Free money for business: is it really possible?
Finding free start-up money is easy and you just have to know where to look for it. This is where we can help you as we have been through the same process and this article is meant to be a simple distillation of how you can find free money for startups almost instantly.
Free grants are just one way to make sure you’ll find free money for business start-ups. The exact process for finding the grant money is detailed here:
o You must first contact your local Small Business Association and Bank of America who will help you start your business with resources in the form of advice and loans. You will also need to contact local state development agencies that will offer small business grants to developing businesses. There are grants provided by the SBA, but they are usually awarded to non-profit organizations or educational or charitable institutions. The Bank of America Foundation also makes grants, but these are given to charities located in areas that are economically backward. But these finances are audited and spending is strictly tracked by the government and the donor organization as well.
o Local state agencies will also offer other types of financial assistance to entrepreneurs who have met all the registration standards and other formalities required to register as a business in their state.
o Another point to keep in mind is that although you will get free grants, they will not be issued directly through the government to you and your business personally. Funding is available to large institutions and charities that will apply directly to the government. They will then disburse the funds to small business owners like you, based on criteria set by the government and the charity.
o You can also get grants from individuals, but how you spend this money depends on your business goals and most of these private grants are project-based and will track how your grant money is spent. For example, the Indian Grant Program is awarded by the Bureau of Indian Affairs. This grant can be as high as $100,000 but comes with a stipulation that you have to spend the money to bring jobs and financial gains and security to the Indian Reservation areas where you are located.
We know that finding free money is not easy. We also know that starting your own business is difficult and thousands of businesses close within the first year due to cash flow problems. But if you can get a grant to help you in the early years of your fledgling business, then you can make sure that you and your business last for the long haul! And of course, a little free money is welcome for anyone!