Another way that some choose to get their small business going is with a grant. A grant can be a great way to get your business up and running because no interest has to be paid and funds are often non-returnable. However, getting a grant can be difficult and time-consuming. If securing a grant is something that sounds appealing to you, there are several tips that can make it happen such as applying as soon as possible. The most optimal time to get a grant is to apply for a particular scheme when it first opens. The most money will be available when the scheme first opens. Before applying, talk to who is awarding the grant.
By doing this, you will get advice about the grant and find out if it is worthwhile; you will also get help with your application and be able to talk with someone as the grant process continues. Most importantly, don’t begin your project until you have applied for the grant. If you go ahead with your project before asking for the money, they will think that you don’t need the money. It is important for them to know that you need the money because that is the main purpose and goal of giving a grant.
In addition, when writing your application proposals, stay focused on the awarding body’s objectives. It is important to mention how the project you propose will bring various benefits to the environment and to the local community. Your proposals should make a good fit with the objectives of the scheme. In addition, always be truthful with your proposals and ensure that you have a clear and strong business plan that goes along with your application. Most importantly, the grant agency needs to know that your project will not move ahead without the grant. Lastly, make sure that you have matching funds available.
It is rare that a grant body doles out grants that cover everything; the grant agency needs to be reasonably sure that you also will be providing money for your scheme. Some may not know it; but your business can improve its chances of being awarded a grant if the purpose of the grant is associated with national priorities such as creating jobs or renewable energy.
Also, besides the government providing grants, there are other companies that give out grants such as Brother International Corp and StartUpNation. Another place to look for grants is Grants.gov. Another tip for finding business grants are talking to community and economic development agencies and contacting your governor’s office and asking about state agency grant funding.
There are benefits of a business grant that overrides other types of loans such as not repaying the amount of money that is given to you. Also, you don’t have to give up equity or compromise your plans with shareholders. In addition, when you are given a grant, it gives confidence to banks and investors. Most importantly, when you are given a grant, you become validated; an organization has thoroughly examined your project and has made a decision that your ideas, your plan, are sound enough to warrant funding that is coveted by many.
In addition, once you are given a grant, certain organizations offering R&D grants, will do patent searches for you. This can save you a great deal of time and money! Lastly, once you have been given a grant, it is much easier to get another one. The process is easier because you have made contacts and you’re familiar with the process. Most importantly, your relationship with the provider means that they will be more likely to recommend other schemes to you when you ask.