Grants for Business Incubators
Business incubators are support programs given to entrepreneurial companies to accelerate development. The program varies according to the organizational structure, types of clients being served and the delivery of services.
An entrepreneurial company that benefited the business incubators program would in the business.
Starting a new business would not work with abundance of enthusiasm alone. This is because business know-how plays a vital role for the business to become successful in the long run. Thus, makes sense of seeking help from business incubators in order to obtain turnkey facilities for the new business. This support program is different from the research and technology as well as the U.S Small Business Administration. Apparently, a business that started through the help of an incubator can expect for about 80% success rate.
What are business incubators?
- Business incubators give feasible location where a new business can start along with other support services like business advice and other shared facilities.
- Incubators help in producing companies that create wealth and job, commercialize new technologies, strengthen economy and revitalize communities.
- It is sponsored by economic development agencies, local governments, private sector films, schools and colleges.
Once your business is ready for incubation you can start looking for agencies where you can seek grant. There are a lot of sites on the internet that will give the idea where you can find grants.
Federal Economic Development Grants
This agency helps business incubators by giving funds to develop business infrastructures. It prioritizes projects of both private and public sectors and improving their investments and profits. In like manner, business incubators supporting small to medium entrepreneurs can seek for EDA grant.
State Incubator Grant
Business incubators can also seek grant from the states. Most states in the United States are providing grants to qualified applicants.
Other funding sources
There are instances when group of investors are formed to establish business incubators for profit ventures. These types of incubators are not eligible to apply for government grants. However, because they represent business venture they can obtain revenue from other sources such as stakeholders as well as from monthly rent of the facilities. This option equally benefits the incubator investors as well as small businesses.
On the other hand, if you are thinking of applying for EDA grants make sure that you possess all the qualifications. Applicants should be a city or state organization, private non-profit or public, economic development agency or an institute of higher learning. However, the grants vary depending on the program of the states and other funding agencies. Some state grants require the applicant to cover at least 50% of the total project costs.
If you want to learn more about business incubators and where to find grants you can visit any website that contains information about grants. There are links available and all you have to do is click the link.