Opening a small business is the right step to become financially independent. By opening a small business, you can find new opportunities open up in front of you, such as opportunities to make a profit, help others, open new jobs, and add to your business experience. There is absolutely nothing wrong with this.
However, no one ever thought that 2020 would be a challenging year for all business people. Both small and large scale businesses are also affected by this global pandemic. Therefore, it may be time for you to look for a ‘hand’ that can help you pull you out of the hole between continuing your business or bankruptcy.
What is Small Business Grants?
Small business grants are grants given for small businesses in the process of growth. Small business grants are usually awarded by non-profit organizations, governments, and larger companies. Different from loans, small business grants are a reward system from the giver. So, small business owners do not need to return small business grants. Small business grants do not take any advantage of the gift.
With the existence of small business grants, small business owners can use the funds provided to develop their business. The way to use these funds is to use capital to buy raw materials for production, complete production equipment, add workers, or increase promotion and marketing. However, gaining small business grants is not that easy.
How to Get Small Business Grants?
Your business must be qualified to get a small business grant. Some terms and conditions must be fulfilled to get chosen by the firm to give you the funding. This depends on the firm that wants to provide the grant. Each firm has a different purpose.
Here are some steps to get a business grant:
Prepare the terms and conditions well
Make sure you prepare all terms and conditions applied by the giver. You should pay attention to details – what type of business plans they want, what types of companies or firms they are, and what you should do next after you get the grant. This step is essential to determine what you should do next.
Build a business plan
Making a good business plan may appeal to the small business grant giver. They will understand what type of business you are trying to make. Be clear on your brand name, target market, competitors, and what makes you more superior to other competitors.
Apply to several small business grants at once
Before you decide to apply for a small business grant, make sure you have looked it up on the internet about small business grants. When some firms have similar requirements and very close due dates, consider applying to some of them at once. Ensure that some of the firms that will provide small business grants do not provide a requirement of ‘when registering for this firm, you are not allowed to register for other firms or receive prior funding.’ If there is this requirement and you are still registered with more than one firm, you may be disqualified.
Where to Get Small Business Grants During COVID-19?
You can expect to meet some givers for small business grants on the government website. Check on some government website for small business grants and workers grants during COVID-19. Some countries’ governments give even extra money for low-income citizens. Check the Ministry of Economics website in your countries, for they are most likely to provide the small business grants.
Other small business grants may be given from non-profit organizations working in economics and small business. This is possible that they run some competitions to provide some funding. This is more or less like a small business grant.
Some big businesses also often provide funding assistance for small businesses, as a form of community service. Usually, prominent business people prefer to provide funding for small businesses in the same fields. For example, some large F&B factories will choose to provide funding for F&B businesses as well. Some of the forms of assistance provided during COVID-19 are also online training, helping you grow your business.