One of the key ingredients in starting a business and getting it off the ground is funding. But for many cash-strapped entrepreneurs who want to start a business, the concern is real: How do I get funding for my startup? Having access to startup funding for a small business can make a big difference when it comes to following through on your entrepreneurial dreams.
To help entrepreneurs get off on the best foot possible, Incfile is excited to offer our very first entrepreneur grant. Our Fresh Start Business Grant is offering $2,500 towards your startup, along with some other prizes.
But before we get you started on your grant application, let’s go over some key information about grants in general.
Where to Find Grants for Small Business
Grant money comes from multiple sources, including private corporations, organizations, foundations and government agencies. In fact, the government — local, state and federal — is a key source of business grants.
At the local level, grants may be available at chapters of the Small Business Administration (SBA), Small Business Development Centers (SBDC) in your state or with your local economic authority or agency. (Here's a well-known secret: Your local economic development centers want businesses to come to their community and create jobs. Ever wonder why some businesses do not pay taxes when enticed to move to a new city? Hint: Think Amazon.)
Each year thousands of businesses apply for billions of dollars in grant funding. In 2019 alone, the federal government distributed $721 billion to states and local governments.
Many may wonder: Do you have to pay back a startup grant? The short answer is no. The great thing about a grant is that it is not a loan that needs to be repaid. As long as the grant is used for the purposes it’s intended for, it’s basically free money designed for your specific business needs.
How to Apply for Grants for Small Businesses
Before you start on your application, you’ll need to make sure that your business is incorporated into an entity such as a Limited Liability Company (LLC), S Corp or C Corp. You will also need an Employer Identification Number (EIN) proving that you are a small business owner. Also, make sure that you have a dedicated business bank account. This makes it easier when using the grant funds and proving they have been allocated correctly.
Finally, you will have to prove a need for the funds and have a plan for the funds. For example, if you are a New York business and experienced hardship during the COVID-19 pandemic, you could apply for a small business recovery grant.
Incfile’s Fresh Start Grant
Now that you know where you can find grants for small businesses and what you’ll need for a grant, we are dropping a great opportunity on your lap through Incfile’s Fresh Start Grant for Small Businesses. In fact, we make it even easier for you because you don’t need to have your business entity or EIN ready before applying. We'll take care of that as part of the grant offering.
According to the U.S. Small Business Administration, it costs around $3,000 to start a business. That money can make the difference between making a dream a reality and keeping it a dream. Our aim is to help ease the burden of this cost for a new entrepreneur.
Incfile’s Fresh Start business startup grant is targeted at entrepreneurs starting a business from scratch or business owners looking for a second chance and an opportunity for a reboot. Let’s face it — the last few years have been challenging for businesses dealing with closings, lockdowns and a general loss of business. Starting over can be just a little easier with the support offered from this grant.
If this sounds interesting to you, please read on. Here are the details of the grant, including what it offers, the requirements for applying, how to apply and the deadline for the application.
Incfile’s Fresh Start Business Grant Includes:
- $2,500 to apply toward your business startup costs
- Handling of incorporation services in your state, including payment of the incorporation fee
- An Employer Identification Number (EIN)
- One year of Registered Agent service
- Annual reporting for your business for the first year
- Incfile’s tax accounting bundle
- Google My Business set up (if applicable)
Requirements for Applying:
- Must be a U.S. resident
- Must be 20 years or older
- Must be planning to start a new business or grow an existing business
How to Apply:
- Complete the online application.
- Create and submit a 2-minute video about how being a small business owner will impact your life.
- Submit your business plan.
The deadline to submit your application is March 31, 2022.
Everyone deserves a helping hand or a second chance to make their dreams of entrepreneurship a reality. Here’s your opportunity...so get started and make your dreams and goals of starting a business a reality. Incfile has launched over 500,000 businesses since 2004. With this grant, we are not only offering cash to fund your startup expenses but also services and support to help you navigate through the maze of creating your business entity and ensuring that you meet your state’s filing and reporting requirements.
Good luck!
Peter Mavrikis
Peter Mavrikis is an author and editor with over 25 years of experience in publishing. He has worked as the Editorial Director for Barron’s Educational Series, as well as Kaplan Test Prep, where he ran the test prep, foreign language, and study guide divisions. Peter has also written several books on history, exploration, science, and technology.
