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Lots of people watch late-night tv and turn into satisfied that there’s a secret vault the federal government retains watch over, stuffed with free cash for solopreneurs, freelance enterprise folks, and anybody else trying to begin a small enterprise.
Let me ask you: In your expertise, is there actually such a factor as a free lunch? Proper. However truly, it’s a certified “proper.”
In the event you assume there are many free authorities grant funds to begin your corporation, you’d be improper. However that mentioned, in particular circumstances, there’s grant cash out there. Sometimes, that cash is awarded by a federal company to a enterprise that’s doing one thing that furthers that company’s public coverage goal.
Actual-World Examples of Authorities Grant Cash in Motion
Instance: In 2007, an organization referred to as TruTouch Applied sciences acquired grant cash to help within the growth of its invention, a tool that detects blood-alcohol ranges by shining infrared mild on the pores and skin.
The noninvasive check takes 60 seconds to get outcomes, versus 20 minutes for a Breathalyzer.
The funding got here from an IRS program that supplied grants to companies that demonstrated the potential to develop “new therapies to deal with persistent situations or unmet medical wants, lowering lengthy‐time period well being care prices in the US.”
That was the general public coverage goal. Stated Dr. Trent Ridder, CTO of TruTouch, the grant “acknowledges our dedication to lowering the devastating medical prices attributable to alcohol-related accidents and accidents.”
The corporate obtained virtually 1 / 4 million {dollars} in Spherical 1, and one other $438,000 in Spherical 2; the second grant got here from the US Military Medical Analysis and Materiel Command (USAMRMC).
The purpose of this story is two-fold:
- It exhibits that sure, there are a few of these magic authorities grants on the market that all of us hear about. However hopefully, the story additionally illustrates that…
- Such grants are very particular and infrequently very technical in nature.
The actual fact is, whereas there’s certainly some restricted grant cash out there to companies, it’s not for people, not for startups, and likewise could be very tough to get.
Because the Grants.gov web site says, “We’ve got all seen them; late evening infomercials, web sites, and reference guides, promoting ‘tens of millions in free cash.’ Don’t imagine the hype! Though there are lots of grants on Grants.gov, few of them can be found to people, and none of them can be found for private monetary help.”
What authorities grants can be found?
That mentioned, if, actually, you do assume you may qualify for a few of this R&D analysis grant cash, then the place to go is the U.S. authorities’s Small Enterprise Innovation Analysis (SBIR) program and its Small Enterprise Expertise Switch (STTR) applications. SBIR/STTR does actually provide grants to firms which might be concerned in high-tech R&D. When searching for a federal grant, that is your finest wager. For extra info, go to SBIR.gov.
Past SBIR/STTR, there are another, much less technical grants out there by different federal companies. Yow will discover them at:
- Grants.gov
- The web Catalogue of Federal Home Help, and
- FederalGrants.com.
Moreover, you may contemplate conducting an internet seek for the phrases “enterprise grants” and the title of the federal company which will want your items or companies.
All of that mentioned, it’s most likely higher to consider these types of alternatives as federal contracts versus free grants. In the event you do this, then the reply is that sure, there’s federal grant cash out there.
Disclaimer: The content material on this web page is for informational functions solely, and doesn’t represent authorized, tax, or accounting recommendation. If in case you have particular questions on any of those subjects, search the counsel of a licensed skilled.
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