Small Business Grants in Florida

Finding enough capital to start a new business or expand an existing one can be a challenge at times. Especially now, as the tightened economy continues to struggle, it's becoming more difficult to find investors willing to part with investment dollars. In Florida, conditions are the same as anywhere else in the country. But if you're a savvy businessman or woman and you know where to look, there are Florida small business grants and other sources of funding you can put to use.

Before discussing what is available it must be pointed out that there are almost no federal grants given directly to individuals or businesses for any reason. The only exceptions to this rule are special circumstances in which the federal government is forced to take a direct interest in a specific company. These circumstances are so rare that it's virtually impossible for the average American business owner to get grant money directly from Washington. That said, the federal government does provide money to the states through block grants designed to help stimulate economic activity. Those block grants are administered by the states in a variety of ways.

State Programs in Florida

Like most states, Florida utilizes a network of nonprofit groups and participating banks to administer its small business grant programs. One of the more well-known nonprofits in Florida is the Florida First Capital Finance Corporation (FFCFC). The FFCFC is the state's largest nonprofit economic development organization in terms of total dollars funneled through and into the hands of qualified recipients. The agency handles funds provided through grant programs, investment dollars from charitable organizations, and even Florida's portion of funding from the Small Business Administration.

Another example of a Florida institution helping small businesses is the State University System of Florida. They offer four different grant programs aimed primarily at individuals interested in starting technology-based businesses. The money for their grants comes from a combination of sources including federal block grants, state contributions, alumni donations, and other philanthropic efforts. Each of the four programs has its own limitations and criteria which can be found by looking them up on the web.

You also should consider checking out the website of the Florida state government. From the main page you'll be able to find appropriate links to other sites and agencies with information about business activity. Once you find the secondary sites you should be able to search for specific information about what grant programs might currently be available to you. You'll also find information on low-interest business loans, state backed loans, and even agencies offering private equity dollars.

Writing Your Grant Proposal

If you find some Florida small business grants you may qualify for, the next step is to write a grant proposal. A grant proposal is your only way of effectively communicating to the grant making organization what your needs and goals are. It's also your way of communicating your business idea, how you plan to make it succeed, and what it will accomplish once success is realized. The grant proposal is the single most important part of the process because it is your one chance to convince the grant making agency that your idea is worthy of funding.

Like any state, writing a grant proposal for a Florida small business requires that you have intimate knowledge of the industry you've chosen and your primary customer base. The more knowledge of these things you can demonstrate the more you will convince the grant making organization of your competency. But remember that it's more than just competency they're looking for. They're also looking for enthusiasm, a drive to succeed, and a willingness to do whatever it takes to achieve that success.

If you're not familiar with the grant writing process, there are organizations within the state of Florida that can help you with this as well. For instance, you might contact the Florida Small Business Development Centers, the Small Business Administration, the Florida Small Business Guide, and even the National Entrepreneur Center. All four organizations exist for the purpose of stimulating economic development by helping small businesses. Most, if not all of them, can give you guidance in how to write a proper grant proposal. If they can't show you directly, they can point you to someone who can.

Targeted Grants

Keep in mind when you're talking about small business grants in Florida that most of them will be targeted by default. When we say targeted, we're referring to things like the programs previously mentioned from the State University System of Florida. In their case, grants are targeted at technology-based businesses. But you'll also find grants targeted at minorities, specific industries like child care or health care, and grants targeted at specific geographic locations that need economic stimulation. Typically geographic areas will be in and around major cities.

If you find that none of the targeted grants are suitable for your circumstances you may have to find other forms of financial resources. This could include private equity investment or small business loans. Small business loans are typically backed by either the state or federal government in order to give you an added measure of credibility when you apply. Such government-backed loans are guaranteed to be repaid even if the business owner defaults. The guarantee makes banks much more likely to lend in situations where they might otherwise have pause.

Grant Money Changes Continuously

The last thing you need to be aware of regarding Florida small business grants is the fact that grant money changes continuously. It changes in terms of how much is available, who's supplying it, and who's eligible to receive it. If you find there are no grants available to you today that doesn't mean there will still be nothing available next month. It's a wise idea to develop a list of resources where you can find current grant information. Then check those resources on a regular basis.

Also, if there are no grants you qualify for today, don't simply sit on your hands and wait for money to become available. Hunt down other sources of funding in the meantime. The primary reasoning behind this stems from the reality that it is unlikely you will receive all of your necessary funding from one or two sources. Remember that you need to fully fund your business for up to two or three years before you start turning a profit. That much financing is going to require multiple sources to realize it.