Getting A Great Grant

As a small business owner, you are eligible for a plethora of financing options provided by the Small Business Association and other organizations that cater to the savvy entrepreneur, including loans and grants. Grants are great because they’re free money. Typically grants are for a specific niche, such as:

• Technology businesses
• Veteran-owned businesses
• Women-owned businesses
• Minority-owned businesses

The Upside: If your type of business is listed above, research the grants that you may be eligible for, and you may find a valuable resource for funding that you don’t have to pay back! If the grant only pays a portion of the funding that you need, don’t worry: grants attract investors. Grants provide leverage that investors like! The Downside: Grants are really difficult to obtain. Companies often hire grant writers to wade through the difficult process required to apply. Hundreds of other companies just like yours want that free money, so competition is fierce. If the money you could be awarded is worth the trouble, take the time and complete the application process correctly to maximize your chance of being accepted for the grant. Organizations that offer grants usually have very strict guidelines about what you can and cannot use the grant money for. You’ll have to make sure you comply with every cent you spend.