As many people find it hard to meet their financial obligations, it is advisable to look for a better way to raise funds to live a comfortable life. There are many ways you can apply for small business grants to improve your way of living.
Have you ever thought of how to make your life better? If yes, how?
I have got good news for you. If you have been struggling with your finances, as there are several ways you can improve your finance today.
One of the few ways to give you financial freedom is through grants.
What is a Grant?
A grant is funding given to you to improve your finances which sometimes comes in loan form either with interest or without interest.
Small business grants can cover a wide range of expenses, including development costs, business costs, and training. It is an efficient and healthy financial system that will drive success for a nation, adding to its Gross Domestic Product (GDP) and increasing trade.
In the USA, grants are provided by state and local governments. If you are planning to open a new business in the USA, check out the Small Business Administration (SBA) for more information.
For example, New York State has a variety of grants that you can apply for, some of which may also provide tax credits.
State and local governments can also provide tax credits for providing capital. For example, if you receive a business loan from an SBA lender, the SBA could give you a tax deduction.
Benefits of Grants
America has been known for making proper use of available loan programs to better the lives of its citizens through the federal and state government intervention program.
The small business grants will provide financial support up to $100,000 for entrepreneurs to connect them to other grants, businesses, and programs. The Small Business Administration (SBA) oversees the administration of the financial grants.
The federal government’s Small Business Grants program is part of America’s Strategy for Small Business Growth and Innovation, an initiative created by the federal and states governments.
Small businesses are a tremendous engine of growth, and that’s especially true in the United States. The idea is to look for a way to grow and survive in a tough financial environment.
Below is a short and simple guide that explains how to access grants from Small Business Innovation Research (SBIR) grants and Small Business Technology Transfer (STTR) grants and the types of grants available. The information is based on public information from the US Small Business Administration (SBA) in the searchable website Grants.gov.
SBIR Grants: A Way to Fund Innovation and Emerging Technology
The grants also support small businesses working to develop new products and services. You can create employment through the small business portion of the U.S. Small Business Administration’s Small Business Innovation Research (SBIR) program.
The primary purpose of the Small Business Innovation Research (SBIR) program is to bring the newest and most promising innovations from academia and other sources into the marketplace to help stimulate private investment and job growth.
In addition to initial grants of up to $350,000, funds up to $1 million may be awarded for each innovation phase. These grants are competitive and given the best science-based ideas that represent an outstanding opportunity to advance the U.S. economy.
Entrepreneurs wishing to apply for an SBIR grant must complete an initial business plan describing the project and the capability of the business to execute the project, including the program feasibility, the needs of the target market, available financing for the project, and what fiscal and commercial viability the business can achieve. Applications are due by December 15.
Small Business Technology Transfer (STTR) Grants: Expanding Your Market Reach
The Small Business Technology Transfer (STTR) program funds small businesses or start-ups to develop new products or improve existing products and processes that provide significant economic benefits to the federal government, small businesses, or American consumers.
STTR grants are also competitive, and up to $500,000 would be awarded for each innovation phase. Each innovation phase requires specific capability development. The goal is to significantly expand the market reach of small businesses while improving the government’s financial performance. Entrepreneurs wishing to apply for an STTR grant must complete an initial business plan describing the project and the capability of the business to execute the project, including the program feasibility, the needs of the target market, available financing for the project, and what fiscal and commercial viability the business can achieve. Applications are due by September 15.