How to go about getting a grant for your business from the government or private institutions.
It is a tough prospect to get a grant for a business. It is lengthy, complicated, requires a lot of work and so many people do not even consider getting a grant for their business. More so ever, most of the entrepreneurs do not even consider the possibility that there may be a grant available for their business. Let us speak about it a little more and see why this is not something that you should totally ignore and at least consider as an option. When people think of grants from the government or from private trusts and organizations, they think of nonprofit organizations getting them. There is nothing wrong with that image. However, there are grants available for the right kind of businesses as well and you will have to find them. First of all you need to consider the kind of business that you are in. Usually, the business has to serve some kind of a purpose in the interest of the society, country or future growth and development in a vital sector of industry in order to qualify for a grant. However, do not be discouraged just yet because you feel your business does not fit in. You need to learn about business grants a little more. Grants are available in all fields ranging from art to biotechnology.
An extremely good source to find the all information about grants is the annual The Grants Register (published by Pal grave-Macmillan. This book has information on pretty much all the grants that are to be found in the USA, listing thousands of them, all in on place.
The most common place to look for an infusion of cash in your business as a form of the grant is through the government. However, many grants are available from private foundations trust and even some corporations. Some examples of government based grants given to businesses include National Institute of Standards and Technology’s Advanced Technology Program which offers grants to go from high risk and high payoff projects that benefit American industry. Whatever the business project is, it is going to be scrutinized carefully by a board of experts associated with the grants commission.
The Small Business Innovation Research Program is the government grants program that specializes in small businesses looking for funding for high-risk technologies. However, in this program you need to meet the research and development needs of the federal government.
If all this sounds too complex and highflying for you, you should once again understand that grants can be available in a various set of fields and industries. You can check out the website www.grants.gov which lists all federal government grant programs. You will be able to find opportunities in fees ranging from arts and humanities to science and technology.
Finding a grant is one things and getting it is another. It usually takes a long time and involves putting out a lot of paperwork and working through many organizations. Applying for grant also usually requires writing out an extensive essay on why you need the money and what you hope to accomplish with the infusion of the money. In many circumstances, the organizations giving the grant look for a higher purpose rather than just making a profit. The business should ideally serve some purpose that has something to do with innovation of future technology, contributing to the growth of the economy of the country, enhancing the future, lifestyle and potential of people etc.
You can find professional grant brokers and writers who are in the business of helping business find grants. The grant writers usually charge $25-$100 per hour depending on their level of expertise and how successful they have been in the past. You have to pay this fee regardless of whether or not these contractors are able to help you secure the grant or not. If you’re a decent writer yourself and do not mind doing an extensive essay on a business, researching grants, filling out forms and dealing patiently with various organizations, then you can handle the process of finding and applying for grant yourself.
If you feel that your future business can contribute to community development or empower a particular group of economy, trade or disadvantaged people, you should pay a visit to your state economic development of this to find out what type of community development grants are available.