Best Practice: There is a lot of competition for grants. Research, collaboration and partnering is critical to securing a grant today.
Today’s Article: Access to Capital for Branding – Grants
Grants provide money to a business that does not need to be repaid. Grants are more available to a non-profit or government agency versus a for-profit business. Grants for profit businesses are usually tied with job creation, hiring new employees or increasing the government tax base by building or renovating a building or buying new equipment.
Advantages of a Grant
1. Money that a business or organization does not need to be repaid
2. Grants are easier to obtain for a non-profit or government organization
2. Potential future funding
Disadvantages of a Grant
1. Difficult to get, especially for a for-profit business
2. Grants have conditions to be met in accepting the money i.e. job creation
3. Can be a lengthy application process – can take time to get, especially for federal grants
4. Grants are usually for a specific project not ongoing operational money
5. An outside organization is now involved in your company or organization– choose wisely
Grants can be offered by the federal, state, county or local city government. Today grants are usually for only certain types of businesses and tied into job creation or increasing the tax base. Grants offered by non-profit organizations usually go to non-profit organizations
Example of a federal grant:
“The Small Business Innovation Research (SBIR) program is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization. Through a competitive awards-based program, SBIR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation’s R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs.”
Best Source of Federal Grants http://www.grants.gov/web/grants/home.html
Best Source of State Grants http://www.sba.gov/content/economic-development-agencies
Best Source of Non-profit Grants http://foundationcenter.org/
Action Step: After reviewing the information above, do grants seem to be a possible way to secure funding for your business. If so, use the links above to do further research.
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