Grants for small and medium-sized businesses are often the only way to start their own business. This is a profitable and convenient financing option. If you have a business plan, you are confident in its feasibility and are ready to work on its implementation, try to get support and implement your plans. Let’s see how you can get a grant. If you are eligible, you can also apply for CIF funding to get finance for your business.
To begin, a grant is material or financial assistance aimed at developing or expanding a business.
The fundamental difference between a grant and other investment methods is gratuitousness. There is no need to return the money to the fund.
Organizations where you can get business grants
Receive funding in the form of business grants from one of the government departments:
Ministry of Economic Development – promotes large-scale and medium-sized businesses. The money comes from regional and federal sources. The amount of investment differs from region to region. All information is available on the website of the structure;
SME Corporation
Small Business Research Assistance Fund – helps only targeted projects. Offers several programs with different conditions and amounts;
Ministry of Agriculture – supports farmers and agrarians. The priority is animal husbandry, private farms. The maximum grant is 3 million rubles.
To become a participant in a regional grant competition, follow the information on the advertising portals of your city, on the websites of the relevant ministries.
To get financial support, follow the following algorithm:
- Study the proposals of various organizations and choose the option that suits you specifically.
- Read the reviews of real users of grants by the organization of your choice. View funding history.
- Review the requirements for applicants and the conditions that the business project must meet. Objectively assess how you fit them.
- Look on the organization’s website how to correctly fill out an application for participation in the competition.
Collect supporting documents
Make a business plan
Keep in mind that it should track an action strategy, clearly define goals and ways to achieve them. Make an estimate of costs with a forecast of the return on investment, calculating the profitability of the project. You must convince the commission that the investment is worthwhile.
Prepare a presentation of your business idea.
From the date of application until the decision is made, you will be on standby. The period during which the funds make a decision is 90 days. During this period, they will check the list of documents and the authenticity of all papers. Then they will move on to studying the project itself.
By comparing the proposed ideas, the foundation will select the participant with the highest rating. At the same time, special attention is paid to the correctness of the above calculations and financial forecasts
Businesses always need a solid amount of assets and stocks to run. You can also get into the stock or shares to get some funding for your company. Please be sure to make some improvement to your backup to stay safe.
