Millions of dollars is given away in grants every year to small businesses. The competition for those grants is fierce. The first step of the process is not finding the grant itself. It is preparing for a grant.
- To apply for one, the first thing you need to do is determine exactly what the money will be used for. Is there a of equipment your business needs? Do you need to hire extra labor?
- Know what you need and why you need it. Now you can look for the specific grant you qualify for to fill the need.
- Read the instructions carefully. Contact the agency that is administering the grant. Work with the agency to further refine what your business needs.
- Apply by following the instructions to the letter. If the instructions are a three-page narrative, do not send four. The grantors want to know exactly how you are going to use their money.
- For every grant that is funded, many are rejected. Look at the report from the grant committee to find your strong and weak points. Address those items next year.
- Congratulations. Your small-business grant was awarded. Be prepared for the red tape and meeting your obligations.
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