Researching grants for yourself, your business, or organization can be a very intricate and stressful process. Every grant offered can be categorized as an individual, business, or non-profit grant. Within these categories you must determine what best suits your needs, which can be found when researching the who, what, where, when, and how. It is important to establish the goals you would like to achieve with the grant so that you can choose the best fitting grant when researching.
Entity Seeking Funding Categories :Individual: Grants such as housing, educational and personal, are considered personal, and will benefit one individual or family.
Business: Business grants are directed to those looking to begin, complete new research, or expand, and possible help the community in which they are located along the way. Businesses that help revitalize areas and/or offer jobs opportunities to community members may have a greater chance of receiving a business grant.
Non-profit: These kinds of grants target organizations that improve the community, through humanitarian efforts and helping the environment.
Specific Categories for Qualification :Some grants may have general requirements towards a specific group of people such as:
The companies, individuals or organizations that are awarding the grant, often look to award the grant to those who have the same goals and outcomes as them. The grant giver is looking to help benefit those who receive the grant, as well as their own organization’s goals.
Allowable Usage of Awarded Funds :Most grants, especially government funded grants, have very strict guidelines stating how the awarded money can be used. Because of how specific these rules may be, it is important to research how the awarded money may be allocated before applying for a grant. If you do not look into this, you may not be allowed to use the funding towards the proper needs of your business or organization.
Current Phase of Business :If you are applying for a business grant, or non-profit grant, having a business plan is crucial to submit along with your application. Having a completed plan of your history, current phase, and future plans, may give you a leg up on receiving the grant. Stating the process your business or organization has gone through, and where they are planning on going can help show why you need the grant and where that money will go.