Raising capital to fund an emerging specialty food business can be a challenge, but its impacts can set up a clear path to success.
During the SFA In the Know webinar titled “Grants for Your Specialty Food Business,” Alex Piasecki, founder of Seal the Seasons, will highlight grant programs available for small businesses, and give tips on how to prepare an exemplary application.
The webinar will take place tomorrow, August 23, at 1 p.m. EDT. It is free for members and $19 for non-members. Register now.
SFA News Daily spoke with Piasecki about the topic.
What are some strategies specialty food businesses can take advantage of to find funding?
As a specialty food business, it's important to consider all sources of potential funding, including non-dilutive grant funding, debt (SBA 7a) and potentially even equity funding. Be sure to network with the right organizations that are key to the funding you are looking for. For example, Small Business Development Centers will be very helpful in preparing for an SBA loan, while local angel investment groups are best to network with when exploring equity.
Be sure to always keep an open mind and open eyes when it comes to funding. It often can come from the places you may expect it least.
What is important to include in a grant application?
At its core, it is important to apply using a project that has a bold vision with a clear and attainable execution plan that ultimately accomplishes what the grant is for. This is often easier said than done but look at the specific language that the grant application and description use and make sure to include that exact language in the text of your application. For example, if you see the phrase “public-private partnership” multiple times in the grant description, make sure to include that multiple times in your application. The grant readers are human and will gravitate towards applications that clearly relate back to the purpose of the grant.
What mistakes do you see specialty food businesses make when applying for funding?
The main mistake I see specialty food businesses making when applying for grants is not being specific enough with how they will accomplish their project and achieve the purpose and impact of the grant. A big vision and project goal are needed, but ultimately, the grant managers want to award folks they know will follow through. Including letters of support from key stakeholders in your project can go a long way in displaying your business’s ability to execute the vision laid out in your application.
Are there any grant programs that tend to be easier for specialty businesses?
My experience is that USDA and local State Agricultural Agency grants tend to align best with specialty food businesses. In particular, I encourage everyone to read up on and potentially apply to the Local Food Promotion Program grant from the USDA. It has received increased funding over the years and is made to support local producers of food and crops.
Are there any topics you are particularly excited to share during the webinar?
I’ve been fortunate to be awarded a variety of grants during my time growing Seal the Seasons. I am excited to share my experience in winning multiple six-figure grants from the USDA, Kroger Zero Hunger Zero Waste Foundation, among others. I also want to provide specific tips as to how to make your grant application as compelling and competitive as possible.
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