Small Business Grants and Your Business
What’s the big deal about small business grants and should your business apply for one? The answer depends on what your goals are for your business.
Small business grants are designed to give small businesses a helping hand. They help small businesses get through the early stages of start-up and growth so they can achieve a more stable financial position.
Grants come in many forms:
Supporting businesses to explore new opportunities
Marketing and sales promotion
Research and development of new products or services
Benefits of small business grants
Support for your future vision
Small business grants are competitive. When you succeed in your application, you gain the recognition and acknowledgment of your future vision from the funding body, and your associated industry and business leaders.
Access to industry experts
A successful grant can deliver more than a simple financial boost. You can also gain access to business mentors, leaders and expert advice that can help to transition your business from fledgling start-up to success story. Business mentors can provide invaluable advice on how to adopt better practices and leverage relevant innovations.
Increase brand awareness and customer reach
Grants can raise the profile and expand the reach of your brand, at the same time, growing customer recognition and interest.
Higher profile to attract higher caliber talent
As a grant “winner” your business profile is raised, enabling you to attract and retain high-quality employees who can help you continue to drive business growth and success.
No repayment required
Grants do not require repayment so small businesses can enjoy the funds free and clear of ongoing controls and conditions. However, they shouldn’t be considered as free money as the application requires substantial time and effort to complete.
No “loan” hassles
Grants generally do not attach the same conditions or obligations that come with loans. Grants give you the freedom and support to achieve more with less financial burden.
How do I apply for a grant?
Applying for a small business grant is easier than you might think. Yes, there is a bit of work and effort involved, but if you can manage to run your business, you can manage the application process.
Every grant application process is different, but here are some general steps to follow that give your application a solid chance at success.
Step 1: Apply for grants that fit your business type
Step 2: Go through all the terms and conditions
Step 3: Mark the due date of the application on your calendar, because you don't want to miss this important date
Step 4: Notice how the grant uses language, formal or informal, and follow the pattern of the language to reinforce the natural “fit” between the grant and your business when writing your application
Step 5: Map out your application by describing what you want to focus on in each section, and present your business in a way that fits the requirements of the grant
Step 6: If you need help filling out your application, look online
Step 7: Submit and stay positive as it can be a while before you hear back
To learn how FedEx can support your small business goals from now to next, visit the Small Business Center today.