Definition: An award of financial assistance in the form of money by the
federal government to an eligible grantee with no expectation that
the funds will be paid back. The term does not include technical
assistance which provides services instead of money, or other
assistance in the form of revenue sharing, loans, loan guarantees,
interest subsidies, insurance, or direct appropriations
Even in the most economically challenged of times, the government
is one of the best sources for grants. For instance, the National
Institute of Standards and Technology's Advance Technology Program
offers grants to co-fund "high-risk, high-payoff projects" that
will benefit American industry. Whatever the project is, you can
bet it will be scrutinized by a board of qualified experts and
academia.
The Small Business Innovation Research (SBIR) office is another
government agency that gives grants. The SBIR specializes in small
businesses looking for funding for high-risk technologies. The
catch: Unlike the Advance Technology Program, the technology must
meet the research and development needs of the federal government.
Founded in 1982, the SBIR recently awarded $1.5 billion to
startups, with grants going to software, biotechnology, health-care
and defense companies. So if you're planning on opening a pizzeria,
you might have trouble with this one.
But there are federal grants awarded to food and nutrition
companies. For instance, a pizzeria that caters to children and
specializes in serving nutritious, healthy pizzas may be able to
win a grant. You can also check with your state or local government
to see what's available--start with your local or state chamber of
commerce.