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Write the Perfect Grant Application
So you want to start your own small business but are short of money? A grant for small business is one way that you can get the funding you need, without having to pay back a penny. But in order to receive a grant you need to meet all the requirements. By filling out an application you’ll be letting the awarding body know who you are, what your business idea is all about, and why you deserve to receive the grant. The grant application is perhaps the most important aspect of applying for a small business grant. You need to make sure the application is easy to read while at the same time ensuring that it includes all the relevant information of your business idea.
Long before filling out the application you need to think about all the aspects of starting your own business. List all of the benefits that your business can provide to the economy in the area in which you live or where you’ll be doing business. It will be to your advantage to make personal contact with one or more of the people involved with the grant you’re applying for. Ask questions about what required information they expect to see in the application. This way you won’t be missing any vital information that could hold back a decision about you receiving the grant. Personal contact often gives you that upper edge since people will usually remember someone with whom they’ve spoken with on a personal level. And this means that your grant application just might stand out among all the other applications.
Within the grant application you need to give specific information about how your small business meets all of the requirements for that particular grant. Make sure you include a working business plan as well as an itemized list of estimated costs. You’ll also want to include information about any other business ventures you’ve been part of in any way. The main goal of the grant application is to let the awarding body of people know that you’re going to making wise decisions with the grant money.
If you apply for a local grant you may get a decision from the awarding body in a few days or a couple of weeks. Decisions from national bodies, for national grants, will most likely take several weeks to make a final decision. Be patient since once you’ve sent off your application there’s nothing that you can do to speed up the process. The key to your patience will lie in sending off the best application that you can that includes all information that may be required by the awarding body.
One of the hardest parts of applying for a grant is doing all the research to find out which grants you should be applying for. If you’re a woman or minority there are certain small business grants that will be more favorable for you. The same goes if you’re disabled or are a veteran. Identifying grants can take a lot of time but is an important part of getting the grant that’s right for you.
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