Government Funding and Small Businesses
Government funding tends to be invaluable to small business owners who usually find borrowing from traditional lenders more or less impossible. However, most entrepreneurs have very little information about government funding requirements and processes. This often prevents them from enjoying the benefits associated with using government funding.
The Importance of Timing
When it comes to launching a successful business operation, timing plays an important role in whether the entity succeeds or fails. This is especially the case when dealing with a time-sensitive project, such as launching a new product before competitors.
If you plan on using government funding to finance your business project, it is important to understand how long it takes to research, apply, and receive feedback. Feedback can be positive, meaning you receive the funds, or negative, meaning the application is denied for one reason or another. This knowledge will help you predict whether you can still launch the project on time.
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Read on to find out how long it takes to apply and receive feedback for government funding.
Types of Government Funding Programs
Government funding programs generally fall into two categories:
Application Intake Periods
Programs in this category usually have a defined call for proposals. This is the period during which applicants are expected to complete and submit their applications. Since the submission window is limited, it is important to research and prepare applications quickly.
Continuous Intake Applications
These programs allow applicants to submit applications on an ongoing basis until the available funds are exhausted or government support is withdrawn. Applicants can take more time researching program details and preparing their submissions.
Key Considerations When Applying
One of the most important things to keep in mind when applying for government funding is that late applications are not accepted. In addition, applications are not accepted for projects whose opportunity window has already passed or for projects that have already taken place.
Once an application is submitted, waiting periods for feedback can vary. Some programs respond in as little as 48 hours, while others may take longer. In some cases, the waiting period may be four to six weeks, while in others it can take four to ten months.
Take the time to research this information for the specific program you are applying to and plan your project accordingly.