How to Get a Small Business Grant: 7 Tips to Secure a Grant
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1. Get Familiar With the Grant Options
Business grants for women Small business grants for minorities Business grants for disabled entrepreneurs Grants and loans for disabled veterans Grants for immigrant business owners
2. Know Where to Look for Grants
Grants.gov. This government-run website houses information on more than 1,000 grants as well as additional resources for potential applicants. GrantWatch. This subscription-based website allows you to search for grants using different criteria and provides information about other resources, like grant writer referrals. A subscription is $18 per week, $45 per month, $90 per quarter, or $199 per year. Minority Business Development Agency (MBDA). This government-run website lists some grant competitions as well as providing other resources for small businesses. Small Business Administration (SBA). The SBA is involved with some grantmaking, particularly in the area of research and development, and also grants funds to community organizations. USDA Rural Business Development Grants. Rural Development provides grants (and loans) to encourage the development of housing, healthcare, first responder services, utilities, and other essential services.
3. Review Individual Grant Criteria
Time in business Type of industry Annual revenues Number of employees Planned use for grant funding
4. Know What Registrations You May Need to Apply
Federal Employer Identification Number (EIN) DUNS Number SBA certified small business or woman-owned business documentation Business license or articles of incorporation
5. Update Your Business Plan
An executive summary Company description Market analysis A description of your organization and management Details about your products or services Financial projections and expected growth
6. Complete the Grant Application
Know your due dates
Read it through at least once
Be thorough. One thing to note about how to apply for small business grant money is that less is not more. In other words, if the application asks for a detailed description of how you plan to use the money then don't offer up a one- or two-sentence explanation. Don't leave anything out. If a grant application asks for specific documentation, such as a copy of your business plan or a recent profit- and -loss statement, don't fail to include it. An incomplete application could be rejected right off the bat, so make sure you're submitting all requested documents.
7. Follow Up if Appropriate
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