5 Reasons You Didn't Get Funding

Funding readiness is critical to a company's financial success H. Hearing “No!” is often hard to digest. Especially when your business may be in dire need of finances to keep afloat or make necessary improvements to continue to expand and grow your business.

Whatever your business situation may be, let's talk about the hard truths.

#1: Wrong Source of Funding

One of the first reasons why a lot of small businesses end up failing when it comes to their search for funding is because they are looking at the wrong sources to get funded.

This may vary by where you are in the business lifecycle. Sources of funding can include friends, family, business partners, private equity investors, personal credit, banks, and your government. But do you know when to go to each one?

Each business is different. Schedule your call today:

#2: Lack of Bookkeeping

Bookkeeping is vital and helps you budget for your business, prepare for tax returns, keep your business organized and so much more. Typically grants will require a profit and loss statement or income statement. These reports can be easily derived from your QuickBooks/Freshbooks subscription if you are keeping up with confirming and validating transactions...

If DIY accounting is not your strong suit or you just simply don't have the time, forgoing your business accounting should NOT be an option. Your best bet, hire a bookkeeper.

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#3 New Business

Many new businesses (less than two years old) are also refused funding due to the fact that they don’t have any credit history and/or established business history. Many investors may refuse funding in the early stages but may opt to fund at a later time. An incentive or even % of the equity in your business can further entice potential investors.

When offering equity, typically investors would like to see how fast they will receive a return on their investment by reviewing your business plan and proposal. These should include financial projections and any current sales data available.

Q Inspires has in-network providers who can assist in creating a business proposal as well. Contact us.

#4 No Prior Year Tax Filings

FILE YOUR BUSINESS TAXES.

A tax-compliant business is the only business that receives any funding from sources such as corporations, banks, or governmental agencies. If you are not reporting your income to the IRS you quite frankly don't have a legit business, yet. Your business could be around for 10 years but without a tax record, your business history will show at year 1.

#5 Competition

Sometimes you can do everything right but still, get denied grant funding. Competitive grants are not always easy to obtain. Going it alone can be even harder. Writing narrative summaries that are thoughtful and persuasive can be the key to choosing your business over another when the grant committee reviews your application. Application assistance is available to all through Q Inspires.

Here's how we can help.

Included in service:

1. Determining Eligibility (Do you qualify?)

2. Create Narrative Summary and/or Complete Written Prompts.

3. Collect appropriate backup documentation (ID, EIN Documents, SOS Business Certificate, Tax Forms, P/L and/or Income statement, Bank Statements)

4. Submit completed application

Our service fee starts at $199.99 per application filed & 10% of the after funding.

The funding readiness meeting is a prereq to the session below.

Stay ready, so you never have to get ready.