Taking a Chance on Small Business Grants

In the February 16, 2012 “Conn: 5 Small Businesses to Receive State Grants” article posted at The Street, it was reported that, “Connecticut Gov. Dannel P. Malloy says five more small businesses have qualified for state grants to expand their businesses and create jobs.” The state committed to infusing $100 million in grant monies into area small businesses as a means of providing the selected companies with additional capital.

Sources for Small Business Grants

For governments, start-up companies and seasoned small business owners, it is the hope that these and other small businesses, located in Connecticut and around the country, receive sufficient capital, allowing them to stimulate the economy by hiring displaced workers and growing revenues, which equals more tax dollars to local, state and federal governments. Companies that grow from the funding-infusion may well open doors for more small businesses to receive state funded small business grants over the coming years.

Sources for grants for creative businesses exist at local and state levels. And although the federal government does not provide small businesses with start-up funding, depending on the types of services provided by your company, you may qualify to receive federal grants for education, research, construction, etc. work. This work must generally improve the community in some way (e.g. drug and alcohol prevention, cleaning up the environment). For a good federal grant source, see Grants.gov.

State Grants for Creative Business Leaders

Check with your state’s development agency to see if they offer grants you may be eligible to receive. For example, through its Office of Small Business Advocacy, Alabama works with creative business leaders to help them prepare to work with exports, create contingency plans for their companies and manage projects. Grants provided through the state’s Office of Small Business Advocacy are processed through the national Small Business Administration (SBA).

Through its Department of Commerce and Economic Opportunity office, Illinois provides grants to creative business leaders who operate companies in agriculture, transportation and community development fields. Your creative business might also qualify to receive grants to train new workers through state Workforce Development departments.

Be prepared to complete lengthy small business grant proposals should you decide to apply for state or federal grants. Also make sure you have a system in place that allows you to track how the grant money is spent. You also need to show measurable results/rewards gained by the community, local organizations, etc. due to work your company performed with the grant money.

Grants from Private Organizations for Creative Business Leaders

In addition to receiving grant funds from state and federal agencies, you may also qualify to receive grant funds from private foundations and organizations. National Directories of Private Foundation and Government Grant Programs for Business list several business grants funded by private organizations.Womens.net and Start Up Nation also list grants funded by private organizations.

Face it. Capital is one of the challenges facing many creative business leaders. As a creative business leader what you may not realize is that millions of dollars are available for companies operating in certain industries, for companies that focus on performing work that improves communities – perhaps yours.

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Sources:

http://www.thestreet.com/story/11422324/1/conn-5-small-businesses-to-receive-state-grants.html