HOW TO SUCCESSFULLY APPLY FOR BUSINESS GRANTS: IMPORTANT FACTS ABOUT GRANTS AND FUNDING
If you are looking for funding for an existing or new for-profit business, you may find that it is more difficult in finding and getting grant funding. Government grants are generally (though not necessarily always) given to non-profit organizations for programs and services that benefit the community or the public as a group.
The first place that you should look for government grants is the U.S. Government's www.Grants.gov Website. This site will help you to be able to electronically find and apply for the various different grant opportunities from all Federal grant-making agencies.
You can also look for information on the different types of grants and the government agencies that make grants. Also, you can sign up to receive instant notification of future grant opportunities in your inbox. You can also take a look at the Government's Catalog of Federal Domestic Assistance (CFDA), which hosts a complete listing of various Government grants and other types of help that is available.
Here is where you can get information on grants by Category and Topic Area or you can search the Catalog by key words etc. if you find it easier that way. If you find a particular grant that interests you, make sure that you carefully read the section on Eligibility Requirements to find out if you would be qualified to apply for that particular grant.
You should also know that most government grants are not available all year-round. That means that you can't apply for most of them at any time that you feel like it, you can apply for them only when they are announced by a Government agency.
When an agency makes their money available for a grant, it usually puts an announcement in the Federal Register which is published every weekday. Here's where you can find the Government's Most Recent Grant Announcements.
Grants that are offered to individuals are generally given to them for educational support (financial aid), the arts, and various other types of research, although some agencies will give away grants to individuals for other purposes.
Getting a grant is hard work. You should never be fooled by advertisements and promotions that state that you can get free cash just by writing a letter. There is a lot of competition out there for grant funds. If you want to be successful in getting a grant, you must provide the funding agency with a very good proposal that explains your objectives and also offers a plan and a detailed budget plan for your activities.
Grants are only free in that you do not have to pay back the money. However, if you are awarded a grant you may be required to provide progress reports, program evaluation, and/or financial reports to the government agency that gives you the grant.
TYPES OF GRANT PROGRAMS
There are a good number of business grants out on the market today and the table below points all of them out. Knowing which one to apply for will help you to choose the grant that you are most likely to get approved for. This table was provided by http://grants.nih.gov/grants/funding/funding_program.htm. If you visit this site you can get special information about each grant and their specific requirements.
|
Research Grant Programs |
|
R01 |
NIH Research Project Grant Program (R01) |
|
R03 |
NIH Small Grant Program (R03) |
|
R13 & U13 |
NIH Support for Conferences and Scientific Meetings (R13 and U13) |
|
R15 |
NIH Academic Research Enhancement Award (AREA) Grants - (R15) |
|
R21 |
NIH Exploratory/Developmental Research Grant Award (R21) |
|
R34 |
NIH Clinical Trial Planning Grant (R34) Program |
|
R56 |
NIH High Priority, Short-Term Project Award (R56) |
|
New Investigators Program |
|
K99/R00 |
NIH Pathway to Independence (PI) Award (K99/R00)
|
|
Multiple Principal Investigators |
|
Multiple PIs |
Multiple Principal Investigators web page with associated funding opportunities. |
|
Research Supplemental Programs |
|
Diversity Supplements |
Research Supplements to Promote Diversity in Health-Related Research |
|
Ruth L. Kirschstein National Research Service Awards (NRSA) |
|
T32 |
Institutional Research Training Grants (T32) |
|
T35 |
Short-Term Institutional Research Training Grants (T35) |
|
F30 |
Individual Predoctoral Awards For M.D./PH.D. Fellowships (F30) |
|
F31 |
Individual Predoctoral Fellowship Minority Students (F31) |
|
F31 |
Individual Predoctoral Fellowship Students w/Disabilities (F31) |
|
F31 |
Individual Predoctoral Fellowship (F31) |
|
F32 |
Individual Postdoctoral Fellowships (F32) |
|
F33 |
Senior Fellowships (F33) |
|
Research Ethics and Training Grant Programs |
|
T15 |
Short-Term Courses in Research Ethics (T15) (Note: Program Announcement expired March 13, 2004) |
|
T90 |
Training for a New Interdisciplinary Research Workforce (T90) (Note: RFA application receipt date was March 10, 2004) |
|
NIH Career Development (K) Awards |
|
K Kiosk |
Information about NIH Career Development Awards |
|
Small Business Awards |
|
SBIR/STTR |
Small Business Funding Opportunities Web Page |
|
Other Programs |
|
BECON |
NIH Bioengineering Consortium (BECON) |
|
BISTI |
Biomedical Information Science and Technology Initiative (BISTI) |
|
Ethical Issues in Human Studies |
Research on Ethical Issues in Human Studies |
|
IDeA |
Institutional Development Awards (IDeA) |
|
PECASE |
Presidential Early Career Award for Scientists and Engineers (PECASE) Program with listing of NIH Recipients since 1996 |
|
Roadmap |
NIH Roadmap Initiatives |
|
S07 |
Human Subjects Research Enhancement Awards (HSREA) |
YOUR GRANT PROPOSAL
Unless you are loaded with cash, chances are that you will need some financial help in order to get all of the things that you will need to start your business. This section is going to help you to get all of the things that you will need to do in order to give yourself the best chance at getting the funding that you will need. It will be a long one.
First of all, you are going to have to plan out your business ideas and goals so that you can create an effective business plan. It is going to be your business plan that will inevitably decide if you are able to get the funding that you need. You can start by using these tips that will help you to develop your plan for writing the business plan that you will need.
1. You should start by making sure that you clearly define your business idea and that you are able to articulate it properly. To do this, you need to know what your mission is.
2. You have to thoroughly examine your motives for getting into the pharmacy business. Make sure that you have a passion for owning a business in particular.
3. You have to be willing to commit to the hours, discipline, continuous learning and the frustrations that go along with owning your own business.
4. Conduct a competitive analysis in your market that should include: products, prices, promotions, advertising, distribution, quality, service, and you will also want to be aware of the outside influences that will inevitably affect your business, such as competition.
5. You will want to seek out help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows. Don’t be afraid to seek out other places as well.