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There is no way that a business can start without taking help from some financial institution unless of course they come from family money in which case they do not need to worry about anything at all. However, those who are not as lucky have no other choice but to apply either for a loan or a grant. Those businesses that choose to operate on a small scale tend to opt for grants as the award amount does not need to be paid back. The fact that your business has gotten approved for the grant means that the Government feels that it has the potential to improve the functioning of the society. Hence, the taxes paid by the business as well as the job opportunities they create are payment enough as far as the Government is concerned.This is the primary reason Government as well as other financial institutions set up grants for small businesses to directly benefit people.
Another major advantage of government business grants is that a Government official will carry out follow up activities during regular intervals of time in order to ensure that the business is living up to its word. While this may be seen as a limitation by some, fact is that oversight helps enterprises stay on the right track. Like every other source of funding, government business grants have certain limitations as well. The first is that it takes a lot of time to get it approved by the authority in charge. It may take a few months or it may even take a year it depends on how different your form is and how persuasive your business strategy is.
Another major disadvantage is that it is extremely difficult to obtain. The proprietor of the business has to go to great lengths to prove that his business will serve the community on a national or local level. The grantor also puts forth stringent requirements which the small business has to keep in mind. As has already been mentioned, oversight can be a limitation as well as an advantage. Even though it depends on the various terms and conditions, grantors usually visit the business headquarters from time to time to make sure that they are not behind schedule and that plans are being seen through. This could be very frustrating, especially if the business is just starting out. They hardly need anybody breathing down their necks all the time.
Along with the regular documentation, those businesses that apply for government business grants are required to submit additional paperwork. This is because they have to prove that they are meeting each and every term, condition and requirement. However, this could be an advantage as it allows entrepreneurs to point out any mistakes and therefore, correct them before things go downhill.Government business grants definitely have their share of limitations but the positive points cannot be ignored. Small business enterprises will learn to stand on their own feet only if they get maximum help during the start up phase and who better to help them than their own Government?
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