Let’s face it, starting or scaling a business requires tenacity, perseverance, and funding. While loans are often the first business loan option, getting free money sounds way better, doesn’t it? That’s where small business grants come in handy. Mighty News is here to help flatten the learning curve around grants to help you take advantage of these opportunities and grow your business.
Defining Small Business Grants
A grant is usually defined as a neighborhood friendly money. Think of it as a financial support that has no strings attached. Unlike the loans, grants do not carry interest or monthly repayments thus making it a favorite source of finance for the small enterprises.
Why Grants? Unmasking the Checklist Areas
• No Questions about it, Free Money: The most apparent reason, who doesn’t love free money! Since there isn’t any repayment, more money can be directed to business expansion.
• Enhancing Reputation: Winning a grant is a certificate of the possibility of your business. It is an endorsement from institutions that support the vision that you have.
• Clear All The Debt: Performing hand in hand with no repayment of loans becomes imperative. More capital will then be available for operational advancements, marketing campaigns, or new product creation.
Belinda Pineda last updated this section on 7th September 2020. How Exactly are the Subcategories Grant types to Consider
• Federal Grants – Most of these grants are provided by government agencies such as the Small Business Administration for specific sectors or purposes.
• State and Municipality Grants – Similar funding is available in numerous states and towns for purposes of economic development as well as more specific needs like small business promotion within their areas.
• Private Grants – private assured grants are given by companies, charities or non-profit organizations which aim to support certain causes or fields.
Dealing with Your Suitable Other Half: where to Focus on Searching
• Grants.gov – A panacea for searching and processing federal grants.
• Challenge.gov: Take a look at a site where various government organizations are looking for solutions to issues and are often willing to fund worthy ideas.
• State and Local Government Websites – These websites are a good place to visit for information relating to the reduction of economic stagnation in a specific area through grants and other resources.
• Foundation Directories: Websites such as Foundation Center and GuideSpark are examples of sites that compile databases of granting institutions.
Making an Impression Management Plan: Suggestions on How to Write a Grant Application
• Know Why the Grant is Given: Unwelcome as it might sound, carry out sufficient homework on the aims and objectives of the grant and ascertain whether your business falls within its concentration areas and its definition of eligibility requirements.
• Write a Good Narrative: The reviewers’ attention should be captured by a story that draws attention to the benefits, impacts, and growth prospects of your business.
• Encapsulate Your Team’s Skills: Present your team’s background and competencies to prove that you are at a position to fulfill the objective of the project.
• Create a Tangible Cost Proposal: Make available a detailed cost proposal supporting your request for funding as well as demonstrating prudent management principles.
Mighty News: Your Partner in Grant Seeking Success
Winning a small business grant may greatly help you and serves as the gasoline to expand your business. Mighty News aims to provide you the information, tools, and knowledge from the experts to get started with grants and put them to maximum use.
And Mighty News will keep providing you with more useful things, as always, a reliable guide for business news and advice.
