The type of service or product the business offers.
2. The ownership of the business (whether it is owned and run by women, minorities, individuals with disabilities or single parents etc).
3. Location of the business
These are some of the classifications of the free government grants for small businesses that help the applicant to determine what type of grants he can apply for.