For small businesses, grant funding can lead to successful startup ventures and eventual business growth. However, applying for small business grants can be a complicated process that requires research, technical writing, and expertise that many small business owners lack.
Here are some AI tools that can help your small business approach the grant application process more effectively.
[Read more: Ready. Set. Scale. How Small Business Can Leverage AI]
AI tools to help you find and apply for grants
ChatGPT
With clear and specific prompts, ChatGPT is able to generate any text your small business needs. Some grant application components ChatGPT can help generate include a problem statement, proposed solution, budget, and even a letter of intent.
Cost: Free. Paid plans with additional features start at $20 per month.
Fundwriter.ai
Fundwriter.ai promises to eliminate writer’s block with its ability to generate both long- and short-form copy specifically designed to help you with fundraising efforts. This AI tool drafts writing live and allows users to edit content to fit their needs. Then, it adapts as more is written. Fundwriter.ai specializes in grant proposal introductions, letters of intent, one-page proposals, and more.
Cost: Free seven-day trial, then upgrade to the basic plan ($22 per month) or the professional plan ($68 per month) billed annually.
Grantable
Grantable is trusted by over 13,000 users to streamline the grant-writing process. Its AI-powered assistant will use a previous grant proposal you’ve written to generate new submissions with similar information and writing styles. Noted for its secure platform and authentic voice, Grantable can be used for free and then upgraded when you want to expand your grant application outreach.
Cost: Free. Expanded services start at $20 per month.
The AI tool most helpful for your small business’s grant application process will be driven by your needs.
Grantify
Grantify’s AI-driven portal has helped secure over $100 million in funding for its clients. The dashboard allows eligible users to apply for grants directly on their online platform. Grantify provides guidance and examples of answers to application questions, simplifies the application in general, and provides extra support along the way. Grantify specifically helps apply for small business research grants through the SBIR and STTR programs.
Cost: Varies. Application for use is required.
Skip
Imagine a grant and funding marketplace you could use daily to find new grant opportunities. Enter Skip. The platform curates funding opportunities and matches for your business on its free account. With Skip Plus (the paid version), Skip AI can help complete applications faster and provides a support assistant to answer your questions. The marketplace will even apply on your behalf to new opportunities, send reminders, and provide an estimated time it will take to apply.
Cost: Free seven-day trial, then starts at $9.99 per month (billed annually).
[Read more: Grants, Loans, and Programs to Benefit Your Small Business]
How to choose the right AI tool
The AI tool most helpful for your small business’s grant application process will be driven by your needs. Use these starting points to determine the right AI tool for your business:
- Determine must-have features. Your small business is unique, and not every AI tool will have all the features you need. For example, if you don’t have a dedicated IT employee on staff, key features like user-friendliness, training, and support will make using the AI tool easier.
- Rely on customer reviews. There’s no better salesperson than a satisfied customer. Read what other users have said about the tool on the company website, Google, or another platform to get a feel for how other businesses have used this tool and how it met their needs.
- Take advantage of a demo or free trial. Take the AI tool for a test drive if the option is available. Use the free version or a demo before committing to learn how the tool works for your business’s specific needs.
- Compare costs. Don’t settle on the first AI tool you come across. Compare features and related costs to make an informed purchase decision that can help your business grow in the long run.
[Read more: What AI Can’t Do for Your Small Business]
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
