Authored by Derek Goodman, guest contributor
Small businesses should always be looking for a leg up. Thankfully, the government and many private institutions are providing grants in certain states that can be used to help grow your company. The best part about these types of funds? You don’t have to pay them back!
Presented by Cambridge Local First, this article will tell you all about grants to fund your startup with information on what types of businesses can apply, as well as how to find these grants. Read on to learn more!
Our Top 3 Grants to Help Fund Massachusetts Startups
Here are three of our favorite grants this year for Massachusetts-based businesses. There are many different grants available. We chose mostly grants for Massachusetts businesses. Be sure to read the details about each grant to confirm your business will qualify.
MassTech Intern Partnership (MTIP) Program
The MassTech Intern Partnership provides stipends to digital technology companies that are starting and scaling up across Massachusetts. They aim to primarily work with college students and young entrepreneurs.
Workforce Training Fund Express Program
Businesses with 100 or fewer employees that contribute to the Workforce Training Fund can apply for an Express Grant from the Workforce Training Fund Express Program in Massachusetts.
Small Business Innovation Research Grant Program (SBIR)
The SBIR program is highly competitive but provides an excellent opportunity for large grants between $50,000 and $250,000. They provide federal grants through 11 agencies (NASA, NIH, and more) to certain small businesses in research and development that lead to commercialization. These businesses can be male- or female-led.
How Do I Find More Grants Available for My Startup?
The government may be the best place to start when it comes to grants. The Small Business Administration (SBA) has a website that provides information on what kind of grant programs are available, as well as eligibility requirements and how applicants can apply for funds from these sources.
Another great resource is Grants.gov.
The Importance of Proper Bookkeeping and Accounting for a New Business
When you apply for a grant, you want to ensure your financial health is on track and that you’re using the right tools to stay organized. Businesses that have some financial health and stability can often apply for more substantial grants. In the case of a new business, it’s still important to nail down your accounting process from the start. This will show grant providers you’re serious, but also make your life much easier as your business grows.
There are tons of options available for booking and accounting software. One of our favorites is Quickbooks.
With QuickBooks Enterprise, you get ERP (enterprise resource planning) features designed for mid-market businesses without all of the complexities of a larger ERP. What’s more, it easily integrates across workflows and enables you to track and manage inventory, manage and run payroll, as well as run advanced reporting statements.
The government and many private institutions are providing grants in certain states that can be used to help grow your company. These are typically no strings attached offerings. We’ve provided a list of our favorite Massachusetts grant programs, as well as some tips for keeping track of your business’s financial health. There is no doubt that you should always look for a leg up when it comes to funding opportunities. Thankfully, the state has plenty of options available. All you need to do is find what works best for your needs and apply today!