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How to Successfully
Apply for Business Grants
Introduction
If you are looking to open a business of
your very own, you are not alone. Every
year more and more people make the
decision to stop working to make other
people rich and to start their own
businesses. For most of them, having the
start-up capital that is needed is
harder than one might think.
Small business grants are often a hot
topic with new business people with a
small amount of money and little access
to other capital. We have all seen the
many media claims about "Free Government
Grant for Small Business." It seems all
too easy to get these days.
Of course, if it were really that easy,
all you would have to do is find a
government small business grant to apply
for, apply and before you knew it you
would have the money to grow your
business.
Most U.S. government departments, like
the Department of Commerce, do not
provide any grants for help in starting
a small business. Grant programs are
available through state programs and
other groups as well. The grant programs
are often awarded to people in fields
such as medicine or education, and they
all have specific eligibility criteria.
The process of finding a small business
grant program to apply for and reviewing
the requirements to getting is very time
consuming. After conducting a two-week
search for a medical publisher, I found
the requirements to be very specific and
difficult to meet.
Eligibility can be based on your
location, and your business’ sales
revenue to the application date, years
in business, sex, race, and even for the
purpose of funding. If your business
sets out on a small business grant
seeking mission there are some questions
that you will have to answer which are:
1. Do you have the time and the
resources available so that you can
search for a small business grant
program and apply for it?
2. Can you afford to hire a consultant
if you are unsure of how to do it, or
can you learn the grant application
process by yourself?
3. Does your business need the money
right now for expansion or can you wait
up to a year?
4. If you do decide to ask for a grant,
will it hurt your business because it
will be taking away time from selling
and marketing?
If you want to take a look at the small
business grants available, the best
place to start is the Catalog of Federal
Domestic Assistance (CFDA). The CFDA
lists thousands of grants from all
government agencies for free. Many
business grants will be geared towards
minority business development or rural
business opportunity grants. Do not
overlook the other assistance programs
available such as equipment and
training.
If you do find a small business grant
program that is available for your
business, you will need to be ready to
go through a lengthy, approval process.
With today’s funding cutbacks and the
high amount of competition you will want
to be prepared for it by following these
quick tips:
Small Business Grant Tips
- Provide the grant company with all of
your complete and accurate information
in the application. An incomplete
application will likely not make the
review process or it can add delay your
grant form getting approved.
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Get to know your grant
officer and their constraints, budget
and concerns with approving your grant.
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Stand out among the crowd
with a well-prepared business plan if
required. You will have to demonstrate
your understanding of the business. Show
how the money will bring the benefit the
government agency wants.
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Bring in outside experts
or consultants to help you if you need
it. An accountant or consultant can add
credibility to your application process.
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Keep in touch with the
company offering the grant. Make regular
contact with the grant office in a
professional, but non-intrusive manner.
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The task of locating and
applying for a small business grant is
not for the people who are not willing
to go through hell. Take an honest look
at alternative sources first, such as
loans, personal credit lines, friends
and family.
If you find that you are willing to go
through the steps that will be needed in
order for you to get your grant, then
this will be your comprehensive guide to
making it happen.
Important Facts About Business Grants
And Funding
Types Of Business Grant Programs
Your Business Grant Proposal
Sample Business Plan
Ten Business Grant Tips
Business Grant Consultants And Advisors
Sample Business Grant Application
Avoid Business Grant Scams
Business Grant
Proposal Writing Tips
Summary
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