If you are in the process of starting a small business that has something to do with construction, know that there are many avenues you could take and many options that you could benefit from, where the government or other private entities could subsidize part of your start-up costs. There are also lots of incentives you could take advantage of, to help you cushion the costs of operations. So if you're in the process of looking for construction business grants, here are some of the ways that could help you with your search:
1. Look for minority grants. There are a number of government and private-funded grants that are offered to minorities who are starting up a business. Make sure that you inquire at your local government for listings of such grants. For example, the US Department of Commerce, through its Minority Business Development Agency, provides financing and other services to minorities who have business plans that are deemed to have potential.
2. Check out your state government's official website. In most states, available state and federal grants for businesses are posted at their government websites. Be sure to check out this avenue, and take note of the requirements and the conditions for eligibility.
3. Go online. There are many online resources you could check out which will help you get to the right direction. One such useful website is grants.gov, which is the first place you should go to if you are looking for federal grants. From here, you will get to the Small Business Administration's (SBA) website , where you can find listings of grants currently being offered by various state and federal offices such as the Environmental Protection Agency, the Housing and Urban Development, and Department of Labor.
At the SBA website, you'd also find a lot of resources which will help you with other aspects of your business planning and operations. You should also check out federalgrantswire.com, which shows listings of grants currently being offered by the Federal Government.
4. State how your construction business would be able to help the community. One of the best ways that you can obtain a grant from the government is if you can clearly state in your business plan how your proposed business could be of service to the local community. For example, you could state that through your project, many unemployed people residing at a specific community will be able to gain a lucrative job; you could also state the benefits of the building you are constructing (for example, it is a school, or a free library).
5. Consider taking low-interest loans. Do take note that grants from state and local government offices can be quite stringent, and may not necessarily be free money. Because of this, you might want to consider instead taking out government loans, which have relatively low interest rates. Fill out this form available at business.gov to help facilitate your search for the best loan options for your business.
There you have it! These are just some of the ways that you could get construction business grants. Good luck, and hope this helped you out!