The Federal government’s plan for 2011 is to dish out approximately $170 billion in government business grants. That was the plan. It remains to be seen just exactly what will take place this year due to the sinking economy and precarious position of the government at this time. But if all does go according to plan, a government business grant could be the answer for the beginning of your new business or the expansion of your already existing enterprise. Of course there are many questions you will want answered before you can reap the benefits of such a government business loan.
How do I go about getting one of these government business grants?
Actually this is the easiest part of the entire process. By simply Googling ‘Federal government business grant’ an application kit can be obtained from any number of web sites. You fill it out, you send in and you wait. Small businesses are exactly what the economy needs right now so one would certainly hope that yours, if the powers that be deem it a good idea, would be approved and funded sooner rather than later. That’s what one would certainly hope.
What exactly can government grants be used for?
This list is surprisingly diverse but includes a business operator that has fallen on hard times (and who hasn’t?); a person starting a small or medium sized business; if you are interested in acquiring property, or another business or land for such; planning research, renovation or expansion; starting a nonprofit business; or purchasing new equipment or a building for your business.
Where do I get a government business grant?
The sources from which you can get a government grant or loan is not as limited as one would think.
Governmental organizations: American tribal governments, state governments, special district government, township local or city governments are all capable of approving grants and loans.
Public housing organizations: Indian housing authorities and public housing authorities.
Educational organizations: Private institutions of higher education, state controlled and public institutions of education and independent school districts.
Nonprofit organizations: Nonprofit organizations other than institutions of higher learning that do or do not have 501 (c3) statuses with the IRS.
Who can apply?
Organizations or groups/minority or otherwise can apply for a Federal government business loan or government minority business grant. What distinguishes a small business from others? The United States SBA (Small Business Administration) has set up standards by which small businesses are defined. They are as follows:
- Wholesale trade industries with 100 employees
- Mining or Manufacturing Industries with 500 employees
Average annual revenues of:
- $0.75 million for agricultural industries
- Six million dollars for Service &Retail Industries
- $12,000,000 for special trade contractors
- $28.5 million for heavy and general construction industries
An individual is able to sign up for a grant that is not associated with an institution, a company, the government, or an organization but they will only be eligible for grants that are open to individuals. Grants that are available to organizations will not be given to individuals.
By: Bradley Barks
About Brad
Brad is our lead researcher and editor - he enjoys business, meditation, being active and always learning - his goal is to successfully help you research, find, secure, and enjoy grants and scholarships.
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