If you are a small business or large business owner looking to expand your business by purchasing another existing company, you are likely eligible for a business acquisition grant. These grants are designed to help current business owners take their business to the next level.
The government provides this assistance under the expectation that the business will help keep the economy strong over the long-term. This grant money can be applied towards many business acquisition expenses, such as hiring and training additional members of staff, developing markets overseas and buying new equipment.
And if your company is acquiring a business that would have otherwise folded, the government is especially grateful. By buying out the company you will have saved jobs in the local community and helped keep the economy strong. For this the government likes to show it’s appreciation with a business acquisition grant.
And while these business acquisition grants can be found at both federal and state government levels, they are most abundant in the latter. In fact, nearly all states offer some form of business acquisition grant for businesses in their territory. Grants are often available for business acquisition that will help in the manufacturing of domestic products which provides numerous jobs for Americans on a variety of different levels. This is because not only are jobs created and maintained in the company itself, but also in the purchasing of the raw product, the manufacturing process, then the packaging, shipping and handling, and lastly the retailing of the product. It is the hopeful expectation of the US government that American companies will use more domestic resources in their business efforts; and as such is eager to give business acquisition grants to companies that further this motive.
And while there are some restrictions on exactly what companies can qualify for the business acquisition grants, they are different from grant to grant. You can visit your state and federal websites in order to get more details about the different grants available, who qualifies, the application process, and about your social responsibility in using the funds.
Along with any business grant you will need to prepare a proposal as well (also known as a business plan). In this proposal you should include the justification of the project, target clientele, schedule for completion, budget, contact person and other relevant data that the funders will need. Make sure to explain why your acquiring this company will be good not only for personal financial growth but for the local economy as well. When it comes to getting a grant one of the more important factors is the proposal. You need to make sure your proposal is well done in order to increase your chances of getting the grant. Depending on the granting agency an interview will sometimes follow along with an acquisition site visit.