Steps to Writing a Successful Small Business Grant
A Home Business Article Contributed by Cassandra L. Keller
Steps to Writing a Successful Small Business Grant
A small business grant can be key for an entrepreneur who has little funds or access to capital for their venture. While it would be nice to believe the commonly seen advertisements for free government grants for small businesses, this is usually not the case. The truth is, most federal departments, like the Department of Commerce, do not offer small business grants. Instead, grants are given by state programs or other groups with specific fields in mind.
For example, organizations affiliated with fields such as medicine and education will offer grants with specific eligibility criteria attached to it.
What to Consider before Seeking out a Small Business Grant
Finding a small business grant program and reviewing its requirements can be extremely time consuming.
Once you find a small business grant, you have to determine if you meet the requirements to apply. Eligibility can be based on sales revenue to date, location, years in business, race, sex and/or the purpose of funding. If you don't have the time and resources to seek out and find a small business grant yourself, you may want to think about hiring a consultant. Also, if you opt to learn about the grant application process and execute it, will this take away valuable time from your business?
Will hurt your selling and marketing time? If you answered yes to these questions, it may be best to go with a consultant.
Where to Look for a Small Business Grant
The best place to begin your search for a small business grant is the Catalog of Federal Domestic Assistance. The Catalog of Federal Domestic Assistance lists more than a thousand small business grants from government agencies for free. It is common for small business grants to be geared towards minority business development and rural business opportunities.
Also, don't forget to consider other assistance programs that may be available to you such as surplus equipment and training
If and when you do find a small business grant program that your business fits into, prepare yourself for a long approval process.
Small Business Grant Tips
1) When applying for a small business grant, provide complete and accurate data on the application. If you don't, you can add unnecessary delay to your applications approval, or your application may not even make the review process.
2) Find out who your grant officer is and get to know them. Inquire about their constraints, budget and any concerns they may have with approving your grant.
3) Make it a point to stand out among the crowd. You can do this by presenting a well-prepared small business plan and by demonstrating your understanding of the business. You may also want to show how the money will bring the benefit the agency desires.
4) If necessary, bring in outside experts. You can add credibility to your application process wit the help of an accountant or consultant.
5) Lastly, keep in touch with the grant office but do so in a professional, non-instursive manner.
