When you are a small business seeking out additional funding for your various business ventures, there are several places where you can receive the finances you need. Some of these places include getting a loan from a bank or opening a small business credit card. However, there is a very popular method of obtaining finances for a small business, and that is through a small business grant.
However, how do you get a small business grant? The answer to that is simple, by writing a small business grant letter. Yet, there are several tips that will help you obtain a small business grant, and when you use them your chances of being rewarded with this government money are increased.
Before you even begin writing your small business grant proposal letter, you must first find a grant for your particular needs. Searching for a small business grant is very time consuming, thus before you even begin to think about obtaining a small business grant, you must ensure that you have the time and money to do extensive research in finding a small business grant.
If you feel you have the time to perform such a search, than great, however, if you do not have the time or resources to perform this inquiry, than there are other options. You can hire a grant consultant if you need help in securing and negotiating grants for your small business, however, this is an expensive alternative and if you don’t have the extra finances this isn’t a viable option.
But many small businesses still have a resounding question, “Where can I find small business grants?” The best place to start your small business grant search is by turning to the Catalog of Federal Domestic Assistance, or CFDA. This catalog lists all of the government grants you can choose from, and the best part of all is, it is free. However, you will quickly find that most small business grants are made for minority businesses and other rural businesses. Yet, there are grants that are made for equipment and training. If you search hard enough, there is a small business grant for nearly every type of business, all it takes a little perseverance and a lot of patience.
Whenever you find a small business grant, be prepared for a very lengthy approval process, sometimes this process can take in upwards of a year. Yet there are several tips that you can utilize to help make the approval process go quicker.
- Make sure that all of your applications are completely filled out with accurate information. By turning in incomplete or inaccurate applications the approval process will come to a stand-still adding literally months to your final answer.
- Be as professional as possible. Always have a full business-plan, even if one isn’t initially required.
By obtaining as much information about your company and its business practices and plans, you will be able to provide more than enough information to the grant office, thus expediting the process.
- If needed, hire a grant consultant. This is a slightly more expensive route to take, however, it can help save you time, and ultimately money.
- Maintain an open line of communication with the grant office. Check in with them periodically, however, do not be over-zealous with your communications, as this will aggravate the grant office.
Whenever you speak with your grant officer make sure you are polite and professional. You attitude towards the process and willingness to work with the grant office can be the one thing that allows you to gain your finances quicker, or it can be the demise of the entire process.