Small Business Grants: How to Qualify for Them
At the risk of stating the obvious, in order to qualify for a small business grant, you must apply by submitting a grant proposal to the grantor. However the qualifying process includes steps before applying as well as steps after qualifying. The 5 steps to qualifying for a small business grant are as follows:
Step #1: Make Sure Grants are Appropriate for Your Business
Grants aren’t for everyone, and they also aren’t the only way to finance a venture. If grants aren’t suited for your business, there are other avenues such as bank loans and venture capital just to name two. Will your project improve and make your community or society better? Then a grant might be right for you. Just make sure the grant you apply for is appropriate for your business.
Step 2: Prepare your Business Plan
In the business world anyone who is willing to give you money (close friends and family being the exception), will require a business plan. Business Plans not only help you to plan out the day-to-day and long term operations of a business, but if you have done a good job on the business plan, they show the grantor that you are serious about this venture.
Step 3: Find grants that might be suitable for your organization
Check government websites and see which agencies if any support the line of business you are in. Then check the grants they have available and see which ones are the best fit for your organization.
Step 4: Prepare and Submit Your Grant Proposal
After thoroughly preparing your grant proposal, check for errors as well as compliance with the terms of the grant. If everything checks out, then submit your grant proposal.
Step 5: Post Decision Follow Up
After securing the grant, continue to comply with the terms of the grant and ask your grantor about anything that you should look out for. If your grantor asks for information, be just as proactive about providing information as you were before receiving funding.
Using these 5 steps you can qualify for a small business government grant and continue complying with the requirements of the grant.
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