If you’re a small business owner, you may struggle to find investors and funding for your start up. Many young owners end up getting discouraged, and even give up on their ideas due to this stressful issue.
That’s why, if you’re a small business owner you should know what financial options are available to you. There are a number of small business grants that you may be eligible for, without even knowing. So, instead of thinking your business has no backing, have a read below to see why you may want to consider applying for a grant today.
1. It’s Extra Money!
If you’ve taken the steps to start your own company, you could probably use a cash injection to get things moving. And, a grant is the perfect way to do this. This is because a grant is essentially a non-repayable sum of money. This means, your company could walk away with hundreds to thousands of dollars without having to pay it back.
2. It’s All Yours
Receiving a grant is a great idea for start-up companies, instead of heading to greedy investors. When you head to an investor for the cash, they will likely take a stake in your company through equity or shares. But, when it comes to a grant this no longer has to be a worry of yours. That’s because, you won’t have to give up any of your company, but you will still get the much-needed cash for your growth.
Getting the money you’ve worked so hard for will inevitably give you, and your workers a confidence boost. Being a small business owner can be tough, especially with rising costs and fierce competition. That’s why, getting a grant is a good way to boost your moral and validate your ideas to keep going.
To be eligible for a grant, you will need to fill out an application and often times, write why your company deserves it. Just knowing that someone else sees value your company the way you do and is willing to fund it, can be the needed confidence boost the company was lacking.
4. Gives You Structure
If you own your business, you likely don’t have someone who you need to answer to. But, not having someone there to hold you accountable for your actions, can leave you disorganized and unmotivated. That’s why, a grant can help your business structure itself and come up with a real action plan for the future.
Oftentimes, a grant will ask for an end of year expense report. This will outline where, how, and when the money was being spent. This is meant to validate that the money is being spent on appropriate items for your business (according to the terms of the grant). Knowing that this money has to be spent correctly, and accurately document can give your business the structure needed for growth.
5. Anyone Can Do It
A lot of small business owners don’t understand that anyone can apply. Grants can often be tricky to find, and may come up under terms such as: ‘loans’, ‘investments’ or ‘rebates’. But, once you do find one, understand that anyone who is a small business owner may apply. This means, even if it is just yourself or a small team of only three employees you can qualify for money to start a business. That’s why, all owners should look into the types of grants they are eligible for today.