How to get free money for your business

Would you like a $50,000 grant to test a business idea for feasibility? No I’m not jiving you, you really could get it! Or would you rather spend grant funds on upgrading your manufacturing processes or workforce training?

We’re always told “there’s no such thing as a free lunch”, but for qualifying businesses, there really are opportunities to land free money from state, county and city governments, as well as private foundations and corporations. If that’s not “free lunch”, I don’t know what is. These grants are rare, but the information you need to find and apply for legitimate ones is publicly available and free.

Technology start-ups traditionally have the best chance of getting grant funding, often through the federal government’s Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs. These programs are lucrative, awarding more that $2 billion each year, but both require a tight match with exacting requirements.

Finding grant money for non-tech businesses is a little tougher, but the monies are out there. CNN Money lists the steps in finding and applying for grant funding.