Two Promising Grants & Programs for Businesses

Are you looking for the capital needed to launch your own small business? Perhaps your small business offers unbeatable innovation with the potential to disrupt a market? There are several grants and programs that are dedicated to helping small businesses succeed. In the following guide presented below by Faviola Valencia, we’ll discuss two great sources of financial assistance for small businesses as well as other money-matter considerations.

Benefits of Organizing Finances

Organizing and managing your business finances is one of the most important steps in securing a grant. Before an entity awards a grant, the business needs to show that it can handle cash flow and track expenses.

There are many benefits to organizing finances, including the following:

  • Manage financial risk
  • Respond to financial issues effectively
  • Create a blueprint for future financial habits
  • Assist in developing a beneficial tax strategy
  • Identify sales trends
  • Prioritize expenses and have a savings nest

If you’re a creative or an innovator, then wearing the business’s financial hat may be more challenging. Luckily, there are tools and tricks to help.

Importance of Reliable Invoicing

One of the most important elements of streamlining business finances is a reliable invoicing system, especially one that allows you to create custom invoices faster with these batch-processing features:

  • Batch importing and sending
  • Tracking expenses
  • Sending estimates to clients
  • Managing and paying business-related expenses

Investing in invoicing software can help save time and lower the risk of errors since it allows invoices to be duplicated and tweaked as needed.

Grants and Programs for Starting a Business

There are many government and private grants available to help small businesses get off of the ground or to take the next step toward success. However, grants generally require you to have a business plan and a budget in place, so make sure you’ve completed these steps before moving forward. If you feel you’re a little rusty in the paperwork department, consider taking some classes online to help you sharpen these skills so your application will truly shine. Online schools let you tailor your schedule to your life, making it easier to fit classes between work and life.

Now, here are a few grants to get you started.

Economic Development Administration (EDA)

The EDA is a bureau within the U.S. Department of Commerce and offers various funding opportunities. The agency also offers resources and technical assistance to new entrepreneurs.

There are several grant opportunities offered by various states. Each is aimed toward helping local businesses find financing, secure office space, and build their employee base.

Find out more about the various grants available through the EDA here.

FedEx Small Business Grant Contest

As a major corporation, FedEx gives back by helping small businesses realize their full potential. The grant program offers 12 U.S.-based small businesses the chance to win up to $50,000, and up to $7,500 in FedEx services. The selection process is thorough and detailed, and there are various prizes up for grabs (in addition to the main cash prize).

There are certain prerequisites for entries that may change slightly depending on the economic climate. For example, previous entries were open to for-profit businesses running for a minimum of six months, and with a staff component of fewer than 99 employees.

Find out more about the 2021 winners and keep an eye on the reopening of the contest here. While some small business owners have the means to launch or build their businesses without any outside support, most entrepreneurs benefit from award programs. The EDA and FedEx are just two examples of where to apply for a cash prize. However, before you send out any applications, make sure your business’s finances are in order so you’ll demonstrate your company’s strength and why you should be considered for funding.

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Hello / Hola! I'm/soy Faviola

Boss Up and Rise Podcast

A multi-passionate entrepreneur, business coach, professional interpreter, interpreter trainer, problem solver, and former CEO. Dedicated to helping you start, scale, and build the business of your dreams! When I'm not working & helping my clients, you can find me traveling with my family; camping, hunting, hiking, skiing, jet skiing, dancing or sipping a glass of wine, or drinking margaritas or a Corona.  Yes, we love to have fun! SHOP MY AMAZON STORE

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