Women and minority owned businesses have a chance to get a hold of different grants offered by government agencies and private institutions. Grant writing is the term used for sending an application which involves business grants. This task invol
ves equal parts of art science which can be very nerve-wrecking especially to first time entrepreneurs. But be reminded that if you have the right amount of knowledge and a lot of practice, you can have the confidence you need plus honing your skills in grant-writing. This way, you can find the perfect resources which can help you promote your women and minority owned business. Below is a step-by-step guide that can help you seek and apply for a grant:
- Be specific
Your first step would involve selecting a specific program that fits your personal and business situation. Make sure to note your chosen organization’s name plus their contact information. Make a list of every grant that you think you are eligible. Choose a certain range. For example, browse through grants that are only for women, or only for minorities or both. If you are a woman who is a part of a minority group, you will have a broader range of opportunities. For federal funding, you can go to grants.gov and for private funding, you can log-on to srainternational.com.
- Do a lot of research
Browse through different websites and be sure to read any press releases or articles related to the featured organization. In searching for organizations, make sure to give more attention on the accurate purpose of the grants offered. If it is possible, try to know more about certain grant winners of different projects created by theses organizations. But rest assured, you can find a grant which is specifically for women and minority business.
- Drop them a line
After finally choosing a number of organizations, you now have to contact them and ask for assistance in organizing your grant proposal. In speaking with a representative, remember to ask for detailed information about the grant process and some other available opportunities in which you can avail. Keep your representative’s name and contact number.
- Form your grant application
This proposal has to include a narrative of your women and minority business which comprises of product offerings and mission. It also has to have an assessment which can evidently explain your company’s need. Make sure that the proposal gives specific information about how your organization can promote the grantor’s goals.
Your grant should also include products, business model and services description. In addition, you also have to include your anticipated financial statement, the budget and a detailed narrative on how will you spend the grant money. At the last part, you should add a personal biography of the top-management of your women and minority business, including you.
The last part would mean making an executive summary which will be placed at the beginning of your grant application.
- Submit an application
This is the last part of the process. Make sure that you comply with your future grantor’s submission instructions.
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