The four key things to look for when choosing the right grant for you!
So, you know what grants are from reading our Grant Basics and Grants 101 guides, you know how to create a perfect grant application, and you know that Pocketed matches you to applicable grants. But, there is another important step to the grant process; choosing the right grant!
Choosing the right grant for your business might seem like a small task, but you want to make sure you’re getting the most benefit for your business.
Here are some things to keep in mind when choosing your grant:
Depending on how rushed you are to secure a grant, it’s important to watch out for deadlines. Sometimes, you’ll have a grant that isn’t due for a while, so you have plenty of time to complete the application. But if you’re in a rush, choose a grant with a closer deadline or consider a first-come, first-serve program structure.
Needing more money is probably the reason you’re applying for grants in the first place, so pick a grant that will give you the funds you need to complete your project, whether that’s hiring an employee, expanding to a new market, or something else entirely!
Also, make sure you know exactly how much of your total project cost the grant will cover. For example, if you have a $10,000 project and the chosen grant will cover 75% of it, ensure you have a way to fund the remainder with either another grant, your own capital, or a founder loan.
Grant applications aren’t always as easy as signing a field trip permission slip from elementary school! Sometimes, it can be a long and complicated process.
Pick a grant that you have the mental and physical energy to complete. If you think you can manage a long one, great! But if you aren’t ready for that kind of application commitment, that’s okay too! And if you want that big grant with a long application process, but you don’t want to do it yourself, hire a grant writer using Pocketed’s grant writer form on our platform!
One of the most important things to consider before applying for grants is what you need the grant for. There are five types of grants — research and development (R&D), hiring, training, market expansion, and COVID-19 recovery.
R&D grants aid in the launching of a product or service; hiring grants are for when you want to grow your team but need money to cover their salaries; training grants take care of the expenses of development initiatives or retraining for your current staff; market expansion grants are for when you want to expand into a new market with your business (these grants are highly underutilized so get applying); and COVID-19 recovery grants, the newest type of grant, help businesses get back on their feet after the pandemic.
Deadlines, money, simplicity, type – Pocketed has you covered! When you view the available grants on your Pocketed account, you will see the award amount, the type of grant, the deadline, and how quick the application process is all in one place!
Don’t have an account? Our waitlist is filling up so get your name on the list and you’ll be accessing the perfect Canadian grant for you in no time — and now you know how to pick the right one: Create Your Account!