Article by Roger Schlueter
I receive about two (2) calls a week from people, who own a business or want to start a business, that are asking about getting a Grant (Free Money) for an Existing or New Business. I don’t know of any Free Money. If you know of any Free Money, AKA Grants, Please Call Me and I will put the information on my Blog and My Website and give you full credit for finding Money more elusive than the Lockness Monster. Sometimes you hear of Competitive Programs like the SBIR (Small Business Innovation and Research) Program. This is a competitive Grant that is for “Innovation and Research, usually “High Tech” Products or Processes. They do not want an application from the Day Care, Bar, Restaurant or Machine Shop down the street. The SBA Administers this program and if you want more information on this program contact SBA at www.sba.gov
Loans are the only way to Obtain Capital without asking your Relatives, Friends or Finding an Investor that will trade you Money for a Majority Stake (51%) in your business. Grants are usually reserved for Not-For-Profit types of Organizations. They are usually given either on a competitive basis or by meeting some guidelines that are detailed in an application. Grants are usually given by Groups or Organizations that are usually Not-For-Profit. There is a special process in putting together a Grant. It usually helps to hire a Grant Writer that has experience in Writing Grants.
Summary: For Profit Businesses should look for a Business Loan not a Grant. Most Grants will have some sort of Strings Attached and will usually be for a portion of a project. Banks make loans for all types of business. I feel there are loans for all businesses but it may take some time to find the right loan or the right lender. Never check one lender at a time. I look at up to five lenders when I am presenting a Business Loan Proposal to a Bank. This is usually done in one afternoon.
Don’t waste your time looking for Grants unless you have time to kill. If you know of Grants to For-Profit Businesses please contact me.
Please email me at roger@rogerschlueter with questions or comments or use the blog. You can find additional contact information on my website at www.schlueterfinancial.com