Information about the Kentucky State University Cooperative Extension Program
2021
Preparing Your Small Business
for the Next Grant Application
Chris Cribbs, MA, State Specialist for Entrepreneurship
Grants are a good source of free cash infusion into your small business. There are a variety of small business grants for which you may apply: federal, state, local, and private. Be aware that once the small business grants are known, the funding is gone. Be prepared and get ahead by having your application checklist of items readily accessible to immediately apply.
Common Questions on Grant Applications
Work smart. Instead of filling out an individual grant application, do what every job applicant does and create a “resume” for your business that outlines your answers to the common questions that small business grant-givers ask of their applicants. Copy and paste your template answers to expedite your application.
Here are a few common questions you may need to answer when applying for a small business grant:
Tell us about your business.
How long have you been in business?
How many employees do you have?
How will the funds be used?
Share your financial statements: monthly or annual revenue/losses.
What is your business's "elevator pitch" (a memorable, succinct, and persuasive paragraph that will create interest in your small business)?
What is your Employer Identification Number (EIN)?
What are your social media handles/usernames (LinkedIn, Facebook, Twitter, Instagram, etc.)?
Share a photo of you (and, if applicable, your partners or offices). Tip: A professional photo can go a long way, especially for companies looking to use your image on their site when announcing awards.
What is your business plan? You should already have one, but if you don’t, talking to your state’s Small Business Development Center (SBDC) or your accountant can help you figure out the numbers, projections, and stats that reflect the current health of your business.
Please click the Kentucky Small Business Development Center link for assistance in creating a business plan: https://kentuckysbdc.com/business-planning/