As some of you know, I've been preparing a grant application for Pepsi Refresh for some time now. The idea behind this grant is that individuals and organizations can apply for grants of $5,000, $25,000, $50,000 or $250,000; those grant applications are posted online, and viewers can vote on them daily. Each bracket has a different amount of grantees that will be awarded each month--but here's the catch: Pepsi only accepts the first 1,000 submissions it receives starting midnight EST on the first of each month.
Unfortunately, the system has been a little flawed.
Or perhaps that's unfair. What is undeniably true, though, is that a LOT of people are applying for these grants, and the high activity level tends to make the Pepsi submission site a bit uncooperative. When I logged on to submit my grant application (at EXACTLY midnight EST), the site froze up immediately and didn't let me continue. Ten minutes later, 1,000 submissions had been received. Frustrating, to say the least, and so far Pepsi has said there's nothing to be done but try again next month. Okay, I will.
But in the meantime I've been looking into other grant opportunities. Have you ever tried looking for or applying for grants? There are a LOT of them out there, but they all have specific eligibility guidelines, so it can take a while to weed through and find the grants that are applicable to you. Fortunately, I found one: Leadership Grants of America. Wonderfully, the Leadership Grants Organization awards funds to entrepreneurs looking to start or expand their small businesses.
So, I got in contact with the organization, and just today my initial application was confirmed. The next step is to submit a business plan and cover letter no later than July 16. If the proposal meets the organization's criteria, I'll be told what due diligence items are required, and the amount of funds awarded. So exciting! And I love that I have an official deadline for when to complete my business plan. Hey, I'm a writer--I like deadlines.
I'll keep you posted!
Showing posts with label financing. Show all posts
Showing posts with label financing. Show all posts
Thursday, June 3, 2010
Monday, March 8, 2010
I'm Still Alive!
After not posting on the blog for a week, all I can do is take one from my grandma's mouth and say que verguenza! Some of you who know me in person know that I've spent the last week pretty under the weather. I missed most of my MFA classes, which was upsetting, and could burst into bitter sobs at any moment, like an exhausted child. (My poor husband.) Clearly, it was not the most productive week for me, and I'm sorry to say that posting fell by the wayside along with everything else.
But I'm back! I'm thrilled to say that my Facebook Page has more than 160 fans, some of whom have been interacting with me and one another on my Wall. And it's humbling that, when I review the fan list, I see that many have been, up to now, complete strangers to me. So thank you to everyone who is taking part in this journey with me.
I mentioned in a recent post that my sister, Amanda, has the opportunity to work with a project plan expert, and she's chosen the bookstore as her project. The development of the plan began last week, and she called me with a few well-edited questions to get things going.
"I know you're going for financing through grants and loans," she said, "but how much money do you think you'll need?"
It's a good question, and one whose answer I thought I would share with you all. By my estimates, I will need approximately $1.7 million to get the bookstore up and running. I have two favorite locations in mind, one of which would require the purchase of land and new construction, and the other which would be leased. If I go with the first, I expect to pay $750K for the land. Then I believe construction of a 6,000 square-foot store will cost between $250K and $300K. Based on my research, I can expect to pay up to $300K for initial fixtures and inventory. The rest of the funds will go toward interior design, advertising, payroll, and other expenses.
It's a lot of money; there's no doubt about that. But if I can raise half the funds through grants, I'll feel comfortable achieving the rest through a small business loan. This week, I'll post a list of grants I'm planning to apply for. And if you all know of any you think are appropriate, by all means, throw them at me!
Other stuff to come this week:
* How are booksellers adapting to the digital age?
* Part I in a series of posts I'll be calling, "But How Will You Make Money?"
* Commentary on an article enticingly called, "An Idea Every Independent Bookstore Should Steal"
* Commentary on a Slate article called, "What Are Independent Bookstores Really Good For? Not Much"
* The blog's first book review, which I'm excited about!
* Updates on the business plan, grant applications, and blog and Facebook analytics
And maybe a personal lamentation or two about the pains of moving--and the excitement of Colin and I buying our first house together :)
What else would you like to see on the blog?
But I'm back! I'm thrilled to say that my Facebook Page has more than 160 fans, some of whom have been interacting with me and one another on my Wall. And it's humbling that, when I review the fan list, I see that many have been, up to now, complete strangers to me. So thank you to everyone who is taking part in this journey with me.
I mentioned in a recent post that my sister, Amanda, has the opportunity to work with a project plan expert, and she's chosen the bookstore as her project. The development of the plan began last week, and she called me with a few well-edited questions to get things going.
"I know you're going for financing through grants and loans," she said, "but how much money do you think you'll need?"
It's a good question, and one whose answer I thought I would share with you all. By my estimates, I will need approximately $1.7 million to get the bookstore up and running. I have two favorite locations in mind, one of which would require the purchase of land and new construction, and the other which would be leased. If I go with the first, I expect to pay $750K for the land. Then I believe construction of a 6,000 square-foot store will cost between $250K and $300K. Based on my research, I can expect to pay up to $300K for initial fixtures and inventory. The rest of the funds will go toward interior design, advertising, payroll, and other expenses.
It's a lot of money; there's no doubt about that. But if I can raise half the funds through grants, I'll feel comfortable achieving the rest through a small business loan. This week, I'll post a list of grants I'm planning to apply for. And if you all know of any you think are appropriate, by all means, throw them at me!
Other stuff to come this week:
* How are booksellers adapting to the digital age?
* Part I in a series of posts I'll be calling, "But How Will You Make Money?"
* Commentary on an article enticingly called, "An Idea Every Independent Bookstore Should Steal"
* Commentary on a Slate article called, "What Are Independent Bookstores Really Good For? Not Much"
* The blog's first book review, which I'm excited about!
* Updates on the business plan, grant applications, and blog and Facebook analytics
And maybe a personal lamentation or two about the pains of moving--and the excitement of Colin and I buying our first house together :)
What else would you like to see on the blog?
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