Most grant applications ask this simple but often overlooked question: "What do you plan on using the funding for?" Ever wonder how most small businesses answer this question? We've used AI to analyze thousands of answers to this specific grants question. Based on those answers, here are the top 5 uses of small business grants.
📌 Pro-tip: Prepare for grants and apply faster using the Skip Grants Vault.
Top 5 Uses of Grants Funding for Small Businesses
Across all responses, AI found several common themes and interesting answers regarding how grant money would be used to help the businesses. Here are the top 5 themes.
Marketing Efforts
The majority of the businesses plan to invest a portion of the grant funding in marketing initiatives. This includes strategies such as social media advertising, email campaigns, digital marketing, and collaborations with local organizations to increase brand awareness and attract new customers.
Facility Improvements
Many businesses intend to allocate funds to improve their facilities, whether it’s upgrading equipment, enhancing aesthetics, or creating a safer and more attractive environment. This improvement aims to increase customer satisfaction and loyalty.
Product/Service Expansion
Several businesses plan to expand their product lines or services to cater to a broader range of customer needs and preferences. This expansion is viewed as a way to attract new customers and retain existing ones.
Staff Training and Development
Some businesses recognize the importance of investing in their staff’s skills and knowledge through additional training and professional development opportunities. This investment is considered essential for providing exceptional customer service and retaining talented employees.
Targeted Outreach
One business specifically mentions the importance of targeted marketing campaigns and collaborations with local entities to reach its intended customer base effectively.
Summary of Grant Uses
Overall, these responses demonstrate how businesses strategically plan to use the grant money to overcome challenges and achieve long-term success and growth.
How might you utilize this information? Compare it to your own stated needs: Are there similarities? Are there things you missed that are on this list that might become a higher priority for you? Does this help you answer the question "how will you use this grant funding?"
As we learn more on funding and business trends, we'll continue to provide community insights across various topics.
📌 Pro-tip: Prepare for grants and apply faster using the Skip Grants Vault.