Understanding Grant Opportunities for Businesses

Sep 1, 2024

Lecture Notes: Grant Opportunities and Application Process

Introduction

  • Speaker is a 71% successful grant writer.
  • Grants are debt-free money from government, non-profits, and companies.
  • No credit checks or personal info required.
  • Grants help startups and small businesses by providing funds without repayment obligation.

Importance of Grants

  • Exploration of alternative funding as banks tighten lending.
  • Grants offer working capital for various industries.
  • They present a viable option in lieu of loans or credit as banks become stricter.

Types of Grants

  1. Random Selection: Like a raffle (e.g., $10,000 Fast Break Grant).
  2. Pitch Competitions: Similar to Shark Tank, presenting business to judges.
  3. First-Come, First-Serve: Fast access for prepared applicants (e.g., Pandemic PPP funds).
  4. Judgment-Based: Applications judged for thoroughness and clarity.

Preparing for Grant Applications

  • Essential items: Business plan, pitch deck, 90-second video.
  • Business plan conveys mission, value, and operations.
  • Pitch deck: PowerPoint of business plan.
  • 90-second video explains the business purpose and impact.

Fast Break Grant Specifics

  • Offered at AOFund.org, provides $10,000 or $500 LegalZoom credit.
  • Requirements: LLC, business bank account, ID copy.
  • LegalZoom credit to assist with business formations (free LLCs, contracts, etc.).

Corporate Transparency Act (CTA)

  • Effective from 2023, requires filing Beneficial Ownership Information by 2025.
  • Failure to comply can result in fines.
  • To file, visit FinCEN online portal.

Application Process

  • Visit AOFund.org to apply.
  • The process includes submitting personal and business information.
  • Application judged on completion and thoroughness.

Additional Notes

  • LegalZoom provides tools for business setup and legal needs.
  • Grants are competitive; consistent application increases approval chances.
  • Speaker provides grant writing services for a fee ($47 for Fast Break Grant application).

Conclusion

  • Grants are an additional income stream for businesses, not a primary financial plan.
  • Apply consistently and explore multiple funding streams (e.g., business credit).
  • Emphasizes the need for a proactive approach in business funding strategies.