If you already own a small business and you are looking for financing options or you are planning to open one and you have a solid plan for growth, there are various sources where you can apply for small business grant programs. Many start-ups and small companies struggle because their owners are hesitant to apply for grants out of fear of being rejected. Competition for free money is indeed fierce, but, with a detailed, thoroughly compiled application based on a lucrative plan, nothing is impossible. In what follows we would like to help you get started with a few tips about where to find grant programs and how to apply.
You can find out about grant opportunities from various online resources – just enter a query into your internet browser and you will instantly get dozens of results, if not more. You will see that the types of organizations that provide grants are just as diverse as the available programs. Various government agencies, state-level, county and city or town level administrations have lots of grant programs for small businesses, and non-profit organizations and private foundations also offer funding opportunities.
Eligibility conditions vary from one program to another – some grants are offered to women who own start-ups, others are industry-specific grants or are offered to people belonging to certain minorities, or specific social groups, such as single moms, but they all have requirements regarding the number of employees. If you find a grant program that can be suitable for your business, you need to start writing your proposal.
Grant announcements usually require applicants to submit extensive documentations that provide details about all aspects of the business. You will be required to give a summary of your business activity, to provide a detailed plan of how you are going to use the money awarded to your business. Grant programs usually come with very specific descriptions of the ideal candidate – use the keywords from the grantor’s descriptions to show you are the best candidate for the money. It is usually a good idea to start by creating an outline for the proposal and to expand and develop ideas afterwards. In the final phase make sure your proposal follows all the rules of the grantor’s announcement and proofread your proposal very carefully.
Besides your proposal, you will probably have to fill out various forms and submit various documents to prove your eligibility. Follow the instructions and make sure you have attached all the requested documents – otherwise, you risk being rejected because your application is incomplete. Grant programs also have application deadlines that you must pay attention to, so make sure you apply for small business grant opportunities before the given deadline – get to work ASAP if you want to increase your chances of success!