On Monday, the U.S. Environmental Protection Agency (EPA) awarded $2.38 million to 34 small businesses to develop innovative, sustainable technologies to protect human health and the environment.
And the EPA is not alone. There are 25 other federal grant-making agencies that are funding new and existing businesses. These include the Department of Agriculture, Department of Commerce, Department of Defense, Department of Education, and the Department of Energy among others.
And, on top of this, there are tons of state and local grants available to businesses.
The key negative with grant funding is that grants typically fund "projects" and not "companies." For example, a grant is often used to fund the project of developing a specific product or service. However, oftentimes that product can become the basis for a great company.
The key positive with grant funding is that you don't need to repay it, nor do you need to give up equity in your company for it. That's pretty cool.
I think that too few entrepreneurs know enough about grant funding and don't go after it.
To access grant funding for your business, download Growthink's Step-by-Step Guide to Raising Capital for Your Business from Grants.