December 4, 2024
Grants can be a key strategy for small businesses to secure funding without taking on debt. There are many grant opportunities, but finding them can be a significant challenge.
Although the idea of “free money” sounds appealing, the investment is often time and effort. Ask whether you can make these a priority:
- Dedicate time to finding grants aligning with your business goals and stage of development.
- Prepare for the application process. Some can be completed in a day, while others require months of preparation.
- Upon winning, keep meticulous records of money spent and milestones met.
If you’re prepared to prioritize these items, consider these methods for finding grants.
Consider the grant’s purpose
When pursuing grants, start by identifying your business’s goals and needs. Are you looking to fund research or expand your operations? Government initiatives, like the Small Business Innovation Research (SBIR) program, help to fund research and development of innovative early-stage projects. You can search SBIR.gov to see the specific technologies agencies are seeking. Other resources for federal grants include websites like Grants.gov and SBA.gov.
If you own a business in rural Utah or serve a specific industry, you can explore open grants with the Governor’s Office of Economic Opportunity or connect with one of Utah’s many industry-specific organizations.
Search by business classification
Grants can generally be divided into two categories: government and private. However, further distinctions can help narrow your search. Is your business minority-owned, women-owned, or veteran-owned? Federal programs like the Minority Business Development Agency, Office of Women’s Business Ownership, or Veterans Business Outreach Center offer grants or can connect you with other groups that do.
Connect with private and local organizations
Another option is to seek out private grants. Larger corporations such as the FedEx Small Business Grant or the Visa Everywhere Initiative support companies making a difference in their industries. Local community foundations or nonprofit organizations may also provide grants driving regional economic development. Take the time to research and build connections with local organizations.
Remember to be vigilant in avoiding scams when searching for grants. Be wary of applications requiring a fee or private solicitations via social media. It may be worthwhile to seek advice from your local Small Business Development Center or other trusted advisors before proceeding.
Grants can be a powerful resource for small businesses. With careful planning and follow-through, grants can be a tool to fuel your business growth.
The information in this article is current as of the publishing date and is intended for informational purposes only. This article does not, and is not intended to, constitute legal, tax, or business advice. Any resources and organizations mentioned, unless an entity of or a partner of the state of Utah, are not formally endorsed by the Startup State Initiative or state of Utah.