‘Spend money to make money’ is no longer the first rule of succeeding in a business and profiting from the same. Improvements in technology and in communications as well as the integration and globalization of the world’s markets have all heralded the advent of access to capital in the form of business loans, venture capital and grants to name a few.
However, there is a special demand for getting money in the form of grants because it involves very little payback. Yet as grants are offered to a select few only, there are not many enthusiastic about it. These three tips could be useful in making you feel good about your chances of securing a grant:
- Emerging businesses: On the grant application, you must show that there are emerging business opportunities such as biosciences and nanotechnology which might be risky ventures, but could prove to be very lucrative if they succeed. There is no payback in the real sense here because; the returns from the success are such that the grant is only a small fractional part of it.
- Eco-Friendly technology: Reducing, reusing and recycling to save the environment is a formula that works for easy sanction of grants too. There is no payback required in these cases because there are many indirect cost savings that result from lessened pollution and diminished depletion of natural resources.
- Energy Solutions: Any innovation or endeavor towards innovative creation of energy is good grant grounds too because energy needs are growing and a lot of fossil fuels are being indiscriminately used up to keep up. The payback in this case too is realized from savings resulting in lesser use of coal, natural gas and oil.
Government grants are very much sought-after means of financial assistance as the payback terms, if at all there, are very favorable to the recipient. The payback might also be in the form of some gratuitous turn that the recipient needs to perform according to directions of the government. The following is a list of facts pertaining to government grants and approvals:
- Most grants are handled by various government agencies like municipalities, trade councils, universities and state-run foundations and corporations etc. Some specialized bodies within the government handle requests for grants that involve higher amounts of money.
- Those soliciting grants must ascertain the mode of making the grant request and what procedures and formalities have to be followed in the matter.