What is a Grant?

"The best way to predict the future is to invent it" - Alan Kay

A grant is a sum of money that is awarded to a business owner or organization and does not require repayment. There are several entities that typically provide funds for grants such as the federal, state and local governments and private corporations. Businesses must meet eligibility requirements and follow specific guidelines on how the funds can be used. Failure to follow the rules may result in the repayment of the monies received. Grant applications often include writing a proposal with specific guidelines required by the grantor. When applying for grants, there are several things to keep in mind.

First, there is no one grant template that can be used to apply for all grants as each funder has their own rules, guidelines and format. Second, you must have a project in mind for which you are requesting funds as grantors often ask for this information. Third, make sure that you are eligible to apply for the grant. Is the grant for nonprofits, small businesses, women owned businesses, veterans owned businesses, minority owned businesses, or a business owned in Maryland? Read the eligibility and guidelines before you start the application. Fourth, note the deadline for the application.

If you miss the deadline, then you will not be able to apply for the grant. Fifth, is the grant asking you to complete a form or write a proposal? Plan your time wisely as applying for a grant often can be labor intensive. If you are unable to write a proposal, find help. Sixth, what is the amount of the grant award? Does the grant require a budget? Is the grant asking you how the funds will be spent? Take the time to create a budget that is responsive to the grant guidelines. Finally, if you do receive an award after applying, keep trying, make changes to your approach and ask for help.