What you Need to Know about Government Grants for Startups?
One good place to start is government grants.
These are a very popular self-funding method. Who does not want free cash for their business? The good thing with a government grant is that if you get one, you can put the funds toward your company, and you are not under any obligation to pay it back.
- Because grants are very competitive, there will be many other businesses applying for one. Most grant applications involve a set of requirements, which have to be followed in order to qualify for the said grant, so be honest when you apply for one.
- Make it a point to research the funding source’s reputation. It is easy to search “small business grants” on Google, but due diligence has to be paid to filter real grants from fraudulent ones. As per the FTC, almost 23,000 individuals have lost their money to scammers who pose as those who provide “free government grants”. It advises people to avoid giving out bank account details to strangers, watch out for grants that need payment, and to be wary of phone calls seemingly from Washington DC, which could be from scammers.