EP 35: Unlock a Major Key to Upgrade Your Building- Grants and Financing

When it comes to scaling a business or upgrading any building, having the right proposal and the right source of financing is key. Boland’s very own Optimization Engineer, Bri Widmoyer sat with host Tyler Kern of Ten Minutes to a Better Building, to discuss just how grants work and major keys to unlock in the grants and financing world.

“Grants are created to serve a specific purpose with very specific funding avenues, and they can either be competitive or noncompetitive,” Widmoyer said.

Competitive grants are just that competitive, those awarded will come from a pool of applicants, while the noncompetitive grants often work on a first come first serve basis.

The best part is “it’s free money which doesn't have to be paid back, it’s why its attractive and a lot of times it goes unspent if there are not enough applicants,” she said.

The drive for many grants follows government officials. Industries that focus on energy, sustainability, education and infrastructure, environmental justice, low-income housing, rural entities and companies thriving for diversity and inclusion are more highly ranked when competing for grants. “The good thing to know is that no two grants are the same. It’s always going to be different,” Widmoyer said.

When Widmoyer works with clients at Boland, the key, she said is finding grants to directly align with clients wants and needs. After the match making process for grants is complete, Widmoyer begins “with putting pen to paper” and assisting clients with the application process.

“The agencies are closing looking at how the applicants’ priorities align with the agencies priorities, so if we can make them align it will make for a more outstanding application and the more likely they are to award it,” she said. “Knowing the client's timeline and the construction process for a building is important in grants. It’s how all those pieces fit together.”