Getting a business loan can be a very simple thing if you know what you have to do. There are many individual grants, but also grants given by some non-profit organizations. There are so many different programs available, and each of these programs has different conditions and qualifications. Almost all of the grant givers will require for your business to be part of some scientific research.
Programs which are created for these purposes are the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR).
Every business owner should know this, because if not now, then after some time, they will need a grant for expanding the business. The grant can be given to already existing business owners and not just to the ones that want to start anew. To get the grant, you need to be prepared and to fulfill all the requests asked from you. You need to show what your business will be like with the help of that money in order to be thought of as a potential candidate. This is not a weird or unnecessary thing at all. Imagine if you were lending money to someone. You would want to know why someone needs that money and what his plans are. So, good preparing is the key factor for receiving a grant. A business plan is the first thing you will need to think about. In this business plan, you will present your plan to the lender, you’ll show him why you need the money, what is your plan, how you plan on spending the money and everything else connected to your business. Cash flow projections can be helpful in showing your lender that you are able to return the money, if the grant has to be paid back. An addition to this can be a statement about your taxes an debts which will show how loyal and responsible you can be. Taxes and previous loans for your business should also be inserted in the other documents’ pile.
You will need information about your credit report as well. Not as much for your lender, as you will need for your own organization and planning. The lender can always check your credit report. But, you will need to get it before applying just to be sure that everything is ok. Because, if your credit report is poor or bad, then you’ll have to first work on that, on bettering this situation, and then apply for a grant.
Once you apply, you’ll have to make sure of creating the perfect presentation in front of your lender. This can also be crucial for the lender when he’ll be deciding who to choose. To know that you have a good presentation, you have to make sure that with it you’ll answer two of the most important questions of every lender. 1. Where will you spend the money?, 2. How will you spend it? You need to show that you are not only eager to receive the money and then runaway. You have to prove that you are willing to invest some money of your own too, and just wait for someone to make things perfect..