Get Your Business Funded: Creative Methods for Getting the Money You Need

Federal Grants

In this context, a grant is an award of financial assistance from a government agency. It is given to a company to further some public policy objective or other public purpose. In the case of TruTech, for instance, the grants received were to help reduce health care costs by battling alcohol-related accidents and injuries.

For a small business to be eligible for a federal grant, it must first meet the size requirement standards as set forth by the SBA:

• At most, 500 employees for the majority of manufacturing and mining industries.
• At most, 100 employees for all wholesale trade industries.
• No more than $6 million in revenue for most retail and service industries.
• No more than $28.5 million in revenue for most general and heavy construction industries.
• $12 million in revenue max for all special trade contractors.
• $0.75 million maximum revenue for most agricultural industries.

Federal government grants are administered by the many and various agencies of the government and are given out for specific purposes to further specific goals in each agency. Here are a few examples:

• The US Department of Agriculture awards a grant of up to $75,000 to “expand, or assist in the improvement and expansion of, domestic farmers markets, roadside stands, community-supported agriculture programs, and other direct producer-to-consumer market opportunities.” (USDA.gov.)
• The Department of Commerce offers a three-year grant of up to $400,000 “to provide electronic and one-on-one business ...