When you hear the word “grant,” do you only think about free money? Most people do. The truth is, not all grants look the same, and as an entrepreneur, you need to know the difference so you can go after the money!
In this article, I’m breaking down four types of grants every small business owner should understand.
1️⃣Grants That Give You Money
These are the traditional grants most entrepreneurs know about, cash awards you can use for approved business expenses.
🔹 They’re great, but they’re also highly competitive. You’ll need a strong application, origin story, and plan for how the money will be used. *Don’t forget to include Marketing in your budget!
2️⃣Grants That Pay for Services (Instead of Giving You Money)
Some grants don’t give you cash directly but they cover things like marketing support, consulting, financial and accounting support or training that your business needs.
🔹 These are often overlooked but can save you thousands in out-of-pocket costs.
3️⃣ Grants in the Form of Cohorts or Accelerators
Cohort-style grants such as the Goldman Sachs One Million Black Women select a group of entrepreneurs for education, mentorship, and sometimes funding. These programs are about capacity-building, not just cash.
🔹 They give you community, visibility, and long-term growth skills that often outlast the money itself.
4️⃣ Grants That Act Like Contracts
Some grants are structured like service agreements—you get funding to deliver a program or service. Think of it as a government or organizational contract. For example, Mitchell Productions was awarded a multi-six figure grant to create and manage a community program.
🔹 These types of grants expand your portfolio, give you recurring revenue opportunities, and help you prove your impact.
Your Action item:
Apply for One Grant Every Month
🔹 Create a goal: at least one submission per month, even if it’s small.
Grants are a numbers game—the more you apply (strategically), the more wins you’ll rack up.
We will have more conversations like this at The Platform Builder® Summit—VIP Experience, which will be held on Friday, November 7, 2025, and Saturday, November 8, 2025, in Richmond, VA!
Learn more and register at www.PlatformBuilderSummit.com
Who should attend: Women entrepreneurs, business owners, aspiring entrepreneurs, authors, speakers and consultants.
*Early bird pricing ends September 30, 2025.
