How to Apply for Business Grants as a Teen Entrepreneur

With 41% of teens thinking about entrepreneurship as a career path, it’s a good idea to start learning about business grants early. They can help you get your business off the ground and ease some of the financial pressure. There are plenty of grants out there in the U.S. for young entrepreneurs, but figuring out where to start and how to apply can feel overwhelming. In this article, we’ll break down the steps you can take to find and apply for the right grant for your business.

Understanding Business Grants

Business grants can come from the government, nonprofits, or private companies that want to support certain goals or groups. The money doesn’t need to be paid back (which is what sets it apart from a loan), but that also means it’s usually more competitive, and you’ll need a detailed application and a clear reason why you deserve the funding.

Where to Find Business Grants

Below are a few strategies to find suitable business grants.

• Federal Resources: Check out the Grants.gov website to search for available funding. You can narrow down your search by looking for grants in specific industries, types of eligibility, and more. 
• Department of Education: The U.S. Department of Education offers a tool to search for grants for promoting student achievement. The awards could fund training programs, undergraduate courses, or other projects. 
• State and Local Programs: Depending on where you’re located, there may be grant opportunities available from local businesses or private investors. Try completing an online search like “business grant opportunities in [your location]” and see what comes up.

Types of Grants Suitable for Teen Entrepreneurs

When searching for grants, focus on the eligibility requirements. Here are a few types to keep an eye out for:

• Small business grants: These often support early-stage startups and can help cover initial costs.
• Student grants: Aimed at young entrepreneurs who are still in school and balancing academics.
• Innovation grants: Great if you’re working on a research-based or creative project that solves a real problem.
• Demographic-specific grants: Designed to support underrepresented groups in business, such as minority youth or young women entrepreneurs.

Steps to Apply for a Business Grant

1. Research Suitable Grants: As mentioned previously, complete an online search to find suitable grants. You can also ask your school’s guidance counselor, teachers, or mentors if they know of any grant opportunities.

2. Understand the Eligibility Criteria: What does the grant require? Do you need to meet a certain age, location, or business type? Are there specific documents or materials you’ll need to submit?

3. Create a Business Plan: Develop a simple document that outlines your business idea, target audience, goals, and financial projections. Add images and descriptions of product prototypes and explain how your grant funding will help bring them to life.

4. Complete Required Documents: Gather all documentation, such as financial statements, tax information, and ID. Make sure to scan a copy of these to send them along with your application. Ask an adult to help you locate any necessary paperwork if you can’t access it yourself.

5. Write a Grant Proposal: A winning grant proposal clearly explains what your business does and what the grant money will be used for. Add in your supporting materials, such as your budget breakdown, business plan, and testimonials.

6. Gather Feedback: It’s always a good idea to get a second pair of eyes on your application once it’s complete. Ask a trusted adult, teacher, mentor, or business coach to review your application before submission.

7. Submit Your Application on Time: Use strategies like a digital calendar, physical agenda, or sticky note reminders to keep you on track to submit your application before the deadline.

Tips for Success

Check out these tips for success:

• Consider joining entrepreneurial communities on Slack, online forums, or in your local area to receive support, advice, and encouragement about your business goals. 
• You can also attend workshops that offer insight into grant writing and tips about business development. 
• And finally, stay persistent. You may not receive every grant opportunity you apply for, but don’t let that discourage you from trying again. There will always be options available; you just have to keep showing up, improving your approach, and believing in your vision.

Ready to Fund Your Business?

Grants can support your business dreams, especially if you’re a teen entrepreneur. Once you’ve found a suitable grant, don’t hesitate to apply—you’ll never know if it’s yours unless you go for it! Just remember to be thorough in your application and leverage your resources to give yourself the best chance at success.

If you’re a Florida teen with a passion for business, the Kantner Foundation scholarship is calling. Start your application today.