WOMEN OF THE SUMMIT SMALL BUSINESS GRANT
Women of the Summit is a non-profit dedicated to establishing, promoting and helping our community of Summit County Colorado Women thrive in business and life.
A business grant is a sum of money awarded to a business to help it grow and develop – the money could be invested in training, equipment or reaching new markets
Can a 501(c)(3) Donate to an Individual?
A 501(c)(3) charitable organization can certainly make grants and donations to benefit a "worthy individual" who falls under the purview of the organization’s mission statement.
Note that this does not mean you can run campaigns to help your friend Gary pay off his car. You would have to instead give funds to a class of people (those who are struggling to pay off their cars), not specifically Gary.
Giving funds to individuals as a 501(c)(3) can be made in the form of scholarships, covering medical costs for those who are in medical debt, feeding the hungry, or housing the homeless.
5. Determine grant funding details
What’s the best size for your grant program?
One Big One
What’s the best duration for your grant program?
annually one time. non reoccurring
How will grant funds be used?
As the one awarding funds, you get to decide exactly how grant funds can be used by grantees.
You can be as strict or lax as you’d like—although in recent years, the trend in philanthropy has been to give grantees more leeway to spend their grant money on general operating costs or adjacent expenses.
Remember: these funding details are not set in stone and you can make changes as you learn. When you start a grant program, you will make mistakes and require adjustments (and that’s okay!).
6. Write a business plan
Next up: your business plan. Specifically, when you start a grant program, your business plan should include details on how you’ll allocate the program’s funds, and what resources you’ll need to make the program efficient and effective.
8. Establish the grant’s terms
The grant’s terms and guidelines should include absolutely everything that a grant writer would need to know to apply, including:
All important deadlines
All grant requirements
All application requirements
The grant’s goal/mission
The amount of the grant
The grant’s timeline
The grant’s reporting requirements
9. Set up an application process
Amber Grant Example
10. Organize a review process and post your call for proposals
Assemble a review board and a process for reviewing grant applications and picking successful grant proposals.
One $2000 grant
Women Owned business
$10 application fee - see Amber Grant example
Use towards: Training, Technology, equipment, employee, benefit programs,
Grow towards offering additional $2k grants or keep one $2k grant and add more smaller $500 grants.