5 Reasons You Need to Know Your Industry and What Types of Grants You May Be Eligible For
Knowing your industry will get you far in terms of maximizing your chances of reaching your funding goals. By properly identifying the type of business you’re running, you’re going to be able to go after the kinds of grants you’re most likely going to get approved for.
Are you a technological innovator?
Then you need to consider two of the most popular options in this line of business: Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer Program (STTR). However, it’s important for your market solutions to have some commercial viability. This is probably the most important aspect of technological innovation, since being innovative is often not enough to succeed; extensive market research is needed as well as knowing what technological solutions the market is craving for.
Do you feel at home in agriculture?
Although it may seem a bit traditional, being knowledgeable in the field of agriculture can also net you some grants for small business owners. The Rural Energy for America Program, for example, was initiated to encourage small businesses to construct renewable or efficient energy systems in suitable rural areas. Also, there are the Value Added Producer Grants which help support agricultural producers and alleviate some of their working capital expenses.
Is the field of medicine close to you?
If you have some formal medical training and you’re also an avid researcher, there are certain funding programs that may apply to you. For example, dental researchers can take advantage of the Oral Diseases and Disorders Research grant, and other similar programs are launched on a constant basis.
If your business idea has a wide appeal, the doors are wide open
If your business idea is likely to impress a wide audience, there are certain grants worth checking out. For example, the FedEx Small Business Grant encourages you to send over a video presentation of your business solution. Several winners are selected who receive a funding to develop their products, and the main winner of the contest gets awarded thousands of dollars.
Of course, there are other similar programs like the LendingTree Small Business Grant, which is also structured as a contest in which the applicants are required to impress the jury with their innovative business concepts. In this particular program, the winners receive $50,000 in total.
Other industries that are eligible for a small business grant
The categories we’ve mentioned are just the beginning of a rich scope of opportunities. Business owners operating in the other industries like city beautification, raising environmental consciousness, transit development, helping veterans and minorities, and other less-commonly discussed fields can often get some funding for their operations too. All you have to do is keep your eyes open and be on the lookout for funding opportunities that are all around you.
As long as your business concept is presentable, innovative, commercially viable, and if it has a target market, you stand a good chance of getting approved for a plethora of business grants. After you’ve determined what type of business you have and what benefits it can offer the world around you, you’re one step closer towards that goal already.