Yes. There are available grants to start a funeral home in the United States. Note that the expenses that come with starting a funeral home business can be quite overwhelming, especially when you take into consideration the high price of medical-grade embalming equipment, supplies, caskets, and location.
Most often, entrepreneurs looking to invest in this line of business prefer to apply for a small business loan by reaching out to a national bank or local credit union.
Note that if you possess good credit and a viable business plan, and if there seems to be a demand for funeral homes in your area, you can easily obtain a small business loan. However, aside from loans, it is also possible to obtain grants to start or even manage your business.
If you are considering this option, then it is recommended you reach out to the federal Small Business Administration or research other federal, state, or local sources of funding.
Best Places to Source Grants to Start a Funeral Home
A good number of financial organizations in the United States are known to regularly set up philanthropic initiatives to make it possible for entrepreneurs to start up small businesses.
For instance, Goldman Sachs has inked its name in the sands of time owing to their “10,000 Women” program that was accompanied in 2009 by a “10,000 Small Businesses” program. This company is known to always make available funds to help business owners get access to capital.
This is another source to consider when looking for funds to start up your funeral home in the United States. The National Business Incubation Association (NBIA), for instance, is one of numerous groups that are eager to lend a hand to innovative and creative entrepreneurs.
Incubators tend to possess mind-blowing, eclectic financial connections and resources, as such if your funeral home makes available innovative ways to take care of final remains, you could leverage an incubator that “gets” your innovative approach.
Since small businesses are more or less the lifeblood of communities, elected officials are known to implement structures and events that link entrepreneurs with local resources. For instance, have it in mind that U.S. Representative Judy Biggert of Hinsdale, Illinois put in place the “Federal Grant and Contracting Supermarket Wednesday”.
This initiative makes it possible for Constituents to sit with small business and government folks at an Illinois Department of Employment Security training center to get business start-up help. Other state lawmakers have also put up funds to float such events.
There are a good number of organizations serving the funeral industry, and their membership comprises people who once walked in your shoes. Note that all these groups are interested in helping new funeral homes locate substantial funding for their business.
Owing to that, it is recommended you reach out to the American Board of Funeral Service Education (ABFSE), The World Organization of Funeral Operatives as well as the Funeral and Memorialization Information Council (FAMIC) to obtain necessary information regarding grant funds.
Don’t forget to include in your list state agencies like the Illinois Funeral Directors Association (IFDA), The National Funeral Directors Association (NFDA), and the International Order of the Golden Rule (OGR), also referred to as the “Voice of the Independent Funeral Home.
Your passion and willingness to start and manage your funeral home may be put to the test if grant funds are difficult to come by.
As such, it is necessary for you to have a Plan B in place. Begin by leveraging your gender and ethnicity by seeking minority-only start-up funds. Also reach out to members of your church, mosque, synagogue, or fraternal organization (e.g., Kiwanis, Optimists), too. You can also reach out to your family or even apply to a bank or credit union with which you have a history.
Aside from those, you can go through resources such as Funeral Home Financing.com to note if their current interest rate is ideal for your personal situation.