A small business grant is different from a loan in that you don't have to pay the money back. This type of funding is very competitive. When applying for small business grants, there are a few things you should be aware of:
You may have to match the grant with your own money, meaning that you may have to take out a loan to qualify for the grant.
There are scammers out there that pose as grant providers and try to steal your financial information.
Many grants come with strings attached.
While this type of funding seems ideal at the surface level, it gets a lot more complicated when you learn about the application process and logistics of the grant. If you do decide to apply, we recommend going with a provider with a solid reputation, like a government organization. Then, make sure you don't agree to anything that may hurt your company down the road.