What You’re Getting WRONG About Grants For Small Businesses | Ep. 221

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Tiffany Grant: Hey everyone, this is another Tiffany's take episode. For Tiffany's take, I answer your money questions. If you want your question answered on the podcast, just go to www.moneytalkwitht.com/tiffany.

So this question today actually came from a conversation that I had with a small business owner, uh, recently, and they were saying, you know, they didn't think that uh, small businesses for profit could get grants. Um, and. I would told them. I said, that is a huge misconception. So I just wanted to take this episode to go over some miscon, some common misconceptions about getting grants as a small for-profit business owner because they are available.

Personally, I've gotten over 35,000 in grants, and I'm not a nonprofit and I'm not an L L C, so the money is out there. It's just a matter of getting these misconceptions out the way. So I dedicated a whole episode to it. So number one, I think the most common misconception is kind of what I said, that only nonprofit organizations can get grants that is so untrue.

It is true that many grants are a. Only to nonprofit organizations, but there are also grants available for for-profit businesses as well. However, the selection process for these grants can be a little more competitive due to their limited availability. So that's why it's important to make sure that you are fully set up and ready to go when it comes to getting grants.

Another misconception is that grants are easy to obtain. Now, don't get me wrong, I have gotten some really easy grants, but they were only easy because I had everything in order. I keep documentation of all the grants that I applied to, and I just recycle some of the answers. So it does start to get a little easier, but sometimes it is a little difficult, um, especially if you don't have all your stuff.

So, Sometimes they are very competitive and the process can be time consuming. So just keep that in mind when you start applying for grants. Just realize that, you know, on the onset you may have to spend a little more time on applying, but. It is possible to get the money. Trust me. Um, another misconception is that grants are available for any business.

Now They are, but it just depends on what the grant is for. There are a lot of grants that are limited to specific industries, regions, areas of focus, groups. It doesn't matter. There, it's kind of like scholarships. You know how they say that's a scholarship for everything. There's a grant for everything.

Um, I've gotten podcasting grants. I've gotten, um, financial. You know, counseling, grants, all types of stuff. So you can kind of look at what your industry is and see if there's a, a grant available or maybe your certain demographic or where you live. You know, I've gotten some North Carolina grants, you know, so just keep an eye out for that.

There are, um, Available, but not all grants cover all businesses. Um, another thing is that grants are free money. While you don't have to pay them back, cuz they're not loans, there's usually an investment that comes, you know, maybe they have specific requirements and expectations on how you use the grant or what you can use it for.

Um, you might have to report on how the funds were being used, so on and so forth. So it does require a little bit of work. You're not just getting off SCO free, so just keep that in mind. Another misconception is that grants are only available from the government. That is absolutely not true. There are a lot of nonprofits actually giving grants.

There are also for-profits giving grants. So grants can come from any type of business, honestly. And so you just have to see, you know what private organizations, foundations, whatever, um, are providing those grants and seeing if you are eligible a really good. Is, I would say to look locally and see what's available there.

First, you'll be surprised at how many local grants go un awarded because people just don't know about 'em. So look at your local community and see what kind of grants are available there first, um, and then kind of broaden your search. Another misconception is only new businesses can get grants. That is so not true.

I've been in business for, what, six years? It'll be six years this year. I. Um, don't quote me, I might be wrong cause I'm not doing the math, but, um, I've been in business since 2017, so I'm definitely not a new business. And I have gotten Grant, I got a grant this year already, and it's only April. So many grants are available not just for startups, but also existing businesses looking to grow, expand, or pivot to a new area.

All business stages and goals. You can probably find a grant. Um, kind of like what I hit on earlier, grant application, a common misconception is that grant applications are all the same. This is not true. Each one asks different questions, but that's why I keep, um, a kind of database of what questions I've answered before.

So if I come across those answers again, all I have to do is copy and paste, um, what I've already answered. That's why it's so important to make sure you keep track of all this information, which I'll go over. I'm actually starting a business money makeover for this purpose to teach people how to get grants and loans and things like that.

If you wanna sign up, I'll make sure I have the link in the show notes. But that's why I will be going over this stuff because if you keep accurate records, it gets easier and easier. You don't have to keep redoing the work. Um, and then, uh, one more misconception I'll go over is that grants are only awarded to large or recognizable companies.

Look, I know that people think Money Taco Tiff is huge, but I am a small, small company in comparison to a lot of the companies out there. And if I'm able to get grants, then you are able to get grants as a small business owner as well. So it's not just to the large, huge companies that are well known or established or what have you.

Grants are available for anyone. Honestly, they don't really know how big your brand is or how big your business is. They're just going off of what you put in your application, so that's why it's important to speak their language when you are applying for grants. Now, I've been on the other side of the table as well where I have.

Been on committees where we issue grants to small businesses and nonprofits. And so I have a unique view of like what they are looking for when you are applying. So I feel like that's another reason why I'm able to get so much. But like I said, this is why I am teaching all of this information, um, in my business Money Makeover programs.

So, If you're interested in learning more about the Business Money Makeover program, I will have that link on my website. And so all you would do is go up at the top Money Talk with t.com, you'll see it right there, and I will be more than happy to have you in the program, but I will be going over a lot of these misconceptions and how to kind of work your way around them.

So, That's all for Tiffany's take today. I hope that helped and I hope that answered and cleared up some misconceptions about grants and small businesses. And until next time, bye.

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