Setting up a small scale business is demanding, calls for creativity and in most instances requires one to seek funding. Most of the people who want to accomplish business take this step as the first step towards their accomplishment by learning more advanced. However, this does not come cheap, as am aware that higher education has its cost. Luckily, small business scholarships are also available to aid future business owners and entrepreneurs to sponsor their studies in order to develop skills essential for the enterprising world.
In this article, we will discuss the most attractive small business scholarships, their application criteria and tips that will assist you in acquiring funds for your education.
For What Reasons Would You Want to Obtain a Small Business Scholarship?
That’s where factors related to small business scholarships come in. These small business scholarships assist students who have a keen interest in entrepreneurship and management of small businesses. Therefore, it’s critical to measure these factors and test applicants who want to establish or those wishing to operate expanding economies. No matter if you are studying business, going to a vocational school, or looking for business credentials, you can apply for these scholarships and help reduce the cost of education.
More than scholarships, small business scholarships also enable funding of other aspects of business life, such as networking supports, mentoring, learning to become an entrepreneur and many more. This type of assistance can prove to be very useful in realizing your idea of a business.
Top Small Business Scholarships
Here are some popular scholarships available for those who wish to own and run small businesses:
The NFIB Young Entrepreneur Award
The NFIB Young Entrepreneur Award is one of the scholarships yearning entrepreneurs crave. The scholarships are to be won by those high school seniors who show any signs of entrepreneurial enthusiasm and self-starter. The awards are between $2,000 and $25,000.
Eligibility: High school seniors intending to go to college (either 2- or 4-year programs) and who did something concerning entrepreneurship (started a small business, for example).
Award: Ranges from $2,000 to $25,000.
Application Process: Fill out the online application form, submit an essay about your entrepreneurial experience and provide recommendation letters.
The Amber Grant for Women
Every month Amber Grant rewards one or more grants to women who intend to start or expand a small business. The program also includes a bigger award given out once a year to one of the monthly winners. This scholarship takes care of women’s well documented financial hurdles as they seek to start businesses.
Eligibility: Women who are over 18 years old who intend to start or expand a small venture.
Award: Grant worth $10,000 which is given every month, and a $25,000 award every year to one other winner of the above grants.
Application process: Apply online and provide a brief business idea and how this grant will assist you in your objectives accomplishment.
Veteran Entrepreneur Scholarship
Veteran Entrepreneur is aimed at helping veterans obtain capital to be able to go into business. Many veterans want to be small business owners and this is where some of the military experience draws a lot of people, but sometimes they lack the knowledge to do so – this is where the idea comes in handy though, with the scholarship in place.
Eligibility: U.S. military veterans who are currently enrolled either in a business related degree program or a professional certification program.
Award: Ranges USD 1000 – 5000 / usually varies.
Application process: The veteran status, the students’ aspiration together with the essay on the business concepts and the academic records have to be attached.
Scholarships360 Business leaders scholarship
Scholarships360 Business leaders scholarship is earmarked for students with Business, Leadership and Entrepreneurial aspirations. It seeks to help students in all phases of their studies from high school seniors to graduate students.
Eligibility: A citizen of the U.S. or a permanent resident and is currently enrolled in a business degree course.
Award: $ 1000.
Application process: Apply online and providing such documents as an essay wherein the business ideas and scholarships are definite as in the manner they shall assist with the business concepts and plans.
The Halstead Grant
For entrepreneurs operating in the jewelry business looking to establish or expand their small business the Halstead Grant is ideal. Such a scholarship is suitable for inventive people who are interested in both arts and business.
Eligibility: Entrepreneurs in jewelry business for not more than three years.
Award: $7,500 grant and additional business support, such as marketing and business contacts.
Application Process: Provide detailed answers to the questions submitted as well as an entrepreneurship plan with the financials and the psychosocial aspects of your business venture.
Scholarship America Dream Award
The Scholarship America Dream Award is an ongoing educational grant program for demi-students of Extraordinary’s classes extending support to hardworking and enthusiastic towards education students only. Such opportunities are not limited to business owners, but this one encourages students in business and entrepreneurship programs to ease their financial constraints towards schooling.
Eligibility: Citizens or legal residents of the United States who have completed one year of college education and have a are low income students.
Award: Amounts from $5000 to $15000 per annum, renewable up to 4 times.
Application Process: Provide academic transcripts, evidence of income, and a summary of why you wish to obtain further education and what career you wish to pursue.
How to Apply for Small Business Scholarships
Securing a small business scholarship requires one to conduct web and offline searches, prepare all the necessary documents and follow up with the authorities without giving up. Here are some tips to help you increase your chances of success:
Start Early: there are various regional small business scholarships and most have deadlines and some can be as early as six months towards the award dates. It is therefore advisable to keep a record of the various small business scholarship and contests that one can participate in.
Display your Entrepreneurial Spirit: In addition to academic performances, scholarship panels look out for students who are initiative and creative in entrepreneurship. Whether you have already started a business or clearly have a business idea, make sure to highlight all of your entrepreneurial endeavors.
Make your Application Fit the Scholarship: Do not leave any stone un-turned; ensure that you tailor every scholarship application to the specific scholarship’s aim. Where for example, there is competitive scholarship due to emphasizing leadership speak on the leadership in the businesses that you have been engaged in.
Make your Essays Factual and Enthusiastic: As it has been noted, a number of small business scholarships have essay requirements. Use this opportunity for the promotion of business and entrepreneurship in relevant geographical area as the first step in defeating the enemy. Be specific on what you want to achieve and what support would be necessary to meet your objectives.
Get Engaged: It should be noted that a number of small business scholarships are likely to be awarded on the basis of active involvement in extra-curriculum or community work. It can be about issues such as joining business related associations and or voluntary work which will enhance the prospects of employability.
Conclusion
Obtaining a degree or taking a professional certificate course specializing in business or entrepreneurship prepares one well for success in the field of small scale business management. But the education seeking can be expensive. This way, applying for small business grants will avoid this financial burden and help in making a toy business into reality.
Should you be a high school student, a veteran, or a creative, there are many scholarships meant to aid you in the course that you would wish to take. Do not wait any longer, do your research now and make your first move to having a small scale business with the help of a well-deserved scholarship.