Three tips to help you find, and apply, for a business grant to help fund your success.

Grants are funds awarded by government agencies, foundations, and corporations that you don’t need to repay. As such, grants can be an important source of growth for businesses.

Additionally, there are a number of grants designed specifically to help certain types of businesses. These might be businesses in a specific industry, started by women, run by veterans, people of color, and so on.

If you’re interested in using a business grant to help fund your company’s future, consider these tips.

1. Know where to look

There are federal, state, and local grants for businesses. When determining which grants to apply for, keep in mind that federal grants can be more competitive since they are open to applicants nationwide, while state grants are limited to businesses within the state. Also, state grants might have more requirements for businesses to support local priorities. For example, Chicago’s Small Business Improvement Fund helps small businesses in certain neighborhoods with commercial or industrial property improvements. Also, New Jersey’s Small Business Improvement Grant offers to reimburse 50%, or up to $50,000, of costs associated with making building improvements or purchase and installation of new furniture or equipment.

Learn more about grants for diverse business owners where you live. The federal government’s Economic Development Administration can help you find information about funding opportunities in your area. You can also research grants at the Small Business Administration website.


Tip: Ask your network about grants they’ve heard of in your industry or area, or if they know of funds aimed at helping businesses. You can bolster your network and find helpful support aimed specifically at business owners.

2. Be prepared to apply

Applying for a business grant can be tedious — you’re usually asked to supply a significant amount of information. But it’s important to be thorough, since it can increase your chances of receiving the grant.

You’ll likely need to share details about your business, its finances, and how the business grant will be used. The entire application process typically takes at least six weeks and may include several rounds of meetings and/or reviews. Even after that, you may wait another six to 12 months to get a response.

If you don’t receive a grant on your first application, be prepared to try again. Some business owners submit dozens of applications before getting a grant.


Tip: Depending on your cash flow and the size of the  business grant in question, it may make sense to hire a professional grant writer to help with your proposal. If you don’t have the funds to hire a professional, ask your network if they have any experience applying for grants; you could discover helpful advice.

3. Be both realistic and optimistic

Because grants don’t have to be repaid, they often come with terms and conditions for how the money is used. Government grants, which are funded by taxpayer dollars, often have stricter requirements than those from private corporations.

The good news is, you may be able to apply for multiple grants to fulfill different needs within your business. Plus, some grants can be renewed if you’re able to verify that you’ve used the funds as prescribed. In addition to grants, you may also want to consider loans from the Small Business Administration.


Tip: Keep detailed financial records, even though you don’t have to repay the money. This can help you prove you’ve used the funds as they were intended, should anyone ask.

Grants can be a great way for businesses to acquire funding, but since they’re “free money,” competition is stiff, and the process can be time-consuming. Do your research to make sure you’re a good fit for the grants you apply for, make sure you include all the necessary information, and don’t be afraid to tap into your network for help with your applications. But grants are just one option. Learn more about products and services that can help your business thrive. To talk with a banker, make an appointment today.