Tuesday, May 21, 2024

5 Misconceptions About Business Grants…

November 26, 2008 by  
Filed under Money/Business, News, Weekly Columns

(Akiit.com) Business grants have been accessible to business owners in the United States for decades. Annually, hundreds of millions of dollars in grant money are disbursed to individuals to help them start or expand an existing business. Despite this, every year several myths and misconceptions resurface discouraging entrepreneurs from taking advantage of such opportunities.

Here are the top 5 misconceptions and why you should completely ignore them:

1) Business Grants Aren’t Real
Of course, they’re real. This can easily be verified by going to www.Grants.gov – a government sponsored web site that reveals all the federally funded grant opportunities available. Even more, you can check with your local (state, county and city) officials to find out about their grant opportunities. Business grants are very real!

2) Business Grants Are Only Given To People With Business Degrees
This couldn’t be further from the truth. Very few grant opportunities require that you have a business degree. In fact, many of them don’t even require that you have business experience.

3) Business Grants Aren’t Given To Minorities
Wrong again. There are tons of grants that are designed for minority-owned businesses. Even more, women are considered minorities too – and there are plenty of grants for women.

4) Business Grants Are Too Hard To Get
Obtaining a business grant does require some work, and definitely some patience. It can involve a lengthy application, some tedious modifications to your business plan, and even some face-to-face meetings. However, many agree that its nothing close to rocket science.

5) Funding For Business Grants Has Been Drastically Reduced
Reduced, yes. Drastically, no. What funding doesn’t get reduced in a bad economy? Despite this, there are still tons of opportunities available. So stop making excuses, and go get them.

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