Small and medium enterprises (SMEs) will experience some difficulties towards their recovery. One of the most notable effects that the global pandemic caused was an economic recession. This took a much heavier toll on small businesses, even going so far as leading others to close down permanently.
While the beginning of a vaccine rollout promises the first step towards the post-pandemic world, recuperating from the losses won’t be a linear path for all. Larger firms will have far better opportunities to rebuild after the pandemic. SMEs, on the other hand, will come across more hindrances. Fortunately, governments are willing and able to help these small businesses bounce back.
Secure the Bag
SMEs account for approximately half of the private sector employment in the United States. This simply equates to small businesses having a significant impact on the local economy. However, these SMEs face a lot of constraints, particularly when it comes to finances, especially in times of crisis.
Governments around the world have taken various measures to help small businesses weather the storm and survive in the post-pandemic world. In the U.S., financial assistance in the form of grants is one of the easiest and most accessible types of aid that the government presents to SMEs.
Applying for a grant can be highly competitive among small businesses. The process itself can take a considerable amount of time and energy, but the outcome should be worth all the trouble. Here are some tips on how to improve the chances of securing a grant.
Manage Digital Assets
SMEs should focus heavily on improving their online platforms if they wish to have a better shot at receiving a grant. Social media accounts and websites will often serve as the face of a small business. Whenever it pops up on the internet, it should be able to give off a good impression.
Small businesses concerned with ventilation, for instance, have become increasingly popular as the pandemic comes to an end since it has become a big part of wellness design. These SMEs have significantly bolstered their HVAC digital marketing to aid their grant applications while preparing for the influx of customers at the same time.
Governments will often choose to offer a grant to small businesses that help develop their communities as well. In this case, consider fostering a relationship with large local organizations that uphold their corporate social responsibility strategies.
Large corporations will usually support grant programs and partnerships. Small businesses are often at the heart of a local community and its economy. Being able to easily identify the relevance of a particular SME when it comes to community building and development will surely be a big factor when it comes to securing a grant.
Establish a Network
Another simple way to be always up to date when it comes to grants is by connecting with the local economic development council. This government entity will usually be aware of most, if not all, of the grant opportunities that small businesses may apply for.
More than this, maintaining a working relationship with the local economic development council will also help to elevate the visibility of an SME. This will be extremely beneficial when the time comes for sending applications since it helps in bringing better awareness of a particular small business’s relevance to its community as well.
Note the Difference
Small business grants are far different from business loans. Unlike loans, grants provided to SMEs don’t necessarily have to be paid back. It’s essentially free money to help companies grow, develop, or recover, coming from the context of the global pandemic. However, there are certain restrictions when it comes to how the money should be spent, which is usually defined by the grantor.
Incorporating unique strategies on government grant applications will definitely help a small business stand out among all the other competitors. This will increase its likelihood of coming out on top and securing funding.
There are various types of government grants made available to small businesses, but determining eligibility should always be the first step. Always be aware of the details and conditions that come with a particular grant. It’s highly advisable for a business to choose a grant where the goals of the grantee and the grantor are aligned. These are the most important things to remember.
As the world continues its slow road towards recovery, it’s admirable that the government has also implemented countless support policies to help smaller businesses recoup from the previous year. SMEs should seize every opportunity they can to apply for government grants. It’ll be a win-win situation for both the business and the economy.