How to Apply for Federal Grants for a New Business

A successful business begins with a good idea. Unfortunately, an idea alone is not enough to start a business. The best ideas require adequate funding to make them a reality. It can be difficult to obtain a loan or line of credit for a new business. Grants are the perfect solution for entrepreneurs. The federal government offers free money that never has to be repaid. Grants.gov is the trusted source for all federal grants.

Instructions

1. Register on Grants.gov. To apply for a grant, you will need to register on the site. Provide your personal information, including your name, address and phone number. To complete the registration process, you will need to create a user name and password. Make sure all information provided is accurate. It can take several weeks for your registration to be approved.

2. Browse grant opportunities. Grants.gov allows you to search grants by keywords, category or agency. Search keywords that relate to the type of business you wish to start. Possible business categories include agriculture, arts, business, food and nutrition, health and transportation. Agencies offering grants include the departments of Commerce, Education, Energy and Treasury.

3. Read the grant description carefully. Each grant listed provides a brief synopsis of the grant, purpose of the grant and eligibility requirements. There is also contact information for additional information about the grant. If you are unsure if your business qualifies, do not hesitate to call or email the grant writer.

4. Click the grant's funding opportunity number to apply. The information supplied during registration will automatically be submitted electronically.

5. Submit additional information. Depending on the grant requirements, you may need to provide supporting documents. It is a good idea to include a business proposal. Your business proposal should introduce the concept, address how it differs from the competition and explain your skills and experience. Provide a detailed budget to show projected income and expected monthly expenses. The agency offering the grant will want to be certain the grant money will be used properly. Letters of recommendation from established member of the community can help show your character.

6. Follow deadlines. Applications must be received before the deadline or will not be reviewed. Grants are typically awarded on a first-come, first-served basis.

References

• Grants.gov: About Grants.gov
• Proposal Works: How to Develop a Proposal Budget
• U.S. Department of Health and Human Services: Writing Your Application

Resources

• Grants.gov: Find Grant Opportunities