Success Lifestyle Magazine Issue 9 June 2021 - Page 16

What is a Grant ?
Securing a Grant for Your Business in Jamaica
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Lending agencies and investors require proof of steady income generation . They also need to see projections that your business is poised to grow and expand . The truth is that many business owners who need financial assistance aren ’ t quite at the point in their entrepreneurial journey to guarantee this stability .
How then can entrepreneurs get a cash injection without a loan or willing investors ? This is unfortunately a question that some businesses grappled with as a result of the global pandemic . Only the astute business practitioner who is always on the hunt for opportunities was able to find viable investors .
But , what if I told you there was a way to get the cash you need to grow your business ? I ’ m not talking about a seedy , no-questions-asked loan from questionable characters . I ’ m referring to a perfectly legal way to secure funds for your entrepreneurial ventures . This funding source is business grants .
What is a Grant ?
Grants are monies gifted by an organization to a recipient . This money is non-repayable and this reality distinguishes it from a loan . These monies are usually issued by governments , foundations or other qualifying institutions . It may seem strange that governments or foundations would essentially hand out ‘ free money ’. The truth is , grants offered to businesses do stimulate the economy and bolster recovery initiatives .
Non-government agencies , and even larger corporations , may offer grants to smaller enterprises . These grants are usually geared towards interests , such as research and development , that benefit the granting institution . It ’ s important that you seek out grants that are aligned with your business .
Grants are generally considered ‘ free ’ money . But , there are certain criteria that must be met before a business can qualify to receive a grant . Let ’ s discuss the necessary steps to secure a grant for your business in Jamaica .
Securing a Grant for Your Business in Jamaica
Now that you know what grants are , let ’ s get to the really important question - how can I secure a grant for my business in Jamaica ? There ’ s no concrete way to go about the process but there are a few conditions that must be met .
1 . Ensure that your business is registered and tax compliant .
Grant funding institutions won ’ t look your way if you haven ’ t taken this step . A Tax Compliance Certificate ( TCC ) is a document showing that your enterprise is in observance of the tax requirements and laws stipulated by the government . Your TCC proves that statutory deductions and payments of tax liabilities are current . You can learn more about the TCC by reading this article .
2 . Get yourself organized .
It ’ s wise to get your business in tip top organizational shape before seeking out grant opportunities . Granting institutions will want to see your records , and not just for accountability matters . An organized business will more likely put gifted funds to better use than one that is still searching for bearings . Securing the services of accounting consultants can help you get your ducks in a row . Granting institutions want to know that their funds will be put to good use and organization is one indicator that it will be .
Issue 9 : June 2021

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