A business grant is finance or money given to business owners or entrepreneurs that need it to help them to start or grow their business.

Business grants are mostly provided by governments, foundations, corporations etcetera. Unlike loans, grants don’t have specific payback time because it is not borrowed.

Business grants are free money that is given to a business of a different kind that doesn’t necessarily have to be paid back. It offers a solution to businesses that needed added capital to grow.

Business grants given to business owners or entrepreneurs are like support funds that do not have any interest rate attached to them.  They are given out with no expectation of return and business owners or entrepreneurs that are given the amount are not required to give up equity in exchange for the grant.

Business grants are essentially a perfect way for entrepreneurs and business owners to have access to enough funds for their desired business goals.

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In Africa today, business grants are given to African entrepreneurs that are business owners in other to attain growth in their business. It is an opportunity for entrepreneurs to develop their business, pay workers salaries, run advertisements and clear any outstanding debt without making use of their main business capital.

As a small business owner, you can get a business grant to promote your business without having to pay back unlike a loan that is paid with interest.

Unfortunately, the competition for Small Medium Enterprises to get grants has grown over the years. While the process is very simple to follow, the trouble of getting selected is the main focal point.

Due to the increase in the number of entrepreneurs seeking grants to patch up the loopholes in their business and others, to have access to the free grant thus become very competitive.

Although, intense competition is well expected in the process because business grants to entrepreneurs are free aide which many business owners are interested in. therefore, you must have a clear, unique and precise business plan or an established business that has enough prospects to succeed if money is injected in it.

A business grant should not be relied upon as the primary source of income for your business but rather, it should be taken as a bonus source of income.

Verily, the thought of getting free money to inject into your business is appealing however, the process of applying for and acquiring such money is often lengthy, competitive and challenging.

How To Get Business Grants

There are three essential ways to acquire business grants which are;

Government agencies

The federal government, state and local government can provide grants for businesses in their environment. These types of grants have parochial eligibility and are specific to some businesses. They are usually given to businesses under technology, agriculture, energy etcetera that can be productive to the country.

Nonprofit organization

This grant essentially focused on specific underrepresented demographics like; women entrepreneurs, veteran proprietors’ etcetera.

For-profit organizations

These grants are often from institutions banks and others. The grants usually have the broadest and most rigid eligibility criteria and it is given based on merit.

How to register for business grants

Arguably, nothing comes easy therefore; to have access to free money is not an exception. You have to strive for it with absolute determination to acquire the business grant.

To be part of the successful entrepreneurs that are finally selected to benefit from the grants you applied for, you must be meticulous when providing information that is required by the grant provider requested.

This is because; Grants are an excellent opportunity for small business funding that can help them hit their specific target or complete their desired project.

Grants are usually pointed and detailed, tailored to a particular industry or ownership structure.

Before you proceed to apply or register to acquire a grant, there are things you should take care of first. According to Amad Ebrahim, CEO and founder of merchant maverick below are checklists of a business owner or an entrepreneur must do before moving to register for any grants:

Define the funding: Identify the reason you needed the grants and set precise goals you wanted to achieve upon its acquisition.

Create comprehensive business details the plan must include all details about your business including, business structure, description, financial project and other relevant information.

Compilation of administrative details: this is about compiling relevant details of the business like; the business owners contact information, planned use of grant money, business license number, the business tax ID etcetera.

Gather business records: a prospective business owner who is about to apply for a grant should arrange all the compulsory business records for the past three years of existence.

How To Apply For Business Grants

After all the necessary information, materials and documents have been gathered and made available, come forth is the application for the grant.

As revealed by Amad Ebrahim, he said the first step in applying for a grant is to identify what grant your specific business is likely to receive.

According to Ebrahim, he said;

“Certain kinds of business, (like) innovative startups, healthcare-related businesses, women/minority/veteran-owned businesses, rural businesses, and ‘green’ businesses, in particular, are more likely to qualify for grants than others.”

“Start with grants specific to your locality, then look into grants offered nationally, whether by a corporate source or by the governments.”

After you have known the type of grants and realized that it is achievable by your business, carefully read through the grant requirements to your satisfaction and narrow it down to a few select grants. Before writing your proposal, it is very mandatory to consider meeting with the funding source, (Reischer).

“Sometimes, it is possible to set up a meeting with a foundation staff person to explore your idea before writing or delivering a proposal.”

“If you cannot get a person to person meeting, then maybe try at least to get guidance over the telephone,” said Reischer.

Below are break down of how to succeed in the application for a grant;

• Business owners or entrepreneurs must have an existing or an innovative or convincing business idea
• Entrepreneurs and startups must present their business plans or ideas
• Entrepreneurs with SMEs must present the cost of starting the business
• Entrepreneurs and business owners must provide business name registration and if available company registration with CAC
• Business owners or entrepreneurs must provide financial records of the business inclusively; record of staff salaries if the business is an established one already.

How To Grow Your Business With Grant

After the successful acquisition of the new business funding, you desired and your business bank account has received the grants money, it's now time to swing into action rather relaxing that you have met your target.

You have to strategise a reasonable way to inject the money into your business or start it up to provide positive results. 
To come up with converting idea though maybe very because, you will have so much to consider, buy and take care of. This culminated together require lots of efforts to come up with the strategies to spend the business grants that will perfectly fit in.

To arrive at the best decision which, gaining more of what is in your business account, you have to give attention to these key areas:

• Prioritize customer’s desires and offer them what they want
• With the extra money gotten from the business grant, you now have enough capital to review your service holistically to the customers. Quality products and services will bring in new customers while sustaining the existing ones therefore, be honest with them while providing to them the quality of the product they demand
• Improve your business technological department
• Making use of the right modern technological material can result to a positive turnover in your business. The right technology can give important insights about customers and prospects, help you establish efficiencies and protect your business from cyber or fraudulent attacks that can lead to data loss.
• Software like Customer Relations Management (CRM) is very good if integrated into the running of a business. It helps to keep track of all customers’ interactions, purchase records and support.
• Pay down your debt
• Use some part of the grant to settle some of your debt. This will help improve your business credit score. Establishing stronger business credit will make you eligible for even greater funding
  Update your business material and equipment

It will be disastrous to see the most important equipment that is used in carrying out key service breaks down before thinking of replacing it. This will cause panic among your customer. At the time of break down, you have to delay your customers' orders which is not a good customer service

Invest in new equipment when the fund is available and save yourself from an unplanned breakdown of business tools that may give you serious worry.

That is about business grants. Hope you enjoy reading it.