At E.B. Howard Consulting, we understand that searching for funding to help your business reach its full potential can be an extremely overwhelming task. That’s why E.B. Howard wants to provide your business with the necessary tools to make the process of finding funding much smoother. One very important aspect to consider when searching for funding for your organization is any barriers to applying. A barrier to applying can be anything that stands in the way of your company’s chances of receiving certain funding. Some barriers are easy to find, and by locating these barriers you can easily eliminate funding options to make your search pool much smaller. Here is a list of four common barriers to applying to look for when considering funding options:
#1 Geographical Restrictions
A very common barrier to applying that exists for funders are geographical restrictions. Certain foundations or businesses will only provide funding to organizations within a certain country, state, or region. It’s important to note any geographical restrictions before pursuing funding opportunities. If your business is located outside of a certain funders region of interest, then you can easily eliminate that funding option.
#2 Invite-Only Funding
While invite-only funding is not a definite no, (you may be able to get in if your organization has some sort of connection with the funder) if you know your organization has no connection with a funder that is invite-only, it is most likely safe to cross that one off your list. But don’t worry, this only means you’re one step closer to finding the perfect funding for your organization.
#3 Non-Profit vs. For Profit
Another simple way to eliminate funding options is to look for funders based on your tax status. Is your business a non-profit? For profit? Certain funders may only consider providing support to non-profit organizations. By locating these funders, you can narrow down your search by a large margin.
#4 Specialized Funding
One of the best ways to narrow down funding options is to look for funding that specializes in the same focus area as your organization. Many foundations focus on providing funding to organizations with the goal of solving a problem in a certain area, such as the environment, education, or technology, just to name a few. Looking for these funders is a great way to narrow your search, as well as increase your chances of finding a funder that will be the perfect fit for your organization. Once you’ve eliminated these four items from your search, your organization will be one step closer to finding the funding that will help it reach its full potential.
Need Help Locating Funding?
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This post was written by Lindsay Robbins. She is currently an undergraduate senior at Towson University majoring in International Studies and Economics. At Towson University she has held several leadership positions including working with Model United Nations and as a Writing Tutor. She has also spent time studying and working in youth development organizations in Honduras and Peru. See more about Lindsay here.