Grants are usually funds given from one entity to another, a grantor to a recipient, through an application process. Some grant awards also consist of non-cash resources such as travel vouchers, equipment, or consulting expertise. Grants enable you to finance new initiatives that may not have been possible under normal operating conditions. This can include funding a specific project or covering general expenses to keep your business afloat. Grants can serve as a practical way to generate money but should not be your only source of income.
This guide will provide a general overview of how to approach grant applications by identifying your goals, cataloging your grant opportunities, and beginning the grant application process.
Before beginning the grant application process, it is imperative to think about your reason for applying to a particular grant. Determine your long-term goals, how this grant will affect your normal operations, if there are other resources you could pursue to achieve your goals, how you will utilize and implement this grant, and finally, how much time and effort you are willing to allocate towards an application. Taking the time to understand your rationale and motivation for applying for a grant will enhance the quality of your grant application.
The next step in approaching grant applications is to decide what type of funding support aligns with you and your entity. Grant funding can be categorized into three main grantor groups: