Episode•April 18, 2023•8 min

What You're Getting WRONG About Grants For Small Businesses... | Ep. 221

Are you a small business owner looking for grants? Maybe you've heard the myths out there about them being impossible to get, but that's just wrong! In this episode, we'll help you understand what grants for small businesses are REALLY all about. Listen now and discover why these grants can be the key to unlocking your business's potential and helping your business thrive! Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany Learn more about the Business Money Makeover Program This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Apple Podcasts Spotify YouTube Overcast Amazon Music

Key Takeaways

1
For-profit small businesses CAN get grants
Host has personally received over $35,000 in grants as a for-profit business
Many grants are available only to nonprofits, but for-profit grants exist and are more competitive
Grants are available at every business stage—not just for startups
2
Grants require work and aren't "free money"
Applications can be time-consuming and competitive
Recipients often must meet specific requirements and report on fund usage
Preparation and documentation make the process easier over time
3
Grants come from many sources beyond government
Nonprofits and for-profit organizations also award grants
Local grants are often overlooked and go unawarded
Search locally first, then expand outward
4
Keep a database of grant answers to streamline future applications
Each grant asks different questions, but many overlap
Recycling previous answers saves significant time
Accurate record-keeping is essential for efficiency

Intro

In this Tiffany's Take episode, Tiffany addresses common misconceptions about grants for small for-profit businesses, drawing from her personal experience securing over $35,000 in grant funding.
Tiffany is a financial coach and host of the Money Talk with Tiff podcast who runs the Business Money Makeover program.

Submit a question Business Money Makeover Program

– Misconception: Only Nonprofits Can Get Grants

Tiffany opens by debunking the idea that only nonprofits qualify for grants. While many grants target nonprofits, for-profit businesses can also access them—though the process is more competitive.

Personally, I've gotten over $35,000 in grants, and I'm not a nonprofit, and I'm not an LLC.

– Misconception: Grants Are Easy to Obtain

Some grants are straightforward, but only when documentation is already organized. Tiffany emphasizes that competitive grants require time and preparation.

I keep documentation of all the grants that I apply to and I just recycle some of the answers. So it does start to get a little easier.

– Misconception: Grants Are Available for Any Business

Grants are often restricted by industry, region, demographic, or focus area. Tiffany shares examples of podcasting grants and North Carolina-specific funding she's received.

– Misconception: Grants Are Free Money

While grants don't need to be repaid, they come with expectations around usage and reporting. Recipients must often document how funds are spent.

– Misconception: Only Government Awards Grants

Grants can come from nonprofits, foundations, and even for-profit companies. Tiffany advises starting locally, where many grants go unclaimed due to lack of awareness.

– Misconception: Only New Businesses Qualify

Tiffany, in business since 2017, recently received a grant in April of the current year. Grants exist for startups, growth, expansion, and pivots.

– Misconception: All Grant Applications Are the Same

Each application is unique, but maintaining a database of past answers allows for efficient reuse. Tiffany is developing the Business Money Makeover program to teach these systems.

– Misconception: Only Large Companies Win Grants

Tiffany stresses that grant decisions are based on the application itself, not brand size. Small businesses are fully eligible if they meet the criteria.

Grants are available for anyone. Honestly, they don't really know how big your brand is or how big your business is.

Resources

Submit a question for Tiffany's Taketool
Business Money Makeover Program
Podcorn Privacy Policyarticle
OP3 Privacy Policyarticle

Topics

small business grantsgrant misconceptionsfor-profit grantsgrant applicationsbusiness fundingTiffany's TakeMoney Talk with Tifflocal grantsgrant writing tipsbusiness growth funding