Carefully Develop Your Small Business Grant Proposal

A Home Business Article Contributed by Donna m. Brown

Develop a Proposal for Your Small Business Grant before You Begin Writing

Think about it, when you apply for a small business grant, you are asking the keepers of purse strings to entrust you with money that has been set aside for a very specific purpose. You will have to sell them on your small business, yes, but first you will have to sell them on you. The best way to do that is to plan, be well prepared, thoughtful, concise and professional in the presentation of your request - or, small business grant proposal.

Become very familiar with the program to which you will appeal for money. Research a list of prior successful applicants. Study the scope of their projects and, if possible, review their grant proposals as well as administrators' comments in public meeting minutes. This is a time-consuming process, but most small business grants are for many thousands of dollars and if research helps secure a grant your time will not have been wasted. Even if you fail with your first proposal, you will be better prepared for the next go-round.

Sometimes basic grant requirements are overlooked. If you miss a note in the eligibility criteria that eliminates you from the running before you get started, you could waste plenty of time that could have been spent pursuing other avenues of funding. Talk to a representative of the donating or administrating organization and get a strong feel for the type of grantees they are looking for.

Have You Got the Right Ideas for a Small Business Grant?

Before you move forward with a developing idea, research your community and state to see if anyone else has proposed a similar idea unsuccessfully or successfully. Pay particular attention to details about the project that caused a group of people to nod their heads, "Yes, " or shake their heads, "No" to a proposal. Granted, the decision could have been based on many factors - even if the idea is a terrific one - but you need to know what those factors are and how to avoid pitfalls and climb mountains to earn grant money.

If you find that a project similar to yours is already in the works, grantors may not be willing to support another. Focus on the similarities between your projects and find out what makes your idea significantly different than that of another. For example, if you are interested in developing a park in one part of town, grantors probably won't be too interested in helping you if park development is going on just across town by someone who beat you to the punch.

Sell Your Small Business Grant Idea to Community Members Who Will Jump on Your Band Wagon

Community support is critical. Don't expect to get a small business loan from any agency or individual who believes giving you the money could cause political or social turmoil. Once you have prepared your grant proposal, pass it around to important people who can offer real advice, insight and support. Key community players lend credibility and be assured that not every decision is made in a board room or in front of a crowd.

Someone on a decision making panel just might have lunch with a key community player who has heard about your project. That individual's comments could persuade the decision maker in a positive or negative way.

Once you get people fired up about your small business grant proposal, ask for letters of support or public endorsements.