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Question added to topic MoneyDecember 22, 2010

How can I get small-business grants?

I want to open a paintball store but need help with funding.
Congratulations on the paintball venture. I think that is something everyone can enjoy. Now to the tough part -- funding the launch and operations of the business.

Small business grants can be helpful to jumpstart a business but getting one is no cakewalk. Your best bet will be to focus on local grants (city and state) as the competition is less severe than at the federal level and the eligibility requirements are not as strict.

It is also important to understand that most grants are given to non-profit organizations for programs and services that benefit the community or specific group of the general public. In addition, usually grants that are available for a startup for-profit business, focus on research and development in medicine, technology or energy.

There are exceptions to the rule but the likelihood of attaining a small business grant doesn't look that promising based on your business model. With that said, it is crucial to have a deep understanding of the local granting organization. Don't apply unless you qualify and have verbal confirmation from the coordinator at the granting organization.

If you have difficulty finding a grant that your business is eligible for as I expect, you should consider other funding options. The Small Business Administration (SBA) offers loans to startup businesses. You can also try to attain a bank loan.

Good luck with the paintball store and finding the capital you need to get started.

Ryan Himmel, CPA and registered securities analyst, is the founder and CEO of BIDaWIZ.com, a professional network for small businesses and entrepreneurs to obtain trusted advice and services from a team of CPAs, Enrolled Agents, Financial Planners & Tax Attorneys.  His team provides answers to the many finance and tax questions that small businesses encounter every day. Ryan has been quoted in The Wall Street Journal, Forbes, Fox Business and Crain's New York, among other publications. Ryan also regularly contributes to the community with his finance and tax blog.

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