Business Federal Grants

Business Federal Grants

Let’s talk about federal grants for businesses: what they are, and what they are not.    First and foremost, there are business federal grants available.   However, most grants target specific business sectors.  These sectors include research and development where the promise of advancement is clearly demonstrated, and domestic and international trade businesses that are aimed at a particular type of product.  Furthermore, and equally important, funding restrictions can exist that often exclude businesses based on workforce size and annual income.  It is, therefore, imperative that a business of whatever size conduct research in order to understand the ways and means of obtaining a business federal grant.

So, where does a business begin?  Grants.gov is a portal to review and research available federal funding initiatives.  Sign up to receive daily updates from this site, and prepare to review current funding opportunities every day.  If a notification appears interesting simply click on the announcement line, and Grants.gov redirects one to the full announcement.  Read through it carefully to determine eligibility, and all particulars.

While the Small Business Administration (SBA) is a good source of information, please note that currently it has no grants set aside for businesses except a few, and has no authority to award grants to small businesses. There are exceptions to this  business rule, though.  These exceptions, as noted above, include small businesses conducting research and development, and meet highly regulated criteria.  These business federal grants are overseen by the Small Business Research Innovation (SBRI) and the Small Business Technology Transfer (SBTT) programs.   SBRI and SBTT funds are awarded through numerous federal agencies and include the Department of Defense, Department of Agriculture (USDA), Department of Education, Department of Health and Human Services, Department of Transportation, Environmental Protection Agency, NASA, and the National Science Foundation.  A business interested in accessing such federal business grants must review specific program and eligibility requirements.

Are federal business grants available to women and minorities?  Yes, but with all federal monies it is vitally important to conduct research to gain an understanding of availability and the restrictions that apply.  Don’t be persuaded by the ease with which some sites suggest easy access to federal business grants for women and minorities…there is nothing easy about garnering federal dollars!

One suggestion particularly for the small business: sign up with Business.gov, and receive updates that might be beneficial for research and federal business grants availability.  Another important site:  USA.gov, the official portal for all things governmental.

Overall, then, what is important to remember…while federal business grants are
available; there is a certain criteria that a business must meet.  As a business owner, it is therefore important that thorough research be conducted to understand both the broad and detailed requirements required for that particular business type.  Not only good research, but patience is required.   One cannot conduct research for business federal grants available through the Federal Government without it, and determination.

Combined – thorough research, patience, and determination – these are the key to accessing federal funds for businesses that need capital.