Small business grants are a type of funding provided by either the government or a private enterprise. The purpose of a small business grant is to help entrepreneurs with projects designed to strengthen, expand, or upgrade their businesses. Some grants are designed to help startups get off the ground, while others are meant to help existing businesses overcome struggles and obstacles.
In almost all cases, a small business grant is tied to a particular type of project or investment opportunity. For example, a grant may be designed to help companies update their technology so they can streamline customer orders and transactions. A different grant may be geared toward helping a business export its products overseas to be more competitive internationally.
Applying for and receiving grant money can be time-consuming, and there is always stiff competition from other entrepreneurs. However, the main benefit of grant money is that it doesn’t have to be repaid like a loan. Also, some grants are much more flexible than others, meaning you can spend the money at your discretion rather than on specific infrastructure, equipment, or projects.
