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Small businesses, specifically technology-driven businesses and those offering a community service, can get a funding boost from the Federal government. In addition to loans, small businesses should research and consider seeking government grants.
Government grants are different from loans because you never have to pay them back. Yet before you decide you can finance your business using grants, be warned that grants are highly competitive and only select businesses qualify. The following information will provide you with a basic overview of grants: what kind of businesses can receive grants, how to apply for them, and what you can expect from the process.
Your main resource for researching and applying for these grants will be http://www.grants.gov, where over 900 grant programs are available. These programs are divided into 21 categories—the trick is finding those categories which your business fits into. Categories include divisions like Arts, Health, Science and Technology, and Transportation.
Each category is subdivided into smaller categories. For instance, the Business and Commerce category breaks down into 9 sub-categories, one of which is Small Business. From there, a variety of agencies offer grants to more specific industry types, such as Maritime, Economic Development and International.
The website lists these agencies, such as the Minority Business Development Agency, and the links to their pages. At each agency’s site you can find specific instructions about the grants they offer.
Many grants are available, and it is up to the business owner to research the website to find the opportunities. The key is to be thorough and remain diligent. New grants are continually available in areas you may overlook. For instance, by implementing and maintaining a drug-free workforce program at your small business, you could be eligible to receive up to $250,000 in funding from a federal grant.
When beginning your grant search, you should plan to spend several hours making yourself familiar with the providing agencies and what they are offering, in addition to researching what grants you might qualify for. Not every business will qualify for a grant; the best chances go to technology- and research-centered businesses, businesses operated by or aiding minorities, and non-for-profits.
The application procedure is detailed and time-consuming. All of the forms are available for download on their site, and they include instructions specific to the grant. Grants have unique requirements, such as proposals, budget and project narratives.
After you complete the grant, you can submit it online. You can even monitor the status of your application from their website. One aspect that makes obtaining grants so difficult is that they are highly competitive. They are essentially free money, but you will need to invest a large amount of time to have a chance at funding.
When you see a grant you are eligible for, begin the application procedure immediately. Just as grants are continually added, the opportunity also will disappear as soon as the deadline passes. You should plan to spend at least an hour each day applying for grants and searching for newly posted grant opportunities. Diligence is crucial.
Beware institutions that offer to research grant opportunities. These institutions usually require a fee in return for a list of grants you would be eligible. In reality, these pre-printed lists are full of grants that are probably not available to you, and which you can obtain online for free.
Even the companies’ money-back guarantees do not insure legitimacy, as many of these institutions disappear after the sale. Grant-awarding foundations caution against pre-paying any institution for grant application assistance.
Grants are hard work, and you may not qualify for any at all. They are, however, free and worth researching. Especially if you are providing a new technology or service to society, the grant writing process can offer great rewards.
Don’t cut corners and don’t rely on profitable results. Counting on funds from grants for your business to succeed is a sure way to fail. Instead, look into loans and private grants, with federal grants as a possible boost.
Also, don’t neglect state resources. States offer similar funding opportunities and resources. Grants at the state level can be less competitive than federal, yet if you are ineligible for all federal grants you probably will not fair any better on the state level.
