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Is your small business or startup finding it hard to fund its operations? If one is available, a business grant can help your business get established and grow without mortgaging its future.
The good news is – Unlike a loan, you don’t have to repay a grant.
Grants are perfect for businesses that need a start-up to cover costs. You can also qualify for a grant if you need money to expand your growing business. Most grants are given to specific groups of people or business owners. For instance, some organizations offer grants to women in business, disabled people, minority groups, and generally people who are not well represented in that sector. However, not all grants operate this way. Some grants are not set out for a specific group of people.
What Is A Business Grant?
A business grant is money awarded to business owners and entrepreneurs in need, in order to help them start or grow their business – Startups. They’re usually provided by governments, corporations, foundations, or trusts. Unlike loans, grants don’t have to be paid back as the money is not being borrowed. Also, business grants for entrepreneurs do not have any interest attached. The grants are given to businesses with no expectation of return and business owners aren’t required to give up equity in exchange for a grant.
What Are Some Advantages Of Small Business Grants?
- Free Money:
The number one advantage of business grants is that they are essentially free money. Grants do not need to be repaid, which is what makes them so appealing for business endeavors. Not only that, but some grants available offer hefty amounts of money, depending on the applicant’s idea. You also do not have to give up any collateral or equity for your company to receive the funding. This means that you do not have to risk the ownership of your business and assets when you receive this type of funding.
- Increased Reliability:
Once you’ve been awarded one grant, you’re more likely to receive others. Since someone has already given you this free money, other organizations will see you as a reliable candidate.
- Increased Recognition:
Not only will getting one grant put you on the path to receiving another, but it will also increase your visibility. Winning some of the most coveted grants can provide benefits that outweigh the simple free-money advantage. Grants can also promote your business and idea, making your work noticed.
You may have to show a benefit to the business community or wider geographical community in your application. This might be environmental, social, economic, or otherwise. This can be hard, although the mere fact of providing employment opportunities through growth might be enough. However, just try applying, and don’t give up!
One of the challenging things about grants is that the application process is quite time-consuming. It can be hard to find a perfect non-competitive grant to apply for and the eligibility requirements may be very strict. However, you will agree with me that nothing good comes easy and without a price.
How can you find small business grants?
There are several ways to do this. One, you can search for federal and government grants online; the data is easily accessible. You can also check for private companies that offer grants to business individuals. Visit our website @ www.thewcommunity.com to apply for our Womenpreneur Pitch-A-Ton Africa (season 3) and stand the chance of winning a Five Million Naira (#5 million) grant alongside other benefits.