Attracting Grant Funding Is About More Than Having Money
One of the top questions business experts are asked by business owners is "what grants are available for business owners?" When running a small business, getting the funding you need can be challenging. It doesn't matter if you're starting or need to expand your current company; many options can help you raise capital.
In this blog, we've gathered some tips and opportunities to help you get started!
Grants are very competitive. They are intended for specific purposes and often require much time and effort on the applicant's part.
If you think getting a grant should be easy because it's free money, think again! First, you must research as much before applying to avoid making mistakes later. This includes studying past awardees/projects funded to see how they stood out with their project or funding request. For example, Gabby Bows founder Rozalynn Goodwin suggests setting aside time for researching funding opportunities. She says, "I have a weekly standing appointment on my calendar to apply for grants where I research and apply. In addition, I subscribe to several newsletters that share opportunities (ifundwomen, New Voices, Hello Alice, etc.) to stay abreast of opportunities." Her company, to date, has received over $400K in funding for Gabby Bows.
The best way to convince someone that your idea is worth funding is by being specific enough in your pitch. In addition, you need to convince the reader that you have carefully thought through all aspects of the project and have a clear implementation plan. However, it may not be realistic if you are too specific about how you will spend money or exactly how long it will take for something to happen.
Grants require more than just a detailed budget.
Grants require more than just a detailed budget. Ashley Thomas, Founder, and Executive Director of The Hive Community Circle, advised it is essential to not just focus on the money or dollar amount. "Choose grants that align with your business, and don't go after grants just because of the amount. Instead, go with those sources that align with your business [values, culture, and vision], for they will serve you best."
The grant application process is an opportunity to show funders that you are the best person for their money and that your project will make an impact in your business and/or community. For example, suppose you're applying for funding from private foundations or government agencies. In that case, they will want to know why they should give their money to you instead of someone else--and how it will benefit society and yourself (or your business).
The funding for your business can be one of the most important things you receive. It can help improve your company and ensure it has enough money to keep going strong. Below are a few upcoming funding opportunities. Be sure to let us know if you apply and/or receive a grant! Can we say #upanotch?
PublishHer Grant - Business Impact Grant (BIG) program for women of color whose businesses are making a difference in the lives of others and the world. Applications will be accepted June 1-August 31, 2023. Grants for $5,000 - https://publishherpress.com/
Fearless Strivers Grant - Open to black women who are legal U.S. residents (including DC), 18+ and the principal owner of a U.S.-based small business. Grants for $20,000. Apply by 8/31/2023 - https://www.fearless.fund/
Freed Fellowship - Every month, one $500 grant is awarded to an underrepresented founder in the US to invest in their existing business. No strings attached. No equity required. Grant recipients are also eligible to receive an additional end-of-year grant of $2,500. https://www.freedfellowship.
Truist NonProfit Grant - The Truist Foundation supports nonprofits with grants that target leadership development, economic mobility, thriving communities and educational equity. Quarterly deadlines - https://www.truist.com/
Vela Educaion Fund Grants - ELA supports thousands of independent operators who facilitate learning outside the traditional bounds of ‘school.’ Must be US based and serve K-12 learners or programs outside of traditional public, private, or charter schools. Funding up to $10,000. Apply by 6/16/23, 8/11/23, 10/6/23 - https://velaedfund.org/