Proceed with Caution

When it comes to grants and other resources for entrepreneurs and small business owners, it’s critical to do your research and stay on your toes.

As a result of the ongoing pandemic, business owners have experienced a major disruption to their income streams and business models. This state of crisis has hit hard especially for women owners of small businesses, who continue to face a steady stream of challenges including lack of capital and revenue inequalities.

Now, more than eight months into the COVID-19 global outbreak, as we continue to navigate scary and uncertain times, it’s important for entrepreneurs, business owners, and gig workers to prepare for another hurdle: Securing additional resources. Navigating through a sea of often-suspect offers or poor fits for your business to find the right opportunity is less simple and easy than you might think.

The Payroll Protection Program (PPP) and SBA loans have provided some relief and support for business owners. However, you still must meet the qualifications criteria and submit the proper paperwork. Corporations and companies are also stepping in and providing grants and other free resources to support businesses.

Although this is welcome support, it is not a long-term solution to women-owned businesses’ ongoing challenges. It sometimes requires businesses to complete mountains of paperwork from companies asking for detailed business information, only to receive a rejection letter.

Addressing the issues faced by women is complex and will require commitment to strong supplier diversity programs, access to credit, and initiatives that increase private sector contracts/procurement opportunities. Entrepreneurs need a seat at the table that can lead to the opportunity for business and contract awards.

However, as you navigate through these difficult times, here are a few recommendations:

Read all the required qualifications and make sure that you meet the guidelines. Also, when you apply, attach the appropriate documentation requested. Do not submit incomplete applications or apply for awards if you don’t meet the qualifications.

Before you submit your information to a source, conduct research about the company to ensure the source is legitimate and the efforts are sincere. Unfortunately, some companies may not be genuine in their efforts.

If you receive a rejection, review information about the awardees. It may be an opportunity to amend and resubmit your application during the next round of awards and build a relationship with the company.

Some great companies support entrepreneurs; however, look out for the red flags. I encourage you to ask questions, check around with your colleagues, inquire about who received it, and benefit from the cash grants and awards.