Finding Local Grants for Small Business Purposes and Developing an Application Strategy – Tips and Advice
Small businesses and start-ups founded on an innovative and lucrative idea can benefit from many different forms of financial aid, among them from local grants for small business development. These grants provide excellent opportunities for small enterprises to reach their true potential and they are also beneficial for the community where the business operates – if you want to find out more about these opportunities, here are a few ideas and suggestions.
Providers of Local Grants for Small Business Development
Local grants for small businesses are intended to promote small local businesses as well as to promote the development of the local economic environment through the small businesses. The grants come from many different sources:<
- State, county, city or town governments that provide help for specific communities or for businesses that operate in certain industries,
- Non-profit organizations that promote the cohesion and development of specific communities by encouraging entrepreneurship among the members of the community,
- Foundations created by private individuals with the purpose of promoting prosperity in the city, town or village where they came from as a sign of gratitude towards the community that set them on the path towards success,
- Advocacy groups that provide financial aid for small businesses in an unprivileged zone or to unprivileged or under-represented social groups in a specific geographic area.
How to Find Local Business Grants
All the above categories of grantors can be identified online and the internet is the best source to find grant programs as well. If you are looking for more guidance, you can ask for help at the offices of your local Chamber of Commerce – they can offer you information about all the available regional and local grant programs.
Conditions to Apply for Local Grants for Small Business Development Purposes
Grantors usually have very strict application guidelines and the scope of the grants they offer is also very well-defined. If you find a grant opportunity, it will come with a grant synopsis that contains all the information you need:
- the mission of the grantor
- the scope of the grant, that is, the purposes you can use the money for
- eligibility conditions including conditions related to the owner or owners, the size and activity of the business, the results to be achieved with the grant
- submission deadline
- preferred submission method – some grantors accept applications only if they are submitted via an online platform or by email, while others accept only applications received via registered mail.
Preparing You Application for a Local Grant
Read the application guidelines and address all the requirements. Collect all the documents you are required to submit with the application and take your time to prepare the summary of your business activities and your grant proposal as well. Seek help from an experienced grant writer if necessary or someone to review your documentation and point out any errors and inconsistencies to you. Start the process early and work by a schedule to make sure you send your application before or by the proposal deadline. There are numerous local grants for small business out there, but there are even more applicants, so try to make the presentation of your business as accurate and as appealing as possible to maximize your chance of obtaining the free money you need.