Grants: Not just for nonprofits

Did you know that for-profit companies can qualify for grants just like nonprofits do?

While significantly more grant opportunities exist for nonprofit organizations and municipalities, your company can qualify for grant funding in two ways.

First, you can qualify directly, although not every organization or purpose does. Because most grants come through the federal government — either directly or through your state or local government — you need to understand the government’s priorities. Typically, the government funds projects and initiatives that have a significant public benefit, such as scientific research, education, health care and social welfare. 

For-profit companies can often apply for grant funding in research and development, innovation and economic growth. Qualified small and minority-owned businesses, which includes women and veterans, can also qualify for grant funding specifically for these types of business entities.

Recent significant legislation — notably the Bipartisan Infrastructure Law and Inflation Reduction Act — includes programs for which for-profit companies can qualify. For example, in addition to the highly touted funds to rebuild roads, bridges and rail service, the Bipartisan Infrastructure Law supports the development and deployment of alternative energy sources and broadband internet access. Likewise, the Inflation Reduction Act offers funds for clean energy, climate mitigation and resilience, agriculture and conservation-related projects. If your business works in these areas, you might find some funding through one of these programs. 

We recently helped a meat processing company apply for nearly a million dollars to modernize their plant and operations using a USDA program that came from this legislation.

Second, if you provide services to nonprofit organizations or municipalities, you might find funds to help them purchase your products or services. We currently work with MoboTrex that provides smart traffic control products to municipalities around the country. The infrastructure law provides A LOT of money for municipalities to improve their roads. By identifying and sharing some of the programs that can help municipalities take advantage of these opportunities, MoboTrex can grow their business as well.

If you work with municipalities, nonprofits, educational or health care organizations who need construction services, engineering, architecture, environment, natural resources, technology, telecommunications or transportation, you might benefit from these types of grant funds.

You can learn more about the specific programs in the Bipartisan Infrastructure Law here.

You can learn more about the specific programs included in the Inflation Reduction Act here. 

Linda Wastyn, Ph.D., CFRE, GPC, is president of Wastyn & Associates, Davenport. She can be reached at Linda@WastynAssoc.com or (563) 424-1395.