How to Get Free Funding For Your Business With These Small Business Grants

Get Free Funding for Your Business: Applying for Grants

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Raising funding for business can be challenging, but there are investors who are willing to provide free funding for businesses who qualify. Small business grants are popular options for business owners, since they don’t have to be repaid. Keep reading to learn how to apply for grants and take advantage of this important source of free funding.

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Are There Free Small Business Grants?

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Yes!

Small business grants can come from government sources, private foundations, and business associations. Federal, state, and local governments offer the most valuable grants, but these are the hardest to get. You must comply carefully with instructions to apply for these government grants, and applications can take 3-6 months to process. If accepted, you are then responsible for reporting on your small business grant’s implementation and results.

Private foundations sometimes seek to encourage small companies to provide jobs or economic opportunity in a specific part of the country. To successfully apply for grants from a private foundation, it is essential to understand their organizational goals. Some foundations offer awards through competitions that require video, social media, or other creative materials as part of their application process.

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What Out When Applying For A Small Business Grant

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Here are three pitfalls to watch out for when applying for small business grants.

Making your search too narrow. Try anything and everything when applying for free funding! There’s nothing to lose and potentially much to gain for your business.
Avoid mistaking grants for debt. If your business needs an immediate cash infusion, loans are an option, but bear in mind that they will (unlike grants) need to be repaid.
Keep looking! Grant opportunities open and close often, so it’s important to stay updated in your search for opportunities.

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How to Apply For Free Funding

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To improve your chances of being awarded a small business grant, the first thing you should do is carefully investigate the funding opportunities available. Grants.gov is a great tool for locating government grants, while various databases exist (a Google search away) that can provide information on awards offered by private foundations and other organizations that support small businesses. Keep your eyes open for these private awards.

When you apply for grants, keep in mind that the person on the other end making a decision is human; just like you. Make sure you put a personal spin on your application instead of just checking the boxes. Explain how the funding will help you achieve your goals in a way that resonates and tells a story. It’s always better to make a strong emotional impact if you can, while making sure to give the funding organization the information they need to make a sound decision in your favor.

Grants for small businesses are a great way to get free funding! However, when you set out to apply for grants, keep in mind that it requires a lot of study and careful attention to detail. You may increase your chances of success by avoiding some of the traps outlined above, and making sure to follow best practices here and elsewhere. Doing this successfully will allow you to open up sources of funding that you might otherwise not be able to access.

We’re happy you found this article informative! Read more about business funding and essential accounting topics on our Insights blog:

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