When you're running a small business, it can be difficult to obtain financing. Government grants can take months to be approved. Sometimes, you need money quickly to pay off debt or purchase new equipment. That's where instant grants help. This option appeals to small business owners, students, entrepreneurs and individuals.
How Do Instant Grants Work?
Instant grants exist to help start a business, enroll in a course or pay off student debt. For example, you can apply for a career advancement grant to get the money needed to continue your education, or you can search for easy government grants to finance a project you have in mind.
According to a recent survey, 27 percent of small business owners said they were not able to obtain funding. Some had to lay off employees or give up their projects for this reason. The more money you need, the longer it takes to have your application approved.
Instant grants give you access to a small amount of money. They're quickly approved and can help in case of an emergency. Some are designed for entrepreneurs, while others appeal to the general population. Most times, you can apply online and have your request processed on the same day or the next business day.
How to Apply for Instant Grants
First, determine how you're going to use the grant. For instance, if you're planning to apply for school grants, look for organizations that offer this type of funding. Once your application is approved, no repayment will be needed. Student loans, on the other hand, require repayment. These types of grants are usually offered by the government, public and private associations, colleges, universities and more.
Another option is to reach out to Small Business Investment Companies. This program is licensed by the Small Business Administration and is supported by private investment firms that are willing to facilitate funding for small businesses. Even though most of them provide loans and equity investments, some offer grants as well. You may not receive funding right away, but the process is faster than applying for government grants.
Make sure you qualify for the grant in which you're interested. For example, the Urgent Action Fund for Women’s Human Rights offers grants of up to $8,000 to individuals and businesses that fight for women’s and trans people’s rights. Applicants are required to fill out an online form and describe their efforts in this area.
Where to Find Easy Government Grants
Government agencies provide grants as well. However, these are not instant grants; it can take weeks or months to have your application approved. Check trusted sources, such as Grants.gov, USA.gov and the Economic Development Administration.
Eligibility criteria vary among states and depend on the type of grant. Go online and search for your state name along with the phrase "small business grants" or "instant grants." A search for "New York small business grants" will direct you to the New York Small Business Development Center. Here you will find comprehensive resources and tips on how to apply for easy government grants and increase your chances of getting approved.
- National Small Business Association: 2015 Year-End Economic Report
- College Scholarships.org: Education Grant Benefits and Opportunities
- Inc.: Small Business Investment Companies (SBIC)
- U.S. Small Business Administration. "Grants." Accessed July 2, 2020.
- Grants.gov. "The Grant Lifecycle." Accessed July 2, 2020.
- Grants.gov. "Community Connect Grants." Accessed July 2, 2020.
- U.S. Department of Housing and Urban Development. "Community Development." Accessed July 2, 2020.
- In order to ensure you will get the grant money as soon as possible always call ahead of time to find out what type of information you should bring with you. It is always good to bring your Drivers license, social security card, and the last couple weeks pay stub if applicable.
- Always be honest about your financial situation and the purpose you are seeking grant funds.
Andra Picincu is a digital marketing consultant with over 10 years of experience. She works closely with small businesses and large organizations alike to help them grow and increase brand awareness. She holds a BA in Marketing and International Business and a BA in Psychology. Over the past decade, she has turned her passion for marketing and writing into a successful business with an international audience. Current and former clients include The HOTH, Bisnode Sverige, Nutracelle, CLICK - The Coffee Lover's Protein Drink, InstaCuppa, Marketgoo, GoHarvey, Internet Brands, and more. In her daily life, Ms. Picincu provides digital marketing consulting and copywriting services. Her goal is to help businesses understand and reach their target audience in new, creative ways.