Small and medium enterprise relaunch grant is aimed at encouraging small business owners to scale their businesses. For businesses that have been generally affected by the pandemic, there’s a chance to rebuild and relaunch with the help of this grant program.
No doubt, small and medium enterprises go through financial challenges in their quest of providing necessary goods and services to those who need them. The UBS Future of Finance Challenge grant program was specifically established for this reason — to help small and medium enterprises relaunch.
If you own your business or starting one, the UBS grant program can make all the difference. Starting a new business requires much more than simply creating a business plan or crafting the perfect grant proposal.
Grant Programs for Small and Medium Enterprises
Small and medium enterprise relaunch grant money can range from anywhere around $5,000 to $250,000 and in some cases, can be more. What you choose to do with the grant award is mostly at your discretion, for the most part.
However, however a great business plan as to how you plan to utilize the funds can go a long way to help you stay on track. This is why you should have a list of your priorities written down, and try as much as possible to follow them as stipulated.
Small business grants are helpful for new entrepreneurs who are starting out, and those with established businesses. However, the path you choose to go will be determined by the type of outcome you hope to accomplish for your business.
What types of grant programs for small and medium enterprises can you apply for? There are a number of them ranging from government grants such as the U.S. Small Business Administration grants to third-party grant Issuing agencies like SoCal and Amber Grants.
When applying for government grants for your small and medium enterprises, you may be required to provide documentation to demonstrate grant needs. In some other cases, you may have to show that you meet the basic grant eligibility criteria.
Business Grant Application
Applying for grants for small business and medium enterprises require some commitment. As a small business owner, you have to make sure that you have all of what you need to be able to get the grants you need for your business successfully.
The first step in your application for grants should be researching more about the grant you are interested in. What’s more? If it’s a government grant you are applying for, learn about what the grant requirements are.
If you are applying with a third-party grant agency, learn about the grant agency, everything from past grant winners to grant types and start dates, deadlines, and mode of the grant dispensary.
When you have all the information you need and are sure you meet the grant requirements, which is also the grant eligibility criteria, then, the next step would be to start the official application process. Hugh business grant executive can come in handy during the grant application process.
This can take anywhere from a couple of minutes to a few hours, depending on how competitive the said grant you are applying for can be.
What Paperwork Do You Need to Apply for Grants?
Grant application in most cases may require some form of paperwork. If you are applying for federal grants, for instance, you may be asked to provide your Employment Identification Number (EIN).
Some grant agencies may require you to submit a business plan, in some cases, a grant proposal, or the combination of the three and more.
Therefore, staying prepared, learning about your grant options and requirements can definitely put you ahead of other applicants who may have skipped these important and crucial steps to getting awarded grants for your business.
The steps for applying for small business grants can be challenging, but one that is worth the efforts you put into it.
Other Required Documents
- Active Business Checking Account
- Bank Statements
- Company Registration
- Have a Limited Liability Company (LLC)
- Have a for Profit Business
- Show Proof of Running Besiness History
Business Checking Account
Having a business checking account can come in handy in many ways than you ever anticipated. Many grants issuing agencies use this as a way of determining the legitimacy of your business.
When this process of establishing your business has been settled, the same business checking may be used in required to deposit your grant award. Whether you settle for a Santander Business checking or a regular American Express Business Checking account, what matters is you have one opened.
No doubt, there are other reasons for which having a functional business checking can be useful, but having a means of getting your funds is definitely top on the list.
Bank Statements
It is not unusual for grant issuing agencies to request your business bank statements. This request is usually to help them substantiate how your business is doing financially. You may wonder, if this is a grant, why would anyone care to have your bank statements in the first place?
Well, may request for your bank statements, usually business checking or other types of bank account that show some form of revenue, expenditure, and regular activity on the account.
If having to send your business bank account to the grant issuing agencies would make your chances of getting the grant brighter, then get to sending the requested documents to get through the application process successfully.
Company Registration
Another requirement that is often part of the grant application process of registering your business is not different in any way from one for company registration number amazon. It all boils down to following each step of the application process as instructed.
Plus, you won’t be needing any company registration consultants either.
The process of registering your company can be complex, but one that can be done quite easily, if you are familiar with the requirements and ready to give it what it takes.
Have an LLC
As soon as you have your registration, you may now proceed to what is next on the list of requirements.
Registering for an LLC may be part of what you need to apply for a small and medium enterprise relaunch grant. If you live in the United States, what you need is to go to your state business registration website and explore your options.
You may be able to register your LLC online, and have your number assigned in no time at all.
Have a For-Profit Business
Another requirement that you may want to focus on is ensuring that your business is for profit. This case may be different from when the requirement calls for a nonprofit.
A for-profit business is one that is established for the purpose of making a profit. The process may involve several factors, which may include profitability, scalabilities, and other business prospects.
However, being able to supply documentation that shows that your business was established to make a profit can satisfy this requirement.
Show Proof of Business History
Finally, you may have to show business history. As explanatory as this may seem, it just may require a lot more than it sounds.
Your business history may entail starting over and going over your costs, expenses, revenue, and plans to stay profitable.
When you have checked all of the requirements for your grant application, then your search for a Small and Medium Enterprise Relaunch Grant becomes closer to fruition than you ever envisaged.
Bottomline
Applying for grants in any capacity requires a concise plan for a successful outcome. Learning the process of applying and receiving these grants can be the steps to making your dream of getting grant funding a reality.
If you have checked all of the above requirements, and you think you are in the position of proceeding with your grant application, then, by all means, apply without any further delays.
If you are not sure where to start your application, there’s help. Find helpful resources on our website that can help point you to your ideal grants for your type of business and grant options.