What is a Government Grant? A government grant is a financial award given by the federal, state or local government authority for a beneficial project of some sort. It is effectively a gift: It does not include technical assistance or other financial assistance, such as a loan or loan guarantee, an interest rate subsidy, direct appropriation, or revenue sharing. The grantee is not expected to repay the money. Why is the government giving away free money? Innovation Innovation and ingenuity are important to any society. For any economy to be competitive in the modern world, the government must make sure to open up avenues to grow and nurture new businesses. To put it simply, the government gives out grants because it serves the greater good by helping meet the needs of the people. Government Grants are a great way to even the playing field. We have all heard stories about great entrepreneurs with relatively humble beginnings. Grants are in place because few people have the capital to start a business without some assistance. This is particularly true for minorities and women who might have faced discrimination in the past that hindered them from pursuing their business goals. Government grants for Women For example, here is a listing for the best government grants for women: Grants.gov National Association for the Self-Employed Growth Grants Eileen Fisher Women-Owned Business Grant Program Amber Grant IdeaCafe Grant #GIRLBOSS Foundation Grant Cartier Women’s Initiative Award GrantsforWomen.org FedEx Small Business Grant Is it difficult to obtain a Government Grant? Make sure you have the correct information. In truth, grants can be very competitive. It is important to read instructions so that you can thoroughly understand the application process. You do not want your grant application to be thrown out because you did not provide the correct paperwork or information. Be aware of deadlines A small business should also be aware of deadlines. Make sure that things are properly submitted on time. Also, be vigilant about finding out what is available so you do not miss an important government grant opportunity. Please do not let a challenging application dissuade you from trying to qualify for grants. There is nothing truer than the saying about never making any of the shots you don’t take. Some websites can help you through the process. The First Steps to getting government grants. For example, the following are the steps to apply for a federal grant: Step 1: Obtain a DUNS Number Step 2: Register with SAM Step 3: Register with Grants.gov What is the SAM Directory? SAM stands for Systems Award Management. How do I register for SAM? You might be wondering how do you register in SAM. Let sam. directory makes this as easy as possible by supplying you with experts who can register for you. Be sure to also check out our informative article Everything A Small Business Needs to Know About the SAM Directory, which should easily answer most of your questions. What are some examples of government grants for Small Businesses? The Small Business Innovation Research (SBIR) encourages small businesses in the United States to engage in research and development that has economic potential. SBIR Mission Their website states their mission of the is to support scientific excellence and technological innovation through the investment of Federal research funds in critical American priorities to build a strong national economy. SBIR Goals The program’s goals are four-fold: Stimulate technological innovation. Meet Federal research and development needs. Foster and encourage participation in innovation and entrepreneurship by women and socially or economically disadvantaged persons. Increase private-sector commercialization of innovations derived from Federal research and development funding Program Participants The following are a list of agencies that participate in the SBIR program: Department of Agriculture Department of Commerce – National Institute of Standards and Technology Department of Commerce – National Oceanic and Atmospheric Administration Department of Defense Department of Education Department of Energy Department of Health and Human Services Department of Homeland Security Department of Transportation Environmental Protection Agency National Aeronautics and Space Administration National Science Foundation The Small Business Technology Transfer (STTR) is another program that expands funding opportunities in the federal innovation research and development (R&D) arena. STTR Mission The mission of the STTR program is to support scientific excellence and technological innovation through the investment of Federal research funds in critical American priorities to build a strong national economy. STTR Goals The programs’ goals are to: Stimulate technological innovation. Foster technology transfer through cooperative R&D between small businesses and research institutions. Increase private-sector commercialization of innovations derived from federal R&D. STTR Program Participants Participating government agencies include the following: Department of Defense Department of Energy Department of Health and Human Services National Aeronautics and Space Administration National Science Foundation These are some great opportunities at the federal level for any small business. Do not forget about State and Local Grants. State Grants State grants are often geared to that particular state’s economic concerns. They are often supposed to work in tandem with federal grants but can be much less competitive. Go to Grants.gov to get a complete listing of what is offered in your state. Local Grants Also, remember to investigate your local municipal governments. Do a deep dive into your community to find out what is available. Again, every little bit helps and sometimes money is left on the table because people are unaware of what is out there on a local level. When applying for a grant, think about what you are doing for the community. What are you bringing to the table? Does your business model further the altruistic goals? For example, if you are part of a small community of at least 50,000 people, you could qualify for a Rural Business Development Grant The government is always looking to nurture innovation in Rural Areas These websites describe their program as a competitive grant designed to support targeted technical assistance, training and other activities leading to the development or expansion of small and emerging private businesses… Continue reading Government Grants, A Guide to Free Money!