One of the challenges of starting a business in Las Vegas is getting the necessary funding to help get the company off the ground. While getting a loan is something a business owner can work on, securing a small business grant could be something worth looking into. Getting small business grants are not for everyone. It takes grit, patience, and hard work to make sure the funders can see great value in your proposal.
Here is a step-by-step guide on how you can get small business grants for your Las Vegas business:
Step 1: Commit to Understanding the Process
Small business grant applications can be a lengthy process, and you should be ready to commit to it. You have to understand that small business grants can take time. The key is knowing what funders are looking for in a business to see if you are eligible. The assessment process should also include whether you can commit to the recording of the outcome and reporting the disbursement of the funds.
Step 2: Check Your Eligibility
Once you have assessed the process and resolved to commit to it, you now have to check if you are eligible. Small businesses must fulfill several criteria before applying. Generally, startups can receive federal grants if the business would add significant societal benefits. Given this, small businesses classified as nonprofits or those delving in research and development of innovative technologies can apply and have a high chance of getting a grant.
Step 3: Look for Grant Offers
Once you believe that your small business can offer breakthroughs for society, the next step that you should do is research. Look for potential programs that provide grants. When doing this, you have to keep in mind that your funders should have interests that are in congruence with your own mission-vision as a business. Some small businesses can find luck in securing a fund through private foundations.
In some cases, federal grants are funneled through the state and local governments for distribution and administrations. Find out which ones are going to provide your small business a better chance at approval. Several states like Las Vegas offers grants through collaboration with local projects within the state.
Step 4: Collate Relevant Grant Application Documents
Once you have a target grant in mind, get all the information about the grant requirements. They would often provide a list of documents that you must include for submission. In general, your grant application should have the following sections:
Complete organizational information
Detailed enumeration of your business needs
Solution offering that can address a pressing need in society
Method of tracking of organizational impact resulting from the grant
Detailed budget allocation within the proposed business scheme
All relevant paperwork required by grant funder (i.e., tax information, business certification, organizational chart, personnel details, etc.)
It would also be a wise call to communicate with other businesses who have previously received the same grant to get tips on what to prepare. This way, you can have a better idea of how to compose your proposal.
Step 5: Submit Your Proposal
When submitting your proposal, do not rush. But you have to make sure to send it on time. Before handing over your documents, double-check if you have attached everything, particularly those that are required. See whether it follows the correct format and number of copies. If you are planning to submit additional documentation to support your proposal, make sure to collate them at the index of the proposal.
Pro Tip: Have two copies of the proposal and make sure to have your copy signed by the receiving party. In case your documents get lost in their care, you have another copy on hand with a proof that you have submitted it before on time.
Step 6: Wait for Approval
Ideally, the waiting time for small business grants is at least three to six months from the time you submitted your application. However, waiting time can vary from agency to agency. In most cases, agencies or departments with pressing concerns often have shorter approval times.
Getting a small business grant can be pretty tedious and challenging. Make sure that you have a Plan B should the grant be denied. You can also choose to secure a Small Business Loan as a buffer, so you don’t leave your business hanging.