You’ve done your research and carved out time to work on a grant application — now what? Preparing and submitting business grants requires ample time and clear objectives. The grant application process can be intimidating, especially if you’re new to the process. Get up and running quickly with our tips on how to apply for business grants effectively.
Gather Your Business Information
Once you've identified potential grants to apply for, the first step is to gather all the necessary information to submit a strong application. This includes information about your business, such as your business plan, financial statements, and strategic vision. It's important to carefully review the grant requirements to ensure you have all the necessary updated documentation and information.
Make sure your information is up to date and the documents you're submitting reflect the requirements set forth by the grant criteria. Not all grants will ask for the same information, but it's important to keep track of your updated business documents, including any certifications (Historically Underutilized Business or HUB, women-owned, veteran-owned, etc.) to include in your application.
Craft a Strong Proposal
Crafting a strong grant proposal is essential to increasing your chances of success. Take the time to carefully read through the grant requirements and tailor your proposal to the specific grant you're applying for. Be sure to highlight your business's unique strengths and achievements, and clearly explain how the grant funding will be used to help grow your business.
Define your funding needs clearly. Have a clear idea of what you need for funding, which can help narrow your search and make your application more compelling with a clearly defined ask. Instead of stating you need funds for new equipment, specify which model and what it would be used for. If you are seeking funds to cover payroll, emphasize the roles of yourself and any employees in the business.
Funders are actively looking for applicants that can tangibly demonstrate impact. Be specific about how the investment in your business will set you up for sustainability. If you are feeling stuck, do a little research and see what the grant providers have funded in the past and incorporate keywords from their mission statements in your application. Be as direct and clear about yourself and your business. If it isn't clear to you what you are saying, the funders won't know either.
Storytelling can elevate any proposal, so dig deep and take the time to explain the nuances of your business and financials. Share the origin story of your business and don’t be afraid to share dreams, hopes, and aspirations for your business. Every business and entrepreneur has compelling lived experience that can make your application stand out. Details and narrative are just as important as your financial data.
Submit Your Application
Once you have completed your grant proposal, it's time to submit your application. Make sure to follow all the instructions for submitting the application, including any deadlines or required documentation. You’ll want to double-check your information to make sure that everything is accurate and complete (including that you’ve uploaded the correct version of your business plan).
It’s important to create a sustainable and reasonable timeline to work on and submit the application. Portals can crash, and last-minute emergencies or tasks can come up. Time management is crucial to ensure that you have ample time to complete and submit your application before the deadline!
Conclusion
Applying for business grants can be a great way to secure additional funding for your business without worrying about repayment. Remember to carefully review the grant requirements, compile all the necessary business information, craft a strong proposal, define your funding needs, and submit your application before the deadline. Stay persistent and stay informed about grant opportunities as they become available. If you need extra support, subscribe to SpringBoard, our monthly business resources newsletter or reach out to a local Small Business Development Center (SBDC) for additional guidance.
Good luck on your grant application journey!