28 Aug Three Reasons Startups Need Grants
Applying for grants is one of the smartest things a new entrepreneur can do. Grants are like loans, only you don’t have to repay them! Grants are easier to come by if you fall into one or more of the following categories:
- Are young
- Are a recent immigrant
- Are an ethnic minority
- Have a disability
- Are low income
Grants can provide opportunity for your startup to grow at amazing pace. Here are three reasons you should apply for every grant you can.
1) It’s free money!
Someone has probably told you “there’s no such thing as a free lunch.” Aside from the application process, Grants are the freest lunch you will ever find. Apply to as many of them as you can!
2) Startups are volatile
The majority of startup companies don’t become successful businesses. Banks know this and are hesitant to give out loans in case the entrepreneur’s business doesn’t take off. Grants provide entrepreneurs a risk free, and accessible option for pursuing funding.
3) Access to capital is vital
Young entrepreneurs might have a great idea, but if they don’t have the money to market their business, or to manufacture a product, they can’t get their business off the ground. Having access to capital provides these entrepreneurs the opportunity to see if their business will work. The freedom to take a risk and pursue growth can pay off huge for young entrepreneurs.
Business in the Streets graduates have the opportunity to apply for grants of up to $2,500. Applications for our Fall 2018 cohort open soon on our website.