Small Business Government Grants
You may be eligible for grants that will help you grow your business
North Carolina's News & Record recently reported that a new bill - the Small Business Common Application Act of 2012 - will make it easier for business owners to apply for small-business grants. This is an important legislative change because there are a number of small-business grants available, and applying for each one individually was often prohibitive for time-strapped business owners and entrepreneurs.
But there are still some things that a business owner should know about small-business grants.
Who Offers Grants?
It's not just the federal government that has grants up for grabs. State governments also offer grant programs, as do many cities and townships. Even some school districts have their own grants; the same is true of private higher-education facilities and Native American tribal governments. Knowing about all the entities that offer grants can be a great step forward in helping you recognize individual opportunities that are perfectly suited to your business.
What Is Considered a Small Business?
What makes a small business small will depend on the industry, number of employees and annual revenue. According to the Small Business Administration, a manufacturer or mining company can have no more than 500 employees, while a business in wholesale trade can have no more than 100. Businesses in the retail and service industries can have annual revenues up to $6 million, while those in the general and heavy construction industries can have annual revenues up to $28.5 million.
What Are Grants For?
Grants are often awarded to certain individuals who do business in specific industries. They may also be provided when a business plans to expand or for certain start-ups.