The idea of obtaining a small business grant, for many small business owners, is great. After all, unlike a loan, grants are funds that don't have to be repaid. Many of us have heard various sources proclaiming to have the secret to obtaining small business grants and they may very well have a legitimate listing of grantors (organizations or individuals that award funds to others for a specific purpose). But if you don't know the real deal about small business grants you may be wasting your time and your money.
The idea of obtaining a small business grant, for many small business owners, is great. After all, unlike a loan, grants are funds that don't have to be repaid. Many of us have heard various sources proclaiming to have the secret to obtaining small business grants and they may very well have a legitimate listing of grantors (organizations or individuals that award funds to others for a specific purpose). But if you don't know the real deal about small business grants you may be wasting your time and your money.
The allure of these so-called small business grants is understandable. Small business owners are always looking for ways to minimize their financial risk so why not try to get a grant? But there is a lot of hype out there, especially via the Internet. This could leave grant seekers scrambling and disillusioned. But the fact is grants do exist. The hype comes in when people start spreading the myth that there is this catchall fund for any business owner looking to obtain some extra money. That is just not the case. It's not as easy as filling out an application and you get a check in the mail. You could get turned down. Your business may not meet the criteria. Or worse, you might have had difficulty even finding a grantor.
In general, a grant covers the costs for work or supplies for a given period of time such as a grant renewable for two years. And they are typically meant to fund acts or services that improve social conditions, education, community or aid religious or cultural functions in specific areas.
Your chances of obtaining grants for your business dramatically increase if you have a non-profit organization. A common misconception is that non-profit organizations don't make money but this is not the case at all it just means that you operate solely to pay wages,vendors,and purchase necessities. At the end of the year you should break even. So if you have an idea that could improve the lives of others through social works than you could possibly find a grant to help you reach your goal.
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