If you already have an existing business, there are federal and state grants that you can apply to. At the federal level, you can check out the Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer (STTR) Program.
The SBIR/STTR Programs
The SBIR/STTR Programs are intended specifically for domestic small businesses in the field of Federal Research/Research and Development. If you believe that your business has technological and commercial potential then you can try to see if you can qualify. Keep in mind, however, that the competition is very tough. The federal government awards these programs to stimulate technological innovation; meet federal research and development needs; foster and encourage participation in innovation and entrepreneurship by socially and economically disadvantaged persons; and increase private-sector commercialization of innovations derived from Federal research and development funding.
The following agencies participate in the SBIR/STTR Programs: Department of Agriculture; Department of Commerce – National Institute of Standards and Technology; Department of Commerce – National Oceanic and Atmospheric Administration; Department of Defense; Department of Education; Department of Energy; Department of Health and Human Services; Department of Homeland Security; Department of Transportation; Environmental Protection Agency; National Aeronautics and Space Administration; and the National Science Foundation.
There are three phases to the SBIR Program. In Phase I, your small business must establish the technical merit, feasibility, and commercial potential of your proposed research/research and development efforts. This is where the federal government determines if the small business awardee is still eligible to receive further funding support.
In Phase II, funding is received based on the results that are achieved in Phase I and the technical merit and commercial potential of the project. Funding for this phase usually does not go above $1,000,000 total costs for 2 years. Phase III is the final phase and this is where the small business awardee pursues commercialization objectives after the initiatives achieved in the first two phases. No Federal monies are awarded for the final phase.
Your business can only qualify for these programs if it is organized for profit, with a place of business located in the United States; has at least 51 percent owned and controlled by one or more individuals who are citizens of, or permanent resident aliens in, the United States, or at least 51 percent owned and controlled by another for-profit business concern that is at least 51% owned and controlled by one or more individuals who are citizens of, or permanent resident aliens in, the United States; and; has no more than 500 employees, including affiliates.
Funding Opportunities from your State
Business expansion opportunities are also available from your state since they usually earmark funds for this purpose. These grants are usually given to businesses that will also help stimulate the economy of the state. These are also awarded to businesses that advance causes that are generally beneficially for all. These include ventures that have to do with harnessing alternative energy; the environment; medicine; education; and science and technology.
To start your grant search to expand your business, you can go to your state’s Department of Commerce. Get right to the point when talking with the representative from your state government. Introduce yourself and your business, where you are located, the nature of your products and services, and the reason why you want to expand. Be courteous and thankful even if there are currently no opportunities for funding. They might even be able to point you out to other sources of funds where you can apply to.
If you cannot really find grants to make your business grow, you can always consider other options, such as obtaining a loan or continuing to work full time while working to make your venture grow. Don’t look for business expansion opportunities from only the federal and state governments. You can also try sourcing out grants from private institutions and grantmakers.
As we have said above, finding grants to start or expand your business is a tough job. Still, this does not mean that there won’t be any grants for you in the future. Just keep your eyes open to new opportunities by signing up for an organization’s mailing list—if that is provided or constantly monitoring new business funding opportunities in the Internet. Use your connections to find out if there are grantmakers who are currently accepting applications from entrepreneurs who wish to start or expand their businesses.
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