Small Business Grants – Eight Facts and Tips That Make a Difference

1. The Right Choice For You?

Every great project begins with a dream, or an idea that grows and takes shape into something tangible. If you have a dream to begin your own small business and not enough funds to start it up you may consider joining the ranks of many who are applying for small business grants.

2. How To Proceed

Once you have defined what type or organisation you wish to start you will need to define a basic business plan and a budget. Once you’ve established your needs its time to go grant shopping! There are so many small business grants available through government departments and private organisations that it’s really a not-so-simple matter of finding the right grant to suit your needs.

3. The Right Grant For You

There are many different kinds of small business grants that offer many benefits and you should be careful in your selection as you will want to find the best grant to fill your requirements. It is also important to consider the fact that the grant will have specific requirements that you will need to meet before you can be considered as a likely candidate.

4. Eligibility

When looking at small business grants it is vital that you meet their often very specific application criteria. Requirements vary from grant to grant and organisation to organisation and can factor in your industry sector, the age or size of your business, the location of your premises, your sales revenue and even such factors as age, race and sex. Be sure to check if you are a likely candidate before applying.

5. Be Accurate

Once you’ve decided to apply for a small business grant it’s important that you fill out the application completely, including all pertinent information. An incomplete grant application can actually lead to your grant being rejected or may cause delays in the grant process as they wait for you to supply the required information. Be sure to check and double check your application before submission.

6. Know The Requirements

Develop a good rapport with your allocated grant officer and ensure that you understand fully all aspects of the grant application. Be aware of such details as budget constraints and application requirements as the last thing you’d want is to have your small business grant rejected due to non-compliance on some minor aspect.

7. Outshine The Competition

Be well prepared and present a thorough and informative grant proposal that clearly defines your goals and the benefits that your project will have. Be professional and ensure that you include all market research and surveys as necessary. Explain to the grant organisation why your organisation is the perfect candidate to receive their aid.

8. Communication Is Key

Keep in regular contact with key personnel in the grant organisation. Ensure that they have all the information that they require and maintain correspondence throughout the grant application process. You can track the progress of your application and provide any additional information should it be needed.