Grants can be a great way to get funds for your business, charity or project. Grants are typically awarded to organizations involved in social benefit or environmental causes. This guide will help you understand what is required to be eligible for a business grant and how to apply for one.
Who is Eligible for Grants?
You must be a U.S. citizen. If you are not a U.S. citizen, this may work for your situation:
- You have the legal right to work in the U.S.
- You will not be paid by any other source (such as another government agency) for the same services.
- You are at least 18 years old.
Several government organizations provide grants to qualified candidates. If you belong to one of these organizations, you may be eligible for a grant. For example:
If you work for the Federal Emergency Management Agency (FEMA), you may be eligible to receive a federal disaster recovery grant.
If you work for NASA, your employer may offer space travel training opportunities and other programs that could put money in your pocket as well as help advance scientific knowledge about space exploration and research.
Suppose you work for an agency within the Department of Agriculture (USDA), such as the Agricultural Research Service or Forest Service. In that case, many job opportunities are available with these agencies and many potential sources of income through grants offered by these government bodies.
If you are a school, college or university:
- It would help if you were a public or private nonprofit organization.
- It would help if you were an accredited institution of higher learning recognized by the Department of Education.
If you are an individual:
- Your education level should be at least a Bachelor’s degree (or its equivalent).
- You may be eligible for a grant if you’re a small business.
- Small businesses are defined as companies with less than 500 employees.
- Grants from the federal government are available to small businesses through the Small Business Innovation Research (SBIR) program, which provides funding for research and development that supports U.S. economic competitiveness.
- Grants from state governments are also available, such as the New York State Energy Research and Development Authority (NYSERDA), which offers grants for energy efficiency and renewable energy projects.
You may be eligible for a grant if you:
- Are you an individual (or family) with a yearly income of less than $50,000?
- Have no other assets (except for the house you live in).
- Are not married to someone receiving public assistance or welfare payments from the state, county or federal government.
Government grants are a great way to help you start your path to financial independence. If you have been looking into ways to improve your business or education, these grants may be just what you need.
Professional experts at Lantern by SoFi state, “Because grants don’t have to be repaid, businesses can use them to invest in a company’s growth and profitability.”
Keep in mind, though, that there are many different types of government grants available, and each one has its own requirements when it comes time for applications. So make sure if applying for any type of grant that all paperwork is completed correctly so as not to miss out on any funding opportunity!