Lecture on Business Grants and Funding

Key Speakers

• Naya Davis (Host)
• Coach K (Guest, Business Grant and Funding Expert)

Introduction

• Host welcomes Coach K
• Discussion on how to obtain and properly use grants and funding
• Importance of structuring business for growth

Coach K’s Background

• Initially wanted to be a sports lawyer
• Transitioned into banking and finance
• Developed a passion for finance while attending Alabama A&M University
• 10+ years in banking, specializing in consumer lending
• Noticed a lack of knowledge in banking among people of color

Discovering Grants

• Coach K discovered grants through her child care business
• First grant was $500; built confidence
• Largest grant received was $146,000
• Business grants vs. personal grants
• Importance of applying for multiple grants

Benefits of Applying for Grants

• Grants are debt-free funding (no credit check, no repayment)
• Available for anyone
• Business grants can help sustain business during tough times
• Encouraged to apply for 20-30 grants a month

Key Elements for Securing Grants

• Develop and maintain a business plan
  • Business plan = grant proposal
• Understand state filing fees and annual fees
• Develop a relationship with your bank
  • Use multiple products within the same bank
  • Build trust and credibility with bank staff

Structuring Business for Success

• Avoid using home addresses for business filings
• Utilize commercial addresses where possible
• Working with another business to use their address can be beneficial

Challenges and Misconceptions

• Misconception that grants only apply to nonprofits
• Importance of a professional business image for higher grant amounts
• Assumptions about the accessibility of grant funding

Additional Recommendations for Entrepreneurs

• Have both for-profit and nonprofit entities, or collaborate with a nonprofit
• Automate grant applications using services like Hello Skip
• Hire a skilled grant writer if affordable

Applying for Grants: Practical Tips

• Present a strong, unique business narrative
• Demonstrate impact and community benefit
• Use local resources, such as Small Business Development Centers
• Be ready with documents like executive summaries, budgets, and mission statements

Encouragement from Host and Guest

• Host shares personal experiences of missing grant opportunities
• Increasing awareness of available funding for impactful community work

Additional Opportunities and Resources

• Local and state grant opportunities
• Instrumentl for nonprofits focused on Africa
• Example of Chick-fil-A and large businesses offering grants

Concluding Notes

• Importance of consistency and thoroughness in applications
• Coach K’s event: The Grant Mastery Challenge
• Opportunity to learn how to write grant proposals and where to find grants

Final Encouragement

• Take action today to apply for grants
• Build and present a strong business case for funding
• Make a significant impact in your community using grant funding