The Small Business Administration (SBA) provides various eligibility requirements to apply for federal funding. To apply for Small Bussiness Innovative Research (SBIR) funding, your business must qualify as a Small Business Concern (SBC) as defined by SBA regulations. This means that your business must be organized as a for-profit business located within the United States, be in some form of an individual proprietorship, partnership, LLC, or corporation, be more than 50 percent directly owned by citizens of the United States, and have no more than 500 employees.
So if your business fits all of the requirements of SBIR, does that mean you are ready to apply? Maybe! There are a few things to consider before taking that step.
Is your company technology-based? Does it participate in research and development (R&D)? If so, you might be a good candidate for an SBIR funding.
With that said, the grant is funded by the government, meaning that you should not apply for SBIR, or any other grant, unless you are prepared to give up some autonomy of your business. Some federal grants may require you to alter research or projects to better fit the needs of the agency providing the grant. Further, agencies may also require that all findings and projects from the research grant be available for federal use. If you have no problem with this, go ahead and look further into federal funding.
This is not to discourage you
Let us help you meet your M/WBE utilization goal. We can help you locate funding, apply for funding, and help organizations measure & report on outcomes. See our experience with grant writing and evaluation services HERE.