How Entrepreneurs Can Get a Business Scholarship Award
Are you an entrepreneur looking to further your education? If so, you might be eligible for a business scholarship award! These awards help business owners finance their education and continue their business ventures. We'll go over how to start your search, standard eligibility requirements, and the types of scholarships available. We'll also provide you with some success tips for completing your applications. So, if you are ready to level up your business skills, read on.
Start Your Search Early
While there's no specific month or time of year to start searching for business scholarships, it's best to start as early as possible; this will give you ample time to gather all the necessary paperwork and ensure your application is complete and accurate. Additionally, business scholarships can be competitive, so the earlier you start searching, the more likely you will get one.
Scholarships are available throughout the year from many different private businesses, governmental agencies and departments, and educational organizations. Some offer one or two scholarships annually, while others might provide several options throughout the year. However, the sooner you begin your search, the more scholarship opportunities you can access.
Common Eligibility Requirements
Just as there is no set month or time of year to apply for a business scholarship, so, too, do eligibility requirements vary. In addition, each scholarship opportunity has specific requirements that applicants must meet, which differ from one scholarship to another.
Some scholarships are gender-based, while others might require you to live in a specific location or pursue a particular business or educational goal. Most programs require you to:
- Have a minimum grade point average
- Show financial need
- Meet specific residency or nationality requirements
- Make satisfactory academic progress
Since requirements vary considerably, read the fine print before applying.
Types of Business Scholarships Available
Business scholarships come in all shapes and sizes and from many different sources. Some awards are merit-based, while others require an essay or business plan submission. Examples of business scholarships are from:
- Governmental organizations
- Private businesses
- Local business organizations
- Educational institutions
- Online scholarship databases
Government-Funded Business Grants
Rather than offering scholarships, governmental groups and organizations provide grants for small businesses to promote entrepreneurship, and there are a couple of places to check for opportunities.
The U.S. Small Business Administration offers two different grant programs:
- Research and development
- Management and technical assistance
Also, the U.S. Chamber lists several opportunities on its website as well. Check them out to determine whether you might qualify.
Private Business Scholarships
Private business owners within your community understand the importance of education and frequently offer scholarships to help business owners finance their education and continue their business ventures. For example, private businesses such as Kitchen Cabinet Kings, Grasshopper, and FedEx offer business scholarships or grants to support entrepreneurs within the community.
Extraco Banks offers an annual award pitch competition for small businesses throughout Central Texas. The Extrapreneur Award Program allows entrepreneurs an opportunity to win up to $26,000 cash prize and gain access to business consulting resources with the goal to support continued economic growth in our communities.
Scholarships from Local Organizations
Local businesses are just some organizations supporting small businesses and entrepreneurship. Find business scholarship opportunities from your local chamber of commerce or other business associations.
Nonprofit business organizations, such as the National Federation of Independent Businesses (NFIB), the National Association of the Self-Employed (NASE), and the Small Business Development Center (SBDC), all offer business scholarships and grants for business owners.
Educational Institutions with Business Scholarships
You should also contact business schools and fraternities or sororities that may offer business scholarships. Many educational institutions provide business grants and scholarships.
Online Scholarship Databases
Another way to find business scholarships is through online databases, such as Fastweb, Scholarships.com, and Grants.gov. These sites have a broad selection of business grants, scholarships, and other educational opportunities.
Success Tips for Business Scholarship Applications
- Start your search early.
- Familiarize yourself with the eligibility requirements for each scholarship.
- Take your time completing applications.
- Have a strong resume and personal statement to accompany each application.
- Request letters of recommendation from business professionals.
- If required, submit a business plan or essay outlining your business goals.
- Follow up on submitted applications, thanking scholarship committees for their time and consideration.
The Final Word
Entrepreneurship is the backbone of the American economy, and business scholarships are one way to help aspiring entrepreneurs achieve their business goals. However, the requirements for business scholarships vary greatly, so it's essential to read the fine print before applying.
Several private and government-funded business scholarship programs are available, and many educational institutions offer business grants and scholarships. Remember to check online databases such as Fastweb or Scholarships.com for more opportunities. Applying for business scholarships can be time-consuming but well worth it.
So, what are you waiting for? Get started today!
Resources to Help Your Business Grow
Extraco LINC brings together a variety of resources to help businesses grow and positively impact the Central Texas community. LINC provides access to:
- Tools & Templates
- LINC Partners
- Insights & Articles
Sources
- https://www.nerdwallet.com/article/small-business/small-business-grants
- https://www.scholarships.com/financial-aid/college-scholarships/scholarships-by-major/business-scholarships/
- https://www.sba.gov/funding-programs/grants
- https://www.uschamber.com/co/run/business-financing/government-small-business-grant-programs
- https://www.grants.gov/
- https://digital.com/small-business-grants/
- https://www.fastweb.com/
- https://www.mccombs.utexas.edu/undergraduate/canfield-business-honors-program/admissions/scholarships-and-financial-aid/
- https://www.nfib.com/content/news/national/nfib-young-entrepreneur-foundation-scholarship-application-process-opens-today-66684/
- https://www.nase.org/become-a-member/grants-and-scholarships
- https://www.sba.gov/local-assistance/resource-partners/small-business-development-centers-sbdc
