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Government Grants Questions and Answers

Frequently
    A
sked
        Q
uestions


Q: 
How can I keep up to date with what's offered?

A:  There is no easy way to do this just on your own.  Changes are constantly occurring with grant money programs being revised, introduced or withdrawn.  The resource sections in our grants and government loans program are online and updated on a regular bases.

Q:  Who qualifies for grants and government loans?

A:  There is no business or Individual, which is excluded from applying for government or foundation assistance.  There may be restrictions applying to individual programs but such agencies are in the minority.

Q:  What sort of grants is available?

A:  There are many different ways in which businesses and individuals receives government and foundation support.

Q:  Are business grants only for large corporation's?   

A:  No, the government wants you to take advantage of their programs so each agency will be eligible for additional funding the following year.  They Must Give This Money Away!

Q:  Are grant applications competitive?

A:  In the sense that there is a limited amount of money in the kitty, each application competes with others.  Some programs are more obviously competitive in that the awarding body will state in advance "the 50 best proposals received" in a period will be successful.  However, these types of programs are not the norm.

There are various programs in existence.  However, where the nature of the program is to find and reward the best applications, perhaps on a regional and a national basis.  Naturally with these types of programs the number of winners is very limited.

Q:  Is the money taxable?

A:  Usually where the grant is in the form of cash it is treated as normal revenue for an existing business and is therefore subject to tax in the same way as ordinary revenue, after deduction of expenses and allowances.  Start ups tax status are dependent on the organizations tax declaration.

Programs for business which provide assistance in kind (i.e. where no direct cash award is involved) will not normally attract any additional taxation.

Q:  How do I get paid? 

A:  The agency will send you an acceptance letter with your award amount.

Q:  Will bad credit interfere with obtaining funding? 

A:  NO, grants are not based on your credit. grants are not a loan, even the unemployed receive assistance.

Q:  What is the average amount awarded? 

A:  $500.00 to 50,000.00 is average for small ventures, but it depends on what the funding will be used for.  Businesses that benefit the communities have been awarded $250,000 to millions in federal and state money.

 

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