Some agencies and organizations will give you free money to buy a business.
A grant goes to an individual or a business for a very specific purpose. It could be a project, an expansion or, in many cases, a purchase of a new business. The money comes from the government, local authorities or charitable organizations. As long as you comply with the terms of the grant, you do not have to pay the grant back or give up shares of your business. Before buying a business, check to see what kind of grants are available in your field or for your specific heritage, neighborhood or demographic. Many grants have been created specifically for minorities, women, specific neighborhoods or other entities.
State Government Grants for Businesses
Check with your state to see what business areas the state is focusing on. States often offer grants to help build up certain types of businesses or to revitalize specific geographic areas. Search online for your state chamber of commerce, which can direct you to the organization that oversees grants. The U.S. Chamber of Commerce can tell you the contact information for your state chamber of commerce.
Grants for Minorities
Minority status can give you an edge in applying for some business grants.
Government grants for minorities abound, and these can, in some cases, be used to buy a business. A diligent search for grants for your particular ethnicity or other background will yield many leads. Read through these carefully, because they each carry different requirements. Make sure you can live up to those requirements before you apply.
Grants for Franchises
Some grants go to people who want to buy franchises. These tend to come from the state level, and they carry restrictions regarding what type of owner may apply or what type of business may qualify. Ask your state officials about this subcategory when you inquire at the state chamber of commerce.
Hire a Grant Attorney
A grant attorney can save you time and trouble in applying for grants.
Online legal search websites list attorneys who can assist you in applying for grants. This may give you an advantage, because attorneys tend to know the pitfalls to watch out for and the specifics to include in order to improve your chances of getting a grant. Attorneys are licensed in one state only, so choose one in your state.
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