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Business Grants Basics

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Benefits of Small Business Grants

  • Grants are an excellent alternative for small business entrepreneurs since they provide free money.
  • There are numerous small business grants available. Some are open to all business owners, while others are restricted to women, minorities, or low-income entrepreneurs.
  • Small business subsidies have numerous advantages.
  • You don't have to pay them back.
  • They frequently come with continuous support in the shape of training or advice.
  • Grant recipients receive a lot of notoriety for their firm.
  • However, there are several disadvantages to business grants.
“Free” Doesn’t Mean Without Cost
  • Grants are deemed free money since they do not require repayment.
  • However, this does not mean that grants are free.
  • Grants for small businesses are quite competitive.
  • You could squander a lot of time and money applying for funding that you will never receive.
  • There is no guarantee of a return on your investment of time and application expenses.
  • Some awards have a lengthy and demanding application process that includes a detailed pitch, videos, and costly travel.
  • The time and effort you put into applying for grants is not always worth the slim probability of success.
There are Limited Options for Certain Circumstances
  • There aren't as many business grants as you may assume, but if you know where to look, you can find some good ones.
  • Excellent resources include:
  • The Small Business Administration
  • Local Small Business Development Centers
  • Grants.gov

Many Grants are Only for Specific Types of Businesses and Owners

  • Even with grant options, the range of choices accessible to you depends on your situation.
  • Some awards, for example, are solely available to businesses engaged in research and development.
  • Other grants are intended to help minority or female-owned small companies.
  • These requirements limit prospects for people who do not fall into one of these categories while increasing competition for those who do.

Small Business Innovation Research Program

  • This award is intended to support profitable scientific research and development.
  • The company must be based in the United States.
  • The company must be owned and controlled by US citizens or permanent resident aliens at least 50% of the time.
  • There can also be no more than 500 employees in the company.

Amber Grant

  • The Amber Grant provides a $10,000 reward to a woman-owned business each month.
  • At the end of the year, one of the recipients will get an additional $25,000 grant.
  • Applicants must share their story and pay a $15 application fee to be considered.

Cartier Women’s Initiative Award

  • This prize is also open to female entrepreneurs.
  • There is a regional category prize and a science and technology award for the Cartier Women's Initiative Award.
  • The regional prize is $100,000 for first place and $30,000 for second and third place.

First Nations Development Institutes

  • This organization aims to provide grants to Native Americans, Alaskans, and Hawaiians.
  • They not only provide funding but also assist with the application process, which includes crafting grant bids.
  • First Nations also assists individuals in locating appropriate funds offered by other organizations, including the US government.

National Black MBA Association Scale-Up Pitch Challenge

  • According to the NBMBAA, its mission is to assist new enterprises with African American ownership.
  • This is a startup pitch competition with cash awards ranging from $1,000 to $50,000.

The Minority Business Development Agency

  • The United States Department of Commerce manages the Minority Business Development Agency (MBDA).
  • This group is dedicated to assisting minority-owned businesses in obtaining the resources they require to grow and prosper.
  • Grant competition requirements vary regularly, so be sure to check the MBDA's website for the most up-to-date information.
  • Currently, the MBDA assists its members in applying for funding through Grants.gov.
  • This is especially useful because many business owners struggle with the grant application procedure.
You Can Find Grants in Surprising Places
  • The government and organizations dedicated to assisting minority, woman, and veteran-owned firms are the first places most business owners look for funding.
  • Grants can sometimes be found in unexpected locations.
  • Some larger corporations, for example, provide small company grants.

FedEx Small Business Grant Contest

  • This contest is available to any company that has been in business for at least six months and has 99 or fewer employees.
  • Every year, they provide
  • Eight $7,500 fellowships
  • One $15,000 grant
  • One $25,000 grant

National Association for the Self-Employed

  • This is a $4,000 award available to NASE members.
  • This award can be used to fund
  • Marketing
  • Advertising
  • Personnel hiring
  • Facility expansion
  • Specialized business needs
A Grant is Not Enough to Fund a Business Long Term
  • Small business grants are insufficient to properly fund a business.
  • Grants are often one-time awards, and the odds of getting one are slim due to severe competition.
  • Credit Line Hybrid is an outstanding backup finance strategy for your business.
Credit Line Hybrid
  • This is a type of unsecured business loan.
  • The interest rate on a Credit Line Hybrid is lower than that of a secured loan.
  • You can obtain some of the largest loan amounts and credit lines available for enterprises.
  • With indicated income, you can even receive 0% business credit cards.
  • Credit Line Hybrid submits reports to commercial CRAs.
  • You can create business credit, which will allow your company to access further finance with no personal guarantee.
  • To be approved for this program, you must have a credit score of at least 680 or a guarantor with acceptable credit.
  • There are no financial requirements for acceptance.
  • You can frequently obtain a loan for five times the existing greatest revolving credit limit account, which is up to $150,000.
Don’t Give Up on Applying for Grants
  • You should not rely on small business grants as a sure source of money, but you should apply if the time and application fees are balanced by the potential reward.
  • In either case, it is quite improbable that you will receive enough funds to adequately fund your business in the long run.

Grants are Supplement Not Support

  • Grants are most successful when used as supplemental funding.
  • First, secure dependable business funding, such as Credit Line Hybrid.
  • Then, if you are fortunate enough to be awarded a grant, utilize it to supplement your existing funds and lower your overall business debt.

Tips When Applying to Small Business Grants

1. Apply for the Right Grants

  • Take note of the grants you apply for.
  • If you are not eligible for a grant, do not apply.
  • Grants that are tailored to a specific need lessen competition.
  • Apply only if the prospective prize is worth the effort and money spent on the application procedure.

2. Study Requirements Carefully

  • Make sure you are capable of completing the grant application requirements.
  • For example, if you need to go to present your pitch to the grant committee in person, make sure you can cover the costs.

3. Turn in All Required Documents

  • If you do not provide all of the needed documentation, your application will be refused.
  • Grant committees may not even contact you if your information is inaccurate.
  • You may never realize that all of your efforts were in vain.
  • You avoid this, make sure to double-check all of your documents before submitting your application packet.

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