So many small businesses hear the word “grants” and automatically get intimidated when those are the businesses that should go after said funding. Pittsburgh is such a grant-rich city that all this money goes untapped for small businesses because of the lack of grant education and/or networking opportunities for small minority-owned businesses. None of these things should deter businesses as applying for grants might be grueling but it could be just the thing to help a small business get to where they want to be fiscally. Here are a few reasons why grants might be the perfect opportunity for your small businesses.
Grants are Non-Repayable Funding
Also referred to as free money (which it kind of is but not really because anything that requires your time is not free) grant funding is money that doesn’t need to be paid back. It gives your business a financial boost without adding to your debt and it could free up resources for growth, innovation, or addressing operational needs.
Grants Support Innovation and Expansion
Many grants focus on fostering innovation, research, or community impact. Small businesses can leverage these grants to develop new products, expand services, or enter new markets while getting the press and coverage surrounding said innovations.
Grants Help with Opportunities for Underserved Communities
Grants are tailored to support minority-owned, women-owned, or veteran-owned businesses, leveling the playing field and promoting equity in entrepreneurship. Taking advantage of these funds to better the community is imperative to both building your community and your business.
Grants Help with Credibility and Visibility
Grants help with a business’s credibility and provide visibility, especially on a local, state, and federal level. Sometimes applying for government grants can become a regular thing as some funds are routinely dispersed on an annual basis. Grants also fill financial gaps that traditional loans might not cover.
Encourages Strategic Planning
Grants require clear business planning and goal-setting which can help with your business's strategic planning and help convey that your business is capable of making plans and delivering. Being awarded a grant can pave the way for future funding opportunities by enhancing a business’s track record and showcasing its ability to deliver on goals.
With tools like ChatGPT and other AI applications small businesses now have a level playing field when it comes to grants. Stay tuned for our next blog post on tips on how to utilize ChatGPT and AI applications to write your grant.
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