Business grants are incredibly helpful. But, if you’re unfamiliar with the concept, you probably have a lot of questions. There are lot of informative websites out there that will supply you with helpful grant FAQs - and we’re one of them. Here is some grant information that help clear up some pressing questions. Check back with us over the next few weeks as we delve deeper into the following questions.
What is a grant?
A grant is a form of financial aid that you can receive federally, locally, or privately. Grants help support and stimulate the economy because they support innovative research and initiatives.
Do grants have to be repaid?
Typically, they do not. However, if you use the money for something other than what you proposed, there will be consequences.
How do I qualify?
To qualify, you need to work on your grant proposal. This provides the grantor with important information regarding the business or venture.
What do I put in the proposal?
You should include highly detailed goals as well as timelines and methods for achieving these objectives. Grants are not easy to obtain - but they’re worth the effort.
Where should I look for grants?
Grants.gov is a great place to look for federal grants, but there are many other resources out there that will help you find the right grant for you. For example, there are 26 federal agencies that award small business grants. State and local governments also list grants for small businesses. If you’re looking to start a non-profit, there are many non-governmental philanthropic organizations with available grants.
How do I stand out?
Stay passionate about your project, but don’t forget to be business savvy and intelligent. If you believe in your idea, chances are the grantor will as well.
If I don’t use all of the money, can I use it for something else?
No. You must use the money for your business or idea.
Can I obtain multiple grants?
Yes. As long as you are eligible, you can apply. If you received grants in the past, you need to relay this information to potential grantors.
Whether you’re looking to start your own farm-to-table restaurant, establish yourself as a criminal defense lawyer, or obtain funding for your nonprofit organization, grants can help you set a strong foundation.
