Why You Should Apply for Grants (And How!)

Entrepreneurialism

Jun 19

Written By Hey there! I'm Meg:

You miss out on 100% of the grant money you don’t apply for.

If you don’t apply, someone else will. So you might as well get a chunk of the money!

Yes, you deserve it. No, you’re not greedy.

The money is there for a reason. If you don’t qualify, you won’t receive it.

My friend recently convinced me to apply for a grant offered by my county. I knew about the grant but I hadn’t applied because I didn’t think I qualified.

So I reached out and sure enough, I did qualify and I ended up receiving the grant.

But here’s my mistake:

The grant program shared who applied, how much they applied for, and what they were awarded. I asked for less than a quarter of the max and that’s what I got. The majority of the other applicants asked for the full amount received close to it.

I thought that if I asked for too much, my application could be denied.

I shared my woes to my husband and he pointed out “It’s not a bank! They won’t deny your application because you asked for too much.”

Grants can always give you less than you asked for if too many people applied. That’s what happened in this case.

But silly me thought my application could be denied if I asked for too much, that it would be greedy to ask for the full amount, and that I didn’t deserve it.

Learn from me!

Watch the Reel!

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💰 Each Grant Awards Money Differently

Some may determine a set amount you’d receive.
Some may have you request an amount and explain what you’d use it for.
Some may state a max amount you could receive and have you request an amount up to that and explain what you’d use it for. (Always ask for the full amount!)

🔍 How to Find Grants

Subscribe to your county’s economic development council e-newsletter.
Subscribe to your state’s Small Business Development Center (SBDC) e-newsletter.
Read your local newspaper.
Ask your small business buddies!

🖋 Tips for Applying

Give the organization EVERYTHING they ask for.

(This is how I received more scholarships than everyone else in my graduating class. I was told by numerous presenters that I was the only one to fill out the applications correctly and to provide all materials requested.)

The same applies to grants. Don’t expect the grant organization to supervise your application.

And note that when it comes to taxes, most grants are taxable. However, only profit is taxable, so if you use your grant money for the allowable expenses (with nothing left over) it won’t show as profit and won’t be taxed. Be sure to check with your CPA for specifics on your grant!

Take responsibility and be thorough. There could be some serious cash at stake, and it’s worth the effort.