You’ve got the idea, the desire, the skills but lack the necessary funding to start your own business. Finding that funding is not always easy. Traditional options such as SBA and bank loans, financing through your credit cards, or borrowing from family and friends are popular avenues to pursue, but they are not the only ones.
One additional possibility is the use of a grant to start your business. Business grants are grants available for specific industries, sectors and reasons. Contrary to popular belief, the federal government does not offer direct small business grants. However, many state development agencies offer direct small business grants and other types of financial assistance designed to assist entrepreneurs in starting or expand a small business.
While business grants are a great avenue to explore, its important to keep in mind that they are not the end-all, save-all financing option. Meaning, the application process can be both time-consuming and competitive, and usually will not cover all your start up costs. Therefore, its important to plan accordingly.
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