It would be best if you always considered small business grants to fund your small business. According to Danita Doleman, there are plenty of options available. You need to ensure that your business is compatible with the funding agency. Look at several essential factors you need to consider before deciding if a grant is worth pursuing.
Compliance: Does the Funding History Align With Your Organization?
First, you must ensure the funding history aligns with your organization. Is your business in compliance with the organization’s funding history? When you look at the grant online, it might look like the perfect fit for your company. According to Danita C. Doleman, the website sometimes gives a partial picture of the organization’s current priorities. You can look at the 990 Form that they file with the IRS to see if they are giving out funding. Then, make sure the organization is currently funding projects that are similar to yours.
Competitiveness: How Hard Is It To Get Funded?
Next, you need to figure out how hard it will be to get funded. According to Danita C. Doleman, you can only sometimes figure out the number of organizations applying for a grant compared to the number of funded grants. Fortunately, most organizations will be transparent if you reach out to them. Talk to the organization and see how competitive the grant program is. For example, if there are two hundred applicants and 30 of them get funded, then the success rate is 15 percent. The higher the success rate, the better your organization’s chance of funding.
Cost: How Expensive Is It To Prepare for the Application?
Finally, it would be best always to consider the cost of preparing. According to Danita C. Doleman, you must consider several factors when figuring out how expensive it is to prepare for the application. You need to think about the hourly wage of the people filling out the application and any benefits to pay them. Make sure the cost of preparing the application is, at most, the funding you will receive in return.
Get Ready for the Application Process and Ensure You Are in Compliance and Prepared
These are a few essential points you need to remember if you are getting ready to go through the application process. According to Danita C. Doleman, there are a lot of factors you need to consider as you decide whether a grant is worth pursuing. You need to ensure your goals align with the organization’s purposes and have a decent chance of getting funded. That way, you can spend your time and energy pursuing grants you can receive.