What are small business grants?
A small business grant is a predetermined sum of money that government agencies and/or private entities give to small businesses. It can loosely be called “free money.” It’s important to note, however, that nothing in life is truly free. Small business grants are filled with caveats that specify how the money should be spent. Additionally, a lot of work goes into creating grant proposals and meeting the requirements for winning the grant.
Why are government grants for small businesses so important in 2021 and beyond?
Government grants for small businesses are particularly important for developing a country’s micro, small and medium enterprises (MSME) sector. Because these grants are funded by tax dollars, they have more restrictions than grants offered by private entities like FedEx and Cartier, as well as foundation grants like WomensNet’s Amber Grant. Chief amongst these restrictions is an emphasis on how the money will be used to help the business make a meaningful impact in the community. Grants from the federal government were created to encourage businesses to be community builders and contribute to economic growth. A business that focuses on community development and innovation is sustainable and respected. This is the primary reason government grants for small businesses will remain relevant in 2021 and beyond. Furthermore, many grant opportunities tend to reward innovation and scientific research. More grants tend to be offered in these categories because they give the country a competitive advantage. After all, it pays to stay ahead of the game.
For more details, please visit: https://www.chamberofcommerce.org/government-grants-for-small-businesses