How-To Apply for A Small Business Grant + Where to Find Grants in 2019

How-To Apply for A Small Business Grant + Where to Find Grants in 2019 tips funding for small business online business

The key to applying for small business grants is to work smarter, not harder.

Instead of filling out each application one-by-one, create a resume as you would if you were applying for a new job. There are common questions amongst all business grant-givers, so keeping a list of answers prepared can give you a lot more time back, allowing you to fill out more applications. Depending on the grant, what exactly is required varies from company to company. 

For example, a local government grant will likely require an explanation of how your business’s growth and development will benefit local commerce directly, while a grant from a private company like FedEx may require a video essay.

Take a look at a few common questions grant-givers ask for when applying for a business grant:

  1. Business Name and Address
  2. Amount of Time in Business
  3. Number of Employees, if any
  4. Monthly Revenue
  5. How Will the Funds Will Be Used
  6. Your Business’s “Elevator Pitch”
  7. Your Employer Identification Number (EIN)
  8. Your Social Media Handles (LinkedIn, Facebook, Twitter, Instagram, etc.)
  9. A photo of you (and, if applicable, your partners or offices). Tip: A professional photo can go a long way, especially for companies looking to use your image across their site when announcing awards.
  10. A business plan.

DID YOU KNOW? Grants Are Taxable Income. The IRS considers business grants as income for tax purposes. How your business is structured and how you report income to the IRS will determine what impact this will have on you come tax time, but generally, expect a chunk of any grant money will go to Uncle Sam. You can head off this potential business grant downside by planning ahead and asking your accountant or tax professional to factor any grant money you’re awarded into your quarterly estimated payments (if applicable) or to help you estimate owed taxes and set aside those funds so you don’t have a larger-than-expected bill come tax time. Loans, however, are not considered income in the eyes of the IRS. - Nav

Where to Find Grants

Below are a list of grants for small businessowners, women and minorities:

 

     

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