In this article, we’ll discuss why business grants are important. We’ll also cover the basics of what it means to be a small business, how to find government grants for smaller businesses, and how to access them.
What is the definition of a small business?
The definition of a small business varies by country and region, but generally refers to companies that have less than 500 employees. In the United States, the Small Business Administration (SBA) has defined this number as fewer than 1,000 employees and annual revenue below $7 million.
In Canada, there is no official definition; however, one commonly used guideline is whether or not you’re able to file your taxes under the Personal Income Tax Act (PITA). If so–and assuming your business qualifies as one–you’re considered a small business in Canada.
What is the purpose of government grants for small businesses?
Government grants for small business provide funding to help you start up your new company, expand and grow it, or hire more employees. The government wants to encourage entrepreneurship so they offer these grants in order to help small businesses compete with larger ones.
For example, if you have an idea for a new product but don’t have enough money or resources to get started on it right away, then a government grant could provide the capital needed for research and development (R&D). Once the product is ready for production and sale, another grant would allow you access funding needed for manufacturing costs and marketing campaigns.
What are the types of Government Grants for Smaller Businesses?
There are several types of government grants for small businesses, including:
- Small Business Innovation Research (SBIR) grants. This program encourages small businesses to engage in research and development through funding from the federal government. The SBIR program provides support for early stage technology companies by awarding grants up to $150,000 over a period of up to two years.
- State economic development programs. Many states have established their own economic development programs that provide financial assistance to small businesses in the form of loans or grants, as well as technical assistance with regard to business planning and management skills training programs designed specifically for entrepreneurs who want help growing their new ventures into thriving enterprises that create jobs throughout local communities across America!
How do you access Government Grants for Smaller Businesses?
To access Government Grants for Smaller Businesses, you first need to find out if your company is eligible. This can be done by contacting an expert or professional who can help you with the application process.
Once your eligibility has been confirmed, it’s time to apply for the grant! There are many different types of government grants available so make sure that you choose one that suits both your business needs and goals as well as its unique situation.
Government grants for smaller businesses are an excellent way to help your business grow. It can be difficult to find the funding needed for a new project or expansion, but with grants from the government there is more opportunity than ever before. These funds come in many forms and can be accessed by anyone who needs them!