Boosting your business with the help of grants

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Operations for a business in its early stages tend to be difficult and in these situations, owners try to find different funding options like business loans or grants. 

Compared to other funding options, a business grant seems more attractive because it is essentially free money.They are a great way to establish your business without mortgaging your future.

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​Types of grants
Grants can come in many forms: ​
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• Small business grants
• ​Federal grants
• State grants
• ​County grants
• Local grants
• ​​Grants from private businesses

Where to find business grants?

There a number of available grants to the public however here are a few common sites to access grants

• The Small Business Administration (SBA) 
  SBA continues to help small business owners and Americans pursue the American dream. It is fully dedicated to small business and provides counseling, capital and contracting expertise to them.​

• Federal Grants 
  These are offered by the government and are quite a number and all you have to do is check your eligibility before pursuing any. 
• Amber Grant
  Suited for female owned business, this grant established in 1998 by WomensNet helps women realize their business dreams. 
• State Grants
  You may also want to check your state’s official web page and search for a grant program that may be beneficial to your situation. Many states offer grants to small or online businesses that contribute to job growth and the state’s prosperity.

*It'$ My Money is not affiliated with any grant opportunities mentioned
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Who are grants available to? 
There are grants available for all types of small and online business owners, including women, minorities and veterans and disabled Americans.
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A grant is typically made available when a government agency, nonprofit, or private business decides to set aside funds for a specific area of concern. A grant could be established to encourage minority entrepreneurship in a community. Another could be established to fund  a specific industry, to reward innovation, or to promote women-owned businesses. Whatever the cause, the agency or business will begin a grant by allocating funds, establishing qualifications, and creating an application process.
The key is to find the grants for which you qualify and then do the nose-to-the-grindstone work to apply for the small business grant.

This is exactly what Attorney Staci Childs, Owner of Sunny Side Legal did when applying for the $25,000 grant during on Black Entrepreneurship Day hosted by Daymond John. Staci’s grant was one of many awarded during that event and hers was awarded by Salesforce.
When asked how she was able to win the grant amongst the numerous people who applied, Staci said she simply stated how the current circumstances pandemic had affected her business. 
Staci’s law firm was incapaticitated with her hiring out interns to help with the work amidst her catering for personal needs. Despite her trying to manage her business and personal affairs, Staci says she was simply broke. 

She told them winning the $25,000 grant will enable her to offer more value to her business. Every business needs a bit of extra help sometimes, particularly when it comes to finance. Having extra cash flow or a contribution towards a project can help you bring in new equipment, hire employees, and develop your business.

Staci also acknowledged her confidence and steady long willingness to stick to what she loves to do as one of the reasons she applied for the grant. 

Finding a solid reason can offer you the enthusiasm to go after what you want in your full glory. 

Here’s what you should consider when applying for a grant:
Pros

• You do not have to pay back the money you receive. This offers a valuable contribution to your business in terms of growth because you don’t have to worry about working to repay the money. 
• Majority of funding projects are targeted towards certain initiatives and this will develop your business in areas it was lacking such as hiring more employees, financial advisor among others. 

Cons

• Due to the nature of grants, they are highly competitive because who does not love free money! Your business needs to represent great value to and fit the requirements to the dot!
• Grants are specific with their purposes and cannot be used outside their purposes. 
• Often, conditions are set by the grant provider and as the recipient you are to conform to them. These can look like creating jobs or hiring from marginalized group. 

Are you considering a grant for your business today? Listen to our latest episode with Attorney Staci Childs where she fills us in on  how she qualified for the grant here. 

Grab the winning grant application cheat sheet and checklist here