Grants are not guaranteed. There is no guarantee that you will be awarded a business grant. For each grant, there are a few small businesses and sometimes just one small business that will receive the award.
Grant applications can be hard work and time consuming. Below are a couple of items that your business may be requested to provide:
Provide complete and accurate information in the application. An incomplete application may not make the review process or will delay the review and approval process.
Explain how your business's growth and development will benefit local commerce directly.
Create a persuasive video.
Grants are taxable income. The Internal Revenue Service (IRS) generally considers business grants as income for tax purposes. Please consult your accountant or tax professional to factor any grant money you're awarded into your quarterly estimated payments (if applicable).
Grants won't help with building your business credit. Business grants aren't reported to any business credit reporting agencies.
Guillory, S. (2021, August 23). Small business Grants 2021: Free money for your business. Nav. https://www.nav.com/resource/small-business-grants/.
the Mind Tools Content Team By the Mind Tools Content Team, Team, the M. T. C., wrote, M., wrote, iF. V., & wrote, B. T. (n.d.). Crafting an elevator pitch: Introducing your company quickly and compellingly. Communications Skills From MindTools.com. https://www.mindtools.com/pages/article/elevator-pitch.htm.
Shavonn Richardson, M. B. A. (2020, November 25). 5 questions funders will ask on every grant application. thinkandink. https://www.thinkandinkgrants.com/post/5-questions-funders-will-ask-on-every-grant-application.
Zahorsky, D. (n.d.). 5 top tips for winning small business grants. The Balance Small Business. https://www.thebalancesmb.com/how-to-find-and-win-small-business-grants-2951180.
If you want an abbreviated list of small business grants,
If you would like to share your small business grant award success story, or
If you have additional questions, please contact:
Chris Cribbs
State Specialist for Entrepreneurship
Cooperative Extension
Kentucky State University
chris.cribbs@kysu.edu
KYSU.EDU/AG | @KYSUAG
Educational programs of Kentucky Cooperative Extension serve all people regardless of economic or social status and will not discriminate on the basis of race, color, ethnic origin, national origin, creed, religion, political belief, sex, sexual orientation, gender identity, gender expression, pregnancy, marital status, genetic information, age, veteran status, or physical or mental disability. Kentucky State University, University of Kentucky, U.S. Department of Agriculture, and Kentucky Counties, Cooperating. 2021 KYSU-CEP-FAC-0092