How to Apply for Grants With No Money Needed
Unlike loans, grants do not have to be repaid and do not require collateral. According to the Enoch Pratt Free Library, a grant is a financial donation given to support a person, organization, project, or program and it is typically awarded to a nonprofit organization from a foundation, corporation, or government agency. For example, the U.S. government may have a goal of increasing the number of small businesses in a rural area and may issue a grant to business owners looking to launch a venture in a certain region. You can apply for a grant with no money as long as you meet the guidelines set forth by the loan guarantor.
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Instructions
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Research available grants. If you are a nonprofit organization, there are a number of websites for you to access to find grants such as Foundationsource.org and Guidestar.org. Grants for entrepreneurs and other for-profit entities can be found at Grants.gov or by search industry association websites. From the list of companies provided, locate the organizations that have a history of funding programs or causes similar to your own. Peruse grants available on the individual foundation or government website to find opportunities. Read the foundation's annual reports, newsletters, and publications as grantmaking priorities may frequently change, advises the Pratt Institute.
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Read the requirements listed in the application guidelines for the grants you have found. Ensure that you meet all the criteria as it is described in the application instructions. The organization providing funding has likely undergone an extensive planning process to ensure they maintain certain legal funding guidelines.These guidelines ensure that they stay in good standing with the IRS or with tax payers if a government organization.
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Submit a letter of inquiry. Often, before you can submit an application for a grant, an organization will request a letter of inquiry. This letter explains your grant needs. It is typically 1-2 pages. The organization will read the letters and choose which funding opportunities they would like to pursue. If you or your program is selected, you will receive written notification by phone or email.
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Fill out an application including all the requested supplementary materials. If the grantmaking organization has an incomplete application, they will be less likely to continue reviewing your funding opportunity.
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Tips & Warnings
Grants are only one funding source. Requesting donations from the general public via direct mail, telemarketing, membership programs and major gift campaigns are all viable sources of funding capital.
Be patient. Grant cycles are typically once every 12 months which means it could be 12 months before you actually receive a check in hand.
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