Promoting Local Micro-Entrepreneurship Capacity in Salt Lake City
GrantID: 15906
Grant Funding Amount Low: $500
Deadline: Ongoing
Grant Amount High: $1,000
Summary
Grant Overview
Promoting Micro-Entrepreneurship in Utah
Utah is recognized for its dynamic economy and growing entrepreneurial spirit, with over 80,000 small businesses currently operating across the state. However, despite these positive indicators, numerous aspiring entrepreneurs, particularly from minority communities, face significant barriers in accessing capital, resources, and support. Integrating micro-grants into these communities can provide the necessary impetus for local business development and economic resilience.
Target applicants for this funding include aspiring entrepreneurs from diverse backgrounds who demonstrate a viable business idea but lack financial support. This funding aims to empower those who often find themselves excluded from traditional funding avenues due to systemic barriers entrenched within the economic landscape of Utah. Applicants should articulate how their proposed micro-business can contribute to their community's economy and improve their socio-economic circumstances.
To apply for this funding, applicants must prepare a detailed proposal that outlines their business idea, the anticipated impact on their community, and a concise budget detailing how the grant funds will be used. The application process will prioritize clarity in demonstrating the potential return on investment for each business, with specific benchmarks for success. Moreover, applicants must provide evidence of community engagement and support, highlighting their connections to local networks that can aid in their entrepreneurial journey.
Implementation Approach for Utah’s Micro-Entrepreneurs
The funding initiative aims to foster an ecosystem of support for aspiring entrepreneurs in Utah, focusing on nurturing diverse talent and facilitating access to economic opportunities. Successful applicants will be those who leverage community resources, including local business development centers, mentorship programs, and networking events that can enhance their connectivity within the entrepreneurial landscape.
The implementation approach should emphasize collaboration among various support networks, ensuring that funded entrepreneurs receive ongoing guidance and resources beyond the initial grant. By creating a comprehensive support system tailored to the unique needs of Utah's diverse communities, the funding can drive significant entrepreneurial advancements, ultimately contributing to the state’s economic growth and vibrancy.
Eligible Regions
Interests
Eligible Requirements
