Are you wondering how to apply for a business grant?
There are moments when it may not be the perfect timing to self-fund a new business venture, or a traditional business loan may not be possible. This is where a business grant comes in. A way to kick things off, before raising more money from outside investors to fuel growth.
Business grants are made up of free capital meant to serve as financial assistance to the awarded business. Its objective is to eliminate the need for deb right at the beginning, allowing the business to grow and flourish.
These grants can be awarded through two courses—grant-making government agencies like the U.S. Small Business Administration (SBA), or through a private organization like FedEx. Many governments awarded business grants are given to non-profit organizations, scientific or medical research groups or educational projects, but that isn’t always the case.
Applying for a business grant, or “grant writing,” differs depending on the grant-making organization and your type of venture. Still, many application steps overlap. If you are in search of funding for your own project, make sure to follow the following checklist.
1) Study Up
The first step when figuring out how to apply for a business grant does not involve applications at all. You need to be well informed about the different types of existing grants before you can apply for one.
If you think your business is suitable enough for a government awarded grant, find out more about them. Grants.gov has a thorough catalog of listings. Each one varies in sum awarded and purpose. They are all granted by one of the 26 grant-making government agencies, which vary from the U.S. Department of Commerce (DOC) to the National Endowment for the Humanities (NEH).
This government website offers a Grants Learning Center with different educational resources. The Grants 101 page includes detailed explanations regarding the award’s lifecycle and what the recipient must-do during the pre-award phase and thereafter. It also includes information about grant policies and the confusing terminology often used in the process.
While applying for a private grant may look differently, studying is still important. Check out online catalogs which include hundreds of local, national, and international nonprofits and corporations that award grants.
Discover what organizations are offering the kind of grant you are looking for and figure out what kind of information and documentation you will need to collect for the application period.
Also, make sure you have your story together as storytelling is everything when you are seeking capital. For a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
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