Why Small Business Grants Matter
Any business begins with a great enthusiasm, yet one of the major difficulties it faces is
the problem of finance. Grants for small business can be a god send because it is
money you do not have to pay back. This guide will show you how to go about it and
Endeavour to make sure that your grant is secured and your start up vision a reality.
Understanding Small Business Grants
Government and other stakeholders offer business grants, and they are in different
forms depending on the provider. They are separated in terms of eligibility and modes of
application, though they are all grants. Here’s what you need to know:
Here’s what you need to know:
Types of Grants
1. Federal Grants:
These are offered by the government and these are usually highly competitive and still
they often ask for proposal papers.
2. State Grants:
These are relatively easy to get and they differ from one state to the other as compared
to the federal grants.
3. Private Grants:
It can be also specific to an industry and can be given by companies or non-profit
organizations.
Steps to Secure a Small Business Grant
1. Research Available Grants
To begin with, one ought to find out grants that are related to his or her business.
Websites like Grants. gov and SBA websites are good places to start. Be specific and
find grants that relate to your type of business, its size, and the objectives you intend to
fulfill.
2. Prepare Your Business Plan
It is vital to have proper documentation of business planning. It should contain your
business plan, the market, and other studies, financial plan, and the description of how
the grant money will be used. Structuring your plan properly and doing plenty of careful
preparation can go a long way to making the application stand out.
3. Meet Eligibility Requirements
Each grant has specific eligibility criteria. Ensure you meet these before applying.
Common requirements include being a registered business, operating in a particular
industry, or having a specific business size.
4. Gather Required Documentation
Thus, the application of grants tends to involve the submission of quite a lot of
paperwork. This may consist of your business management plan, balance sheets,
income and expenditure statements and authenticated legal documents on the
registration of your business. Collect these documents in advance so that you do not
have to rush around at the last minute.
5. Write a Compelling Grant Proposal
When you are writing your grant proposal, you should answer the question of why your
business can / should receive the grant. Being positive, focus your business’s prospects,
your strengths, and explaining how specifically you are going to apply the money. Be
concise and persuasive.
Tips for a Successful Application
Follow Instructions: Be sure to familiarize with the grant provisions and adhere strictly
to the laid down provisions. One tiny mistake locks one out of the competition.
Be Clear and Concise: Grant reviewers look at a lot of applications. Your should be clear
and easily comprehensible to the targeted audience.
Highlight Your Strengths: This formula should stress on what can be achieved by the
business to differentiate it from the market competition, and how the business will
benefit from the grant.
Seek Feedback: Do not apply alone because your close friend or a family member can
review the application before you submit it. It helps because other times when you
reread a piece, another pair of fresh eyes can often see errors that you might not be able
to.
Additional Resources for Finding Grants
Identifying the grants can be sometimes a tedious process, however there are several
resources that can assist in the search process. Here are a few to consider:
Here are a few to consider:
Grants of Government:
This is regarded as the most preferable source of federal grants. Here, an applicant is
provided with a list of the existing grants as well as guidelines on how to apply for a
grant.
Small Business Administration (SBA):
It should be noted that the SBA also offers information on the federal and state grants
and other funds for small businesses.
Local Economic Development Agencies:
Often these agencies know about the grants and other funding possibilities existing for
the functioning of your organization in your area.
Industry Associations:
There are organisations of almost every industry and they are affiliated to provide grants
or they know the sources from where one can get the grant.
Non-Profit Organizations:
Non-profit organizations can offer funding in form of grants mostly to small businesses
that have something in common with the non-profit.
Conclusion: Turning Your Dream into Reality
It is not easy to secure a small business grant, though the process is not entirely
impossible since with the right approach, one can be able to secure the grant
comfortably. By identifying the grants that are available for you and putting up a good
business proposal the chances of winning will definitely be higher. Remember,
persistence is key. Try and try again, and you shall eventually get the help to enable you
set up your own startup.
However, online grants are not the only way you can fund your small business; consider
the following funding strategies: SMALL BUSINESS LOANS, CROWDFUNDING,
VENTURE CAPITALIST/ANGEL INVESTORS. It is preferred to diversify funding which
will serve as the stable background of startup’s financials.
