Get answers to the most common questions about funding and grants here.What Are Grants?
A grant is an award that is dispersed to a person, business, non-profit organization, and local and state agencies. Although many grant awards are monetary in nature, some are for items such as products, goods, or services, which are provided to the grant winner free of charge. Grant funding may be provided by agencies, private businesses, organization and corporations, private and family foundations, and private donors.
The first step to receiving a grant is to find an agency, private business, organization or corporation, private or family foundation, or private donor who supports the primary goals and missions of you and your business. The grant process is highly competitive as many people and organizations apply for the same award. All grants have a submission process and eligibility criteria that you must meet to be considered for an award. We work hard to help you identify grant opportunities that are compatible with your plan and vision. We work intensively with you so that you thoroughly understand the grant application process so you can successfully receive a grant.
The answer to this question depends on your own circumstances. Most grants received for business purposes are considered taxable income. However, the grant award can be used to purchase tax deductable business items. Grants awarded to veterans are not taxable nor are any awards from a program to help you pay energy bills or your mortgage. For the most up to date information in regards to this issues, please go to IRS Topic 421 at: http://www.irs.gov . Additional information regarding the IRS tax regulations and grants can be found at: http://www.irs.gov/pub/irs-pdf/p525.pdf .
There is no limit to the number of grants you can apply for at one time. In fact we strongly encourage you to apply for as many opportunities that seem to fit your needs. Often grantors require applicants to show other means of support and funding. Having additional grant awards may strengthen your chances of receiving an award. Remember, grants are awarded to those people and organizations that work hard to find them and complete the application process. You can never have too many grant applications submitted!
Each grant has its own specific application process, rules and guidelines, which are usually contained in a Request for Proposal (RFP) or a Request for Application. (RFA). The guidelines outline the application submission process and deadlines, along with the timeframe in which the grantor expects to start distributing the awards. The award process can be lengthy. Our services will help you to navigate through this cumbersome process and help you to understand it every step of the way. For any opportunity you apply for, we will help you to understand when to expect an award decision.
Yes! Your credit score has no connection to a grant award. Grantors are concerned with how closely your mission, plans, and goals align with theirs. They are also concerned about if your submission meets all the application criteria and guidelines. Since it is not expected that you repay grant awards, there is no need to consider your credit score when awards are made.
Applying for grants takes hard work and determination. The more dedicated you are to the process, the more successful you will be. With our help, you will be able to successfully navigate the application, submission and award process.
Absolutely! There are literally thousands of funding sources available for a multitude of purposes. These funding sources include millions of dollars at the federal, state, and local levels as well as other businesses, non-profit organizations and private foundations. Through our personalized mentoring program, you will have personal access to these funding sources so that you can take the time necessary to review them and apply to those that best match your needs. We even cut through the red tape for you and teach you how to navigate the complex computer application systems.
The SBA provides grant awards in the form of services. They do not make monetary awards for businesses. One specific SBA award is for free, confidential 1:1 business counseling and consultation services. This mentoring program will match you to a highly successful business professional or entrepreneur who will help guide you in the development of your business.
No! Although there are grantors that request a Business Plan as part of the application process, many do not make it a requirement. The requirements of a particular grant can be found in the grantor's Request for Proposal (RFP), which will tell you if a plan is needed. Please keep in mind that there are many Business Plan competitions where the business with the best plan wins the grant award. You will find a well-written business plan to be an important tool in the grant acquisition process.