The Secret to Acquiring Business Grants

by: Michael Saunders

Since 2002, the federal government has been developing and implementing Grants.gov as a collaborative cross-government program focused on streamlining grants management for the Federal grant community.

Grants.gov is the one-stop-shop Website to apply for more than $400 billion in Federal grants.

Managed by the U.S. Department of Health and Human Services (HHS), Grants.gov is one of the 24 E-Government initiatives operating under the governance of the Office of Management and the Budget (OMB). The Website centralizes grant information and electronic submission for more than 1,000 grant programs across the Federal government.

Business grants could be one of the most important financial tools that nearly all businesses would need. They may not be the single most significant support businesses could have, but they can get definitely help you start the business right.

Business grants refer to a particular amount of money that is being granted by the government to a particular business. Some people may have thought of it as a “free financial support” from the government, but they are not. That is because there is an equivalent effort, time, and sweat entailed when requesting for grants.

Moreover, not all businesses can avail of business grants. Even if the government provides business grants to support businesses, certain qualifications are required prior to the approval of the business grants.

Primarily, your business should be a not-for-profit organization or it should include an expansion of a new knowledge or technology. If your business does not fall under these categories, you are not qualified for a business grant.

However, there are some instances that the government may award business grants if your business can prove that it can develop a new technology for economic advancement or if you can meet the requirements. You need to accomplish all the prerequisites at an agreed period to get the business grant. If in case you failed to meet the deadline, your request for a business grant will not be approved.

Secondly, your business should have a business plan. If you think you can qualify for business grants, you should consider having a business plan as well.

Getting the first stage of the application is just the start of your journey. You need to create a business plan in order to guarantee the government that you really intend to develop your business and help the economy. In this way, you can show them that your business aims to develop a knowledge that will boost the country’s economy.

What most unsuccessful businesses failed to realize is that business plans are extremely important when establishing a business. Statistical reports show that more than 85% of unsuccessful businesses do not have business plans.

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Did you know?

Applying at Grants.gov can reduce your costs and the time required to find government grant opportunities and process your application. The site provides access to multiple grantors and reduces paperwork.

By downloading a grant application package, you can view it offline, giving you the flexibility to complete the application when and where you want.

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The Secret to Acquiring Business Grants
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About The Author Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a site on Government Grants for Women Owned Businesses and also edits HandsNet - A Human Services News Website.

Additional Resources

category - Small Business Grants

Business Loans From GovLoans
The government has launched innumerable programs that are all geared towards the achievement of this goal. Some of these programs involve the provision of technical assistance, training sessions, and strategies that would potentially help business owners in marketing their products and in expanding their businesses.

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Disaster Relief Loans from GovLoans
GovLoans is a website created by the United States Federal Government that is designed to serve as the public's gateway to loan program information. One of the several kinds of loans that are featured in the GovLoans website are Disaster Relief loans.

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Small Business Innovation Research Phase IIB Bridge Awards
In line with this mission, the NIH has recently constituted the Small Business Innovation Research Phase IIB Bridge Awards to Accelerate the Development of Cancer Therapeutics, Imaging Technologies, Interventional Devices, Diagnostics, and Prognostics Toward Commercialization Program.

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Small Business Administration's Small Business Investment Companies
The Small Business Investment Companies Program revolves around the notion of developing privately owned and managed investment companies which will be licenses and regulated by the Small Business Administration, so as to provide equity capital, long term loans, and advisory services to small business requiring such services.

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