How Can I Get a Business Grant?

A business grant is an important option in funding a new business. Many businesses will find that for-profit businesses have less of a chance at obtaining a grant, but there are still options for obtaining business grants whether the business is non-profit or for-profit. The key to getting a business grant is preparation.

Explore Your Options

Business grants are available from a wide variety of resources. Grants from the federal government are a good place to start. Many grants offered by the federal government give priority to local governments, lending institutions and non-profit organizations. Some grants and contracts from the federal government are available through specific organizations such as the Department of Justice or the Department of Transportation.

Other options for finding the right business grant include private foundations and educational institutions, though many of these grants are awarded to individuals for research or higher education.

Choosing a Grant

Choosing the right grant for your business proposal will better your chances for being awarded that grant. Many grants have specific guidelines that a business or non-profit organization must meet before the proposal is even considered. The purpose of the business and its future goals should meet or exceed the standards and objectives of the grant.

The grant application or proposal is not your only chance of success. Government agencies and private organizations that provide grants may also choose to interview a handful of applicants for the grant, especially if the applicant pool is very competitive.

Write the Proposal

Once the grant source is chosen, you should begin writing the grant proposal. Most grants are awarded on a specific schedule, so the due date is an important aspect to consider. Give yourself plenty of time to outline your proposal, write it and revise it before submitting it to the grant application committee.

An outline should be your guide to writing your proposal, but do not be afraid to add additional information. Most grant committees want to know what the long-term goals of the business are, how this will be achieved and how the success of the business will be measured.

It is also important to thoroughly read and follow the instructions provided with the application. Know what documents you need to provide and how many copies of the proposal you will need to submit. It is also a good idea to submit a cover letter with the proposal unless it is prohibited by the grant committee. The letter should provide a short overview of what the person is about to read.

References

• Small Business Administration
• How to Write A Grant Proposal
• Grants.gov: Federal Government Grants