Winning Tips for Locating and Applying for Small Business Grants

By: Michael | Published: July 30, 2010 | Filed under: Entrepreneurs, Small Business Advice

Small business grants can help people fund the startup and expansion of their company. Successfully receiving grants is not an easy process due to the high volume of applicants and limited number of grants available. Let’s explore where to start hunting for grant opportunities and how to maximize your success when applying for them.Locating small business grants is a time consuming process. There are a lot of grants out there to sort through to determine which you best qualify for. The first resource to locate small business grants is the Catalog of Federal Domestic Assistance, which can be accessed online at http://CFDA.gov. Look for grants from your city, state and the federal government that are as relevant as possible to your small business and what you are looking to accomplish. Create a shortlist of grants you are looking to apply for. Keeping organized is a key part of the grant application process. Remember that part of your success is based on the fact that receiving grants is partially a numbers game. The more grants you apply for, the more likely you will be awarded one. However, also keep in mind that applying for a grant can be a time consuming process and you should waste time and resources applying for grants that you do not qualify for.When it comes time to apply for grants, your best bet is often to bring on a consultant, or a grant writer to help you maximize your chances of receiving the grants you are applying for. If possible, try to work with someone who has a proven track record for getting grants approved. It can also help to add some credibility to your application. While this may seem unnecessary, when you consider the number of applicants to the limited number of grants, you really need all the help you can get. Another very helpful tool to have available is a strong business plan. If you do not already have one, or think yours could use some fine tuning, this would be another good time to bring on the help of an expert. Your business plan should include a description of how your new company or expansion efforts are going to benefit a certain demographic of consumers or business owners.Once you have started the grant application process with your consultant, be sure to maintain an open and ongoing dialog with the grant officer. Discuss if there are any particular details that they are looking for from an application that may not have been clearly listed. Some beneficial outcomes include learning more details to add to your application that will make yours stand out from the rest, or realizing that although you seem to qualify, your business is not what they are looking for. Communication and clarity can be the winning factor in this incredibly competitive process, use them to your advantage!