For those of you with small businesses, or ideas you want to launch, one of the biggest challenges that you face is obtaining funding. All the rage right now is crowd funding, which can be quite effective if you have the ability to heavily promote it. But what if you don’t? Well, you can raise money with grants.
Many businesses are eligible to apply for grants, but the key is finding one that your business will qualify for. Grants are available from the federal, state and local units of government. But many people don’t know that they are also available from not-for-profit corporations, profit corporations, educational organizations, and foundations.
Like anything, if you’re willing to put in the effort, then grants can be a potential source of funding for your business. Here are a few quick tips to guide you:
Tip 1: Identify The Type Of Grant You Need
Before doing anything else, you’ll need to identify what TYPE of grant you need so you know where look. This is crucial so you don’t waste your time!
If you are looking for a business grant, you should explore the U.S. Small Business Administration. If you are looking for an educational grant, you should be looking at the U.S. Department of Education and your State Department of Education, along with other funding organizations providing education grants.
There are literally thousands of grants awarded every year from the government, non-profit organizations, and corporations. Once you have identified the type of grant you need, the next step is to search for grants that you can QUALIFY for.
Tip 2: Find Grants You Qualify For
After completing advice from Tip #1, if you have U.S. federal government agencies on your list, then you can search directly on an agency’s website for their requirements. You can also search grants.gov for grant opportunities from various U.S. federal government agencies.
If you are seeking a grant from foundations, a good resource is the Foundation Center. This online directory has information on more than 95,000 U.S. foundations and corporate contributors. You can search for the top foundations awarding grants based upon your specific needs.
One of the biggest mistakes you can make is to apply for a grant that you aren’t eligible for. Make sure you read the qualification requirements carefully so you don’t waste your time.
For example, if the grant specifies that only “small for-profit businesses with less than 50 employees” are eligible, it does no good to apply if you’re a non-profit business.
There is great information in this post about gaining money for your new or existing business. To read the full post: “This article is reprinted with permission by ShowcasingWomen.com, the Premier Resource For 30+ Million Women Entrepreneurs. Visit them for free instant access to their Success Tools.”