What You Need to Know About Government Small-Business Grants

Looking to fund your startup? Let’s take a look at something everybody dreams of: free money or, in other words, landing a grant from the federal government.

“But wait,” you may be thinking. “I’m not a nonprofit -- I can’t get a grant.” Well, as it turns out, nonprofits aren’t the only organizations eligible for government grants. For example, from 2010 to 2014, for-profit company Canopy Apps received $2 million in National Institutes of Health (NIH) grants to develop translation technology for medical professionals working with patients who don’t speak English.

Jerrit Tan, former CEO of New York City-based Canopy, believes more entrepreneurs should take advantage of the billions of dollars in business grants offered by government agencies, which can buy a startup valuable R&D time and boost credibility.

“You’re literally turning stacks of paper [grant applications] into money for your business,” Tan says. “And the government usually doesn’t take equity.”

Of course, nabbing local, state and federal grants involves more than cutting and pasting your business plan into an application. Here’s what you should consider:

Mompreneurs: Make Sure You’re Not Making These 7 Mistakes in Your Business

Juggling the incessant demands of being a full-time parent with the pressing needs of running a full-scale business would even have Superwoman balking in fear.

But for the many “mompreneurs” who manage to run successful businesses while also overseeing their children at home, it’s just another day in the office. For any mom (or, in fact, anyone) who is thinking of taking the entrepreneurial plunge, here are a few deadly mistakes to avoid.