A great business idea that is supported by an excellent business plan and is located in a prime piece of property is worth nothing without the right amount of funds to translate them into a real profitable business venture. If you are a daycare center business owner, you may not have needed a large startup capital but if you need to have your facilities repaired or renovated in a small scale and you don’t have the funds in your pocket to do it, you are stuck. You would think of applying for a loan to finance it but a loan is something you have to pay regularly and on time. There are banks that offer loans with reasonable interest, venture capitalists who would have to have a hand in managing your daycare center, or friends and relatives from whom you could ask for loans. While these are viable options and a lot of entrepreneurs have gone through this path, you have other sources of funds that could help finance your daycare center. You can apply for a daycare grant from several state or federal agencies, or private organizations that provide grants to businesses for startup or expansion costs. Grants are great sources of funds because it is virtually free money for your business. Unlike loans, grants are given to deserving businesses that don’t have to pay them back. There are certain conditions that need to be complied with of course, but they are simple enough and easy to fulfill.

A daycare grant is given for a specific project or need by the daycare center. You can start with the National Child Care Resource and Referral Agency, Child Care and Development Fund, Head Start, and Child and Adult Care Food Program in your state or county. Applying for a grant is not easy but worth your time and effort. Once you have identified your source of grant and determined that you are eligible, you have to ask them to send you their application packet. Once you have them, examine them carefully and understand what information the agency needs from you. You will have to answer several questions about your daycare center and provide personal details. This is important because the grantor will base the decision to give you the grant based on your truthful answers. You will have to tell them how much you need and how you are going to spend the money. Additionally, you also have to inform them who will benefit from the project you have in mind, and the duration of the same project. Make sure that you have filled and answered every item, obtained all the necessary supporting documents before submitting your application. Failure to be thorough in completing it could result to rejection and a missed opportunity to get the grant. Remember that you and thousands of others are after the same grant so your application should stand out from the rest to be considered positively. Review and revise your answers accordingly to make sure everything is as they should be. If after all your efforts, your application is still rejected, don’t be discouraged. You can apply for other daycare grants; in fact you are encouraged to apply for several or all available grants where you are eligible at the same time to increase your chances of getting the right one.

Author Bio: Loren Yadeski, author of this article, is knowledgeable in child care and daycare grants. If you live in Connecticut, check out DaycareGrants.org — Connecticut for more detailed information on how you can avail of financial aid grants for daycare facilities in Connecticut.

Category: Business
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