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Operating a business can be difficult. Many owners consistently look for ways to find capital via varies funding options grants for small businesses.
Compared to other funding options, a business grant seems more attractive because it is essentially free money. Grants are great ways to establish your business without mortgaging your future.
The Different Types of Grants
When it comes to grants, there are a ton of different options. Grants can come in many forms, including:
If you need a resource to help you find good grants, check out Shante R. Roddy’s Grant Winning Checklist. Her checklist will help you with the applications for grants. She can help you win grants with more ease! Check her Grant Checklist out here!
Where Can You Find Business Grants?
You may be asking, where are you able to find these grants for your business? There a number of available grants to the public however here are a few common sites to access grants.
The Small Business Administration (SBA)
The SBA continues to help small business owners and Americans pursue the American dream. It is fully dedicated to small business and provides counseling, capital and contracting expertise to them.
These are offered by the government and are quite a number and all you have to do is check your eligibility before pursuing any.
Suited for female owned business, this grant established in 1998 by WomensNet helps women realize their business dreams.
You may also want to check your state’s official web page and search for a grant program that may be beneficial to your situation. Many states offer grants to small or online businesses that contribute to job growth and the state’s prosperity.
*It’$ My Money is not affiliated with any grant opportunities mentioned.
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Who Are Grants Available To?
There are grants available for all types of small and online business owners, including women, minorities and veterans and disabled Americans.
A grant is typically made available when a government agency, nonprofit, or private how to get a grant for your business in 2023 decides to set aside funds for a specific area of concern. A grant could be established to encourage minority entrepreneurship in a community.
Another could be established to fund a specific industry, to reward innovation, or to promote women-owned businesses. Whatever the cause, the agency or business will begin a grant by allocating funds, establishing qualifications, and creating an application process.
The key is to find the grants for which you qualify and then do the nose-to-the-grindstone work to apply for the small business grant.
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Thing to Consider When Applying For a Grant
There are some pros and cons to consider when you apply for a grant.
- You do not have to pay back the money you receive. This offers a valuable contribution to your business in terms of growth because you don’t have to worry about working to repay the money.
- Majority of funding projects are targeted towards certain initiatives and this will develop your business in areas it was lacking such as hiring more employees, financial advisor among others.
- Due to the nature of grants, they are highly competitive because who does not love free money! Your business needs to represent great value to and fit the requirements to the dot.
- Grants are specific with their purposes and cannot be used outside their purposes.
- Often, conditions are set by the grant provider and as the recipient you are to conform to them. These can look like creating jobs or hiring from marginalized group.
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You can also check out my resource page for great (and free) ways to manage your money. Budget your money and use it wisely!
Learn More About Grants!
Are you considering a grant for your business ? Listen to my YouTube episode on the topic.
I have been an awardee if several grants. In some situations they had helped my business stay afloat. A great resource to help up is the winning grant cheat sheet and checklist here.
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