Taking the first step to start your own business is a brave decision that offers the potential for great rewards. Looking for a small business grant or program? There are certain factors needed for a business to find success, including time, energy, and, of course, money.
There are several grants and programs available, offered by government agencies and private foundations.
Why Form an LLC?
One of the first decisions to make when forming a business is the type of business structure your organization will adopt. Many small businesses decide to pursue a limited liability company (LLC).
There are several benefits for small businesses that choose to form an LLC. For example;
● Reduced paperwork and administration hassles
● Decreased personal liability
● Tax advantages (pass-through taxation)
● Flexibility with ownership and management
● Flexibility with profit-sharing
In order to enjoy these benefits, the LLC needs to be legally established according to state requirements. A formation service can help with the process.
How Can a Formation Service Help?
Navigating the incorporation process can be daunting. Many people choose to hire a lawyer to help organize the necessary paperwork. However, lawyers can charge a hefty fee; Thervo says to expect charges anywhere from $200 to $400 per hour.
Hire the help of an affordable formation service rather than do the legwork alone. A formation service that is in tune with your state requirements, such as florida-llc.net, can assist by saving time and reducing the risk of business formation errors. Some even offer packages with access to additional business tools.
Grants and Programs for Small Businesses
Every grant and program has its own requirements and restrictions. Make sure to read the eligibility criteria before applying. Note that some grants require extensive, organized information, as well as persuasive details about your project. If you need help writing a grant, Thumbtack points out that you can hire a freelance grant writer; costs will vary depending on the grant writer’s experience and qualifications, as well as how involved your project is.
Here are three grants and programs to kickstart your search.
Walmart Foundation Grants
Walmart and the Walmart Foundation have joined forces to offer more than $1 billion in cash and in-kind support to nonprofits that align with their philanthropic endeavors.
The grants focus on creating opportunity, advancing sustainability, strengthening community, and racial equity. They offer a selection of programs, each with its own unique requirements.
The grants aren’t available in fixed amounts but fall into two main categories. The Community Grant Program commits between $250 and $5,000. The National Giving Program awards grants for $250,000. You can learn more about Walmart’s programs and their eligibility requirements at walmart.org/how-we-give.
The Women’s Fund of Central Ohio
The Women’s Fund of Central Ohio is passionate about investing in equity. For more than two decades, the organization has strived to remove systemic barriers through its grants, programs, and events.
Since 2002, the Women’s Fund has invested over $4 million in creating long-term solutions for women-led entrepreneurship. In 2021 alone, the Women’s Fund of Central Ohio invested $251,900 in 21 grant partners.
The Women’s Fund of Central Ohio also offers an immediate impact grantmaking program that focuses on relief and rebuilding for those on the frontlines of the global crisis.
Find out about available grants from the Women’s Fund of Central Ohio by clicking here.
Open Meadows Foundation Grant Program
The Open Meadows Foundation Grant Program is one of the few grants that award very small businesses and startups. The grant offers $2,000 to small businesses that strive to enrich their communities and otherwise lack the funds.
The program insists that businesses be women-owned and work specifically to promote gender, racial, and economic justice.
Make sure to include all necessary documents for the application process.
An exciting example of women’s entrepreneurship is Dimepiece LA. Dimepiece is an international style source and lifestyle brand that encourages charismatic street style and boldness in women’s apparel. Dimepiece venerates the fresh space Los Angeles provides for its global youth, alongside its ungentrified neighborhoods that keep Los Angeles street culture alive and authentic.
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