Running a small business can pose challenges—from funding expansion projects and managing unexpected expenses to meeting new regulatory standards. Depending on your situation, specific grants for small businesses may provide the funding you need to fuel growth or recover from a setback. Read on to learn how to apply for small business grants that could lead to game-changing opportunities.
1. Analyze Your Needs and Budget to Find Your Grant
Firstly, understand where you need funding most, when, and how to structure your budget efficiently if your application succeeds. Begin by exploring trusted platforms like Grants.gov, EDA.gov, or SBA.gov to discover funding opportunities tailored to your industry, mission, and timeline.
Say you’re a soybean farmer looking to adopt sustainable farming practices by 2035. Your business may be able to afford a soil conservation project or a renewable-energy equipment installation—but not both. A federal grant could cover more costs related to your soil needs but less toward renewable-energy equipment installation. Before choosing the grant, you’ll have to decide if increasing your farm’s resiliency takes precedence over a greener business model and how each grant best benefits your budget and supports long-term goals by any mandatory due dates.
2. Give Yourself Time to Meet Deadlines and Prove Eligibility
After choosing the right grant, give yourself as much time as possible to download any necessary application software, supply business registration records, and gather licenses, insurance claims, government relief approval forms, or local authority statements that may confirm grant eligibility.
In some cases, only companies that directly support small businesses with veteran-owned status meet grant eligibility requirements. Other entities reserve grants for minority-led organizations or small businesses physically located in economically distressed regions. Proving that your business meets these conditions can suck up precious time.
Say you’re an Oregon-based software developer creating an app that connects low-income families with affordable, locally grown food. You may find a regional grant to promote easy local food access while strengthening minority-owned farms. Still, you may have to prove you’re currently collaborating with a minority-run farm before applying, which may cause delays.
3. Organize Your Timeline and Craft a Convincing Grant Proposal
Begin detailing your expected grant outcomes on a realistic calendar that can assure grant-makers that you’ll maximize funds within a specified timeframe. Later, you’ll place those details in a well-organized business plan outlining your management structure, predicted project costs, market analysis, and service or product lines.
You can then write a concise grant proposal that includes the business plan, addresses the audience awarding the grant, and flows logically. Grant applications often require you to submit a grant proposal with your application, but attaching a strong proposal regardless can also give you a competitive edge.
4. Review, Submit, and Track Your Application
Before formally submitting, review the entire bundle to ensure all the necessary eligibility documents, application information, and polished grant proposal meet formatting requirements. Missing documents or files uploaded in incompatible formats may block or disqualify your application, so be mindful of asterisks signaling mandatory items and missing fields.
When you’re sure all your materials are properly placed, submit and save tracking numbers or login credentials to see how the application progresses throughout the review process.
5. Explore Other Grant Options in the Meantime
Use the downtime during the review process to explore other applicable grants for small business obstacles you’re facing. Depending on how thorough your application evaluation process is, you may have to wait weeks or months before receiving a decision.
Take that time to prepare different plans to present to partners, investors, or clients in case of a grant rejection. In any case, an essential step in the review stage is to use the time wisely by staying proactive and refining your grant knowledge, research, and proposal-writing skills.
Treat Grant Rejections and Awards as a Chance to Grow
Remember, securing a grant isn’t just about receiving funds—it’s also about proving your business’s potential and commitment to making an impact. Although the goal is to receive grants for small business challenges, rejection can be a valuable learning experience, offering insights to increase your chances of future success. No matter what the outcome, continue researching and applying for grants that could benefit your business.
