Government Funding: Help from Uncle Sam
Funding in the form of loans and outright grants is available to small businesses from a wide array of federal, regional, state and local government sources. Much of the funding available is earmarked in some way (i.e., targeted to a specific industry or geographic location or to the solving of a specific scientific or technological challenge), but there is plenty of money available for more broad-based business purposes as well. "Always look for community or government grant money if it is accessible," says Elderkin. He advises companies in the biotech field to approach organizations such as the National Cancer Institute and the National Institutes of Health for research grants. Cooperative Research and Development Agreements, which combine government and private-sector assistance have become common in many industries, especially technology and life sciences. Some programs target minorities, women or those located in economically disadvantaged areas. The Access Capital page of the Enterprise Appalachia website provides links to a variety of resources in this area.
