How To Become Grant Funding For Your Small Business Organisation And Avoid Scams

Small concern grants, which offer access to majuscule alongside niggling to no repayment requirements, are an attractive funding selection for entrepreneurs looking to showtime or grow a business. However, careful research is needed to detect the best gibe as well as avoid scams, according to SCORE, mentors to America's small businesses.

Finding too applying for grants

The commencement footstep is to place what types of grants your modest business organization would qualify for. Eligibility will vary based on the requirements of the organisation providing the funding. Government agencies are a swell place to set out your search, starting amongst grants.gov, a comprehensive database of government-sponsored grant opportunities. While the applications may appear daunting, a SCORE mentor tin can assistance you lot place options too navigate the procedure.

"The expert tidings is that nearly grants stick to demographic or industry qualifications―things near you lot or the expanse yous work in," explains SCORE mentor John Kohl. "You won't observe too many grants that take strict revenue or 'time inward business concern' qualifications. That way you lot tin can ofttimes qualify for grants fifty-fifty if you lot tin't qualify for concern loans―making grants corking for startup funding."

You should besides review any restrictions on how the coin can be spent. "Most grants specify how the funds tin live used. So, if you desire to buy equipment, for case, don't bother with grants that accept to be used to hire more than staff," said Kohl.

Avoiding scams

To go on your business organisation prophylactic from scams, larn what to sentinel out for so yous can place carmine flags. For example: "Legitimate grants make non demonstrate upwardly at your door as a surprise—yous accept to employ for them," advised SCORE mentor Hal Shelton. "So, if you are offered a grant you know nil near, about likely it is a scam."

You should too live wary of whatsoever fees involved. "Asking for an application fee is the number-i way scammers make their money," said Shelton. When in dubiety, essay input from a trusted mentor who has concern feel.

Ask for help

Mentors tin can aid entrepreneurs looking for funding, whether from grants or other sources, too every bit a nonprofit resources partner of the U.southward. Small Business Administration, mentoring services from SCORE are ever complimentary. SCORE also offers workshops together with on-involve training. To larn more near Loans, Grants and Other Funding Options for Small Businesses, SCORE is hosting a costless webinar on Tuesday, February. 6 at i p.thousand. EST. Register hither to attend.

"With SCORE y'all take person inwards your corner who can inquire you lot the correct questions, connect y'all alongside experts, too assist y'all access a earth of chance," said SCORE customer Amanda Chavero, founder of Dear Donor, a fundraising consulting house inwards Denver, Colo.


SOURCE SCORE