With the economy showing glimmers that it may be improving, many small business owners are looking for creative ways to grow their business, hire new staff and improve their employee skill-sets to be more competitive in the marketplace. There are grants out there to start a business or give an existing businesses a boost, but it does take some work to get your hands on money that you don’t have to pay back. There are a plethora of government grants available but only 5 percent of those grants are awarded to smaller businesses. The Small Business Administration’s website is a great resource but many opportunities offered by the SBA are loans rather than grants, requiring scheduled repayment plans.
A valuable and sometimes overlooked source for funding opportunities is the economic development council of the state, county or city that your business operates in. Grants administered through economic development councils are often less restrictive than federal government grants and it is likely there will be less competition.
Here are some tips for writing successful business grants:
1. When contacting your local council, it is important to have a clear message about the type of funding you are looking for and how you will use the money if you secure the grant. Will you be using the money to add employees, make capital investments, upgrade equipment or other things that will help your business grow?
2. Ask your EDC for advice and assistance if you are new to the grant writing process. The funds that they facilitate are often “use it or lose it” meaning that if grant money allocated for use in the county doesn’t get dispersed, the county will receive less grant money to award in the future.
3. You may qualify for multiple grants. Much of the paperwork is redundant, so it helps to have key information available when applying for multiple grants.
4. Remain consistent in your message about how you will use the money if it is awarded.
5. Be careful that the information required on each application is accurate and consistent.
6. Check back with your Development Council regularly to check on the status of a grant after you have applied.
There may be elements of the application that need further clarification in order for the grant to properly reviewed. If you haven’t developed a relationship with your local Economic Development Council yet, we strongly encourage you to do so. The Pasco Economic Development Council has been a champion of The Launch Pad and has proven to be an invaluable resource as our company continues to flourish and grow.
Nonprofit organizations looking for grants tailored to 501c3 organizations can take advantage of The Launch Pad’s Quarterly Grant Review, a summary of local, state, and national foundations and grants programs who provide technology funding to nonprofit organizations. For more information, contact Megan Meisner at mmeisner@launchpadonline.com or 813 920 0788 x210.