It's a common misconception that grants fund only non-profits. The Wall Street Journal recently published a great article outlining how grants work in the private sector. It includes some valuable points:
- Most business grants come from the government, while foundations are typically focused on funding nonprofits.
- In order to be eligible to apply for and receive federal grant funding, your business has to be engaged in something in which the government has interest in promoting. Some Small Business Innovation Research (SBIR) grants, for instance, will help fund research and development in critical areas, such as environmental technology.
- State and local grants may fund wider activities, but their goals vary by location.
- All grant makers - including the government - want to use grants to support their key priorities. A successful grant proposal will frame the project to emphasize how it addresses the grant maker's priorities.
- Grants often come with strict reporting requirements and spending restrictions. It's wise to make sure that your company can adhere to those requirements before you make the investment in applying for grant funding.
You can read the entire article at The Wall Street Journal.
Interested in locating and applying for some of these grant dollars? The Grant Helpers can help you search for relevant grant opportunities and write the proposals. Contact a Grant Helper for more details, or join our free grant alert service.