How Do I Know If I Qualify for a Business Grant?

Entrepreneurs often wonder: Do I qualify for a business grant? Fortunately, GrantWatch has the information to help answer this question. Researching and applying for grant funding can take dedication, time and effort. There are many vital points of information you should know before applying for grants. For example, did you know that funders often require a business to be in operation for at least six months to two years before it can qualify for a business grant? Grants are not just free money! Grants are a serious matter that often have strings attached. Although business grants are competitive, the reward is worth it!

Grants Are Not Immediate

First and foremost, grants are not magical solutions to your money problems! Do not depend on a grant to save your business overnight. The grants life cycle is extensive. It will take time and effort on your part to gather the documentation required to submit a ‘complete’ grant proposal. Also, once a grant is awarded, do NOT sit around and wait for the funds to be ‘immediately’ issued. This process is not automatic. Instead, it needs to follow the grant funder’s timeline – not yours! Also keep in mind, there is no ‘guarantee’ that you will be awarded a grant the first time you apply. Do not give up! In the meantime, you need to cultivate valuable business relationships as part of your continuing efforts to win a grant. Maintain your resolve and ‘keep your chin up’ as you work toward achieving your grant funding goals.

Allow Time For Research

Research must be done to determine whether you qualify for a business grant. Allocate plenty of time for grant research. First, weed out the grants for which your business does not qualify. Furthermore, ongoing review of your open grant applications could be crucial in order to provide any additional information that may be required. For example, most grant applications will list reporting requirements that need to be met. Subsequently, you may need to contact your bookkeeper or other team members to ensure they are proactively gathering the information needed to submit a thorough, professional grant proposal.

Stay True To Your Business Plan

Do not apply to grants which do not complement your mission or program goals. There are many grants for businesses currently available. The unique requirements of each funding source must be adhered to when submitting a grant proposal before your business can be considered. Furthermore, your business should never change or adapt their business model to “fit” the purpose of an otherwise (potentially) desirable grant. Be creative when applying for grants – but not so creative that you put yourself ‘out of the running’ for the grant! In time, with hard work, it will be more and more likely that you will be win the grant(s) you are seeking to help your business succeed.

Ensure Your Eligibility

It is important that you avoid spending valuable time applying to grants that do not align with your business. Above all else, be sure to verify your grant eligibility before attempting to apply for a grant! This can not be stressed enough! Carefully read the outline of each individual grant to see if your business qualifies to even be considered to possibly be awarded the grant. Funders provide detailed eligibility requirements for a reason. Simply put, if you read a grant outline and say to yourself, “This sounds like an opportunity that is right for my business,” then that is a grant to which you should apply. Otherwise, move on to identify better grant opportunities to consider.

Keep Accurate Records

Being able to accurately provide a professional and concise outline of your business plan is crucial to succeed in winning a grant. For example, prepare to provide data that carefully outlines each of your current products and/or services. Your need to have accurate documentation about the programs that represent your core mission. For example, as part of your grant proposal, you will likely need to provide information that includes: the number of clients served, the number of products sold and/or the number of sessions provided. After all, to be worthy of their consideration, funders want to verify data that proves your business is both reliable and trustworthy. They are not looking for just a passionate story about your business.

Apply More Than Once

Your business should be actively applying for new grant opportunities on an ongoing basis. Establishing a solid reputation for your business is vital. New grants are published daily. Did you apply to an “ongoing grant” or a recurring grant? Funders like to see dedicated applicants return year after year. Never give up! Your should always be actively applying for grants for which your business is currently eligible.

With close to 8,000 grants currently available, GrantWatch.com is the leading grant listing directory. Upgrade to a MemberPlus+ subscription to view the full grant details, including eligibility criteria and application information. For more information, you can also visit the GrantWatch FAQ page.