When you’re starting a small business, you can use all the help you can get. A business grant is one of the best ways to fund your new entrepreneurial venture. There are a variety of small business grants available through the government and private organizations. It’s only natural that your next thought might be, “Can I obtain multiple business grants at once?” We’re here to answer that question and dispel any other myths surrounding small business grants.
- Grants are just free money, right?
While grants are awards, that doesn’t mean they don’t have restrictions on how you can use them. Once someone receives a grant, it’s up to that individual or organization to manage the money and ensure it’s used a certain way. As long as the grantee follows and shares all reporting procedures with the grantor, then the funding is theirs to keep with no need for repayment.
- Do my chances of receiving a grant increase if I submit to multiple grantors?
It’s not forbidden to send your proposal into multiple grant sources. However, you should know that federal agencies and foundations do talk with one another. If they were to find out that you submitted a proposal to multiple grantors for the same project, then they probably won’t choose you. You may also risk losing out on future funding opportunities if this is discovered. - Can I obtain multiple business grants?
It’s unethical to accept multiple awards from a variety of sources all funding the same project. Many grant opportunities are highly competitive, and many grantors only choose a few applicants. Your chances of being awarded a grant are slim, and taking on more than one is seen as greedy.
- Can I quickly put together an application?
The criteria varies between each grant application, so don’t assume that it will take a certain amount of time. A grant proposal can take anywhere from a couple weeks to a few months to complete.
- Can I spend some of the grant money on something other than the business?
Being honest is the most important thing a grantee can do. Grants are awarded on the basis that the funds are going solely to your project. If you grantor has strict guidelines in place and you break those rules, you can lose out on the initial funding and any future opportunities. You may even need to pay a fine depending on the agreement made with the grantor when you accepted the award.
