![]() Make sure your business aligns with the organization’s mission If you’re unsure whether you qualify, contact someone from the organization and ask. Read the requirements carefully and evaluate whether you qualify for the grant. It sounds obvious, but it’s not hard to overlook aspects of grant eligibility requirements and end up putting a ton of effort into applying for a grant you’re ineligible for. Read the eligibility requirements carefully Focusing on one industry also builds buzz around your business, and can help build connections with industry figures who may be able to offer guidance and investment opportunities. Look for grants within your industryĪ lot of small business grants are industry specific, so it can help narrow down your search if you focus on organizations and research institutions within your particular industry. If you’re starting out as a small business owner and looking to apply for small business grants for your startup, here are some key points to keep in mind: 1. Grant issuers often have stipulations about how the money can be spent, sometimes even spending the money themselves on specific resources they believe will help your business grow. Instead, organizations that provide small business owners with grants want to feel confident that your business idea contributes to their organization’s mission-whether it be a common good, innovation in a particular industry, or economic growth in a specific community.Ī small business grant isn’t necessarily “free money” either. Issuers still expect a return on their investment, just not a monetary one. But that doesn’t mean that small business grants don’t come with expectations and incentives. They’re not investment capital, either, so issuers aren’t expecting to own assets of your business. Small business grants are not loans, so lenders aren’t expecting to be paid back. There’s no single set of criteria that can be applied to all grant opportunities, but generally, grant-lenders are looking for small businesses that embody their organization’s stated purpose and add value to a particular community or industry. Small business grants are offered by all kinds of organizations, to all types of businesses, with a wide range of values, missions, and functions. Focus your pitch on innovation and expansion.Know what you'll be spending the grant money on.Make sure your business aligns with the organization’s mission.Read the eligibility requirements carefully. ![]()
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December 2022
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