The Key to Grow Your Business Through Small Business Grants
The Key to Grow Your Business Through Small Business Grants
Where can we get small business grants? That is the most popular question among business owner that is about to run their company. The world formula is clear running a company is never cheap. From the very basics, it starts with product creation, skill improvements, and all about the techniques. If there is already an embryo or product, the next level is buying inventory (and securing it), comprehending the market demand, and testing the product for the people. All activities mentioned are done with cost. This is the big issue in building the business, getting the source to pay all those costs.
The difference between the seasoned industry and the total newcomer lies in the network. The seasoned ones (assuming that they already have the other segments or main company) usually have their sources. The sources are not always from their wallet but also the money source from outside (related to the network mentioned above). Even if they want to search for a new sponsor, it is easier because they have portfolios in the business before.
For the completely new or startup? It is very tricky. They do not possess any proof so they have to find the sponsor differently. Some organizations that acquiesce to be the fund source provide an application that can be filled. The good news is this funding program is open to all kinds of businesses. Nonetheless, are those applications just granted with a click of a button? The answer can be yes or no.
The Free Funding Program
There are two kinds of free funding, they are the grant held by the government and by the non-government. Federal agencies give free funding to companies that meet the department's mission. As we know that businesses are very wide and impossible just to focus on the department's mission. If you do not win the government program, private companies and many organizations also give grants.
The Big Tip
Revealing the reason between the application is approved or not, here is a simple analysis. The small business grant program is offered by an organization (s). Since this funding is not a loan, nor an investment, monetary payback is not required. The expectation is that the small industry supports the organization's mission through innovation, ideas, and all that the industry could give. Those are expected to support the community behind the organization.
Some think that it is free and easy money knowing the contribution expected. However, the issuers give terms and conditions on the money spent. They also usually give a list of the partner tenants that they believe.
Some Important Keys
To make things clearer, here is the list that you can comprehend one by one in getting the funding.
1.Find the Matching Grants
The free funding program is not one single program. It can be held by any organization that acquiesces to give away the fund. A lot of grant programs opened, and the first step is searching for an organization in the same field as your industry. Make sure that your company meets the free funding program's terms and conditions. Some might give particular requirements such as joining some organization as a member. After finding the matching program, you can apply.
2.The Information That Should Be Provided
Submitting complete data is crucial. Gather these documents to increase the chance to be approved.
- Contact.
- Business plan.
- The reason for applying.
- The plan for the money spending.
- Location.
- The contracts list that is possessed by your business.
- Tax return and bank statements.
- Organizational chart.
- Revenue history.
- Etc.
3.Strengthen the Uniqueness of Your Business
Although a business already fills the organization's requirements, it is important to show your business specialty. The organization tends to find a company with great innovation and a good future to grow. You might want to show that your business also uses the technology maximally. But, among all of those, the most important is that the whole innovation and business growth could support the organization's mission.
The silver line in getting funding through the program is to search for a program that is supported by the organization with the same field/same mission, be ready to contribute to the organization, and prepare/manage the spending. After winning the small business grant, start growing your business.
