Ask An Expert; Business Series

Welcome to Ask An Expert Businesss Series with Misty Lambrecht, the owner of Webfoot Marketing and Design. Over the years, as a business advisor and coach, I have frequently come across the misconception surrounding grants for starting a business. Many aspiring entrepreneurs often request information on grants, believing that the government has millions of dollars readily available to support local businesses. However, it is important to gain a clear understanding of what a grant actually is. A grant is a sum of money provided by

individuals, business organizations, government entities, or chambers of commerce,

with the primary goal of achieving specific objectives.

For instance, in Lincoln County, a grant was recently available to individuals aiming to

expand their childcare businesses. This grant utilized economic development funds to

address the shortage of daycare facilities in the county. By providing grants to

encourage the growth of daycare centers, the county aimed to meet the needs of

working families and childcare shortage. Similarly, during the COVID-19 pandemic,

various grants were offered to businesses. Some grants helped cover the costs of

installing plexiglass dividers in restaurant booths, while others assisted businesses in

providing Personal Protective Equipment (PPE) to their employees. These grants were

all designed to support specific goals.

It's crucial to understand that while there may be grants available for certain business

sectors or specific economic growth objectives, they are few and far between. Grants

targeted towards women-owned businesses, veteran-owned businesses, or businesses

owned by people of color may exist, but they are limited in number and highly focused.

For instance, there might be a small grant aimed at marketing a business in a particular

area, organized by a local chamber. However, it's important to realize that grants of

thousands or millions of dollars to start a business based solely on an idea or a

demographic of the owner are incredibly rare.

If you are planning to start a business and lack the necessary funds, I highly

recommend focusing on improving your personal credit and saving money. Building a

savings account, exploring partnerships with like-minded individuals who share similar

goals, and discussing potential investments with friends and family are viable options.

However, the chances of stumbling upon a stranger willing to provide millions of dollars

without repayment solely based on your business idea are extremely slim. Watch for next week's article on business loans.