There are certain government agencies and private institutions that offer grants to minority and women-owned businesses in order to help them sail through the difficult initial period of entrepreneurship. Grant-writing refers to the process of applying for a grant. Needless to mention, these grants can turn out to be of immense help for the first-time entrepreneurs, as it has been seen that some of the brightest aspiring minds are unable to initiate their commercial ventures owing to lack of capital. These business grants, however, act as wonderful financial options for first-time entrepreneurs. But grant-writing is a lengthy process and a difficult one, as well. So those of you all who are interested in availing this financial option, please make sure that you are learning the art of “grant-writing” thoroughly. It might seem a bit difficult initially, but with the right kind of practice, you can expect to reap the benefits.
Tips to Apply for Minority or Women Owned Business Grants
It is very important to study the nature of grants made available by private institutions or government agencies and determine whether the specific program complies with your business needs or not. Make sure that you’re listing the contact details of all the institutions providing the grants for which you’re eligible. Please be informed that if you’re both a woman and a member of the minority group, then you can avail a wider array of schemes.
Now determining your eligibility for the grant is a lengthy process as well. There are some grants that are specifically focused on start-ups while others are meant for established commercial ventures. There are certain grants that are offered only to specific types of businesses or else only to residents of a particular area. There is simply no point in browsing through websites of each and every organization, which offers grants – because you will not be able to qualify for all of them.
Once you have the contact details of all the agencies that you qualify for, start researching on the background of each of these organizations. Comb through the websites thoroughly and note down details like the types of projects that these institutions back financially, their purpose behind each of the grant awards, the names of grant winners etc. Sometimes the grants are awarded solely in order to bolster minority or female entrepreneurship.
Start working on the applications now. Firstly, note down the deadlines for submission of each of the applications. Make sure that you’re sending comprehensive application to the organization to help them decide quickly whether they would offer you the grant or not. Include documents such as the proposed budget, a little description of your business, federal tax identification number, present business model, business offerings, recommendations, and proof of profit, loss or no-profit. Fill out each of the forms and proofread them carefully before sending your application.
After sending the application, you generally have to wait for around three to four weeks in order to find out whether your application is accepted or not.
Author Bio: Sean Lee is an experienced financial writer who frequently writes about various aspects of different insurance plans, tips to get fast cash loans, various financial grants available for students and minority businesses etc.