← crd_smallbusinessgrantapplication2_101321_accessible.pdf

Rebuilt HTML — PaddleOCR-VL (Baidu)

Content placed at each item's bbox to mirror the original PDF layout (font sizes are estimated). overlay · view JSON

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/

Page 2 Download HTML

Sources

Please Note

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

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