How Much Time Is Required to Research and Apply for Government Funding?

Government funding tends to be invaluable to small business owners who usually find borrowing from traditional lenders more or less impossible. However, most entrepreneurs usually have very little information about government funding requirements and processes. This works to keep them from enjoying the benefits associated to using government funding.

When it comes to launching a successful business operation, timing plays an important part in whether the entity succeeds or fails. This is especially the case where you are 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 that you have an idea of how long it takes to research, apply and receive feedback on the same. Note that this feedback can be positive (you get the funds) or negative (the application is denied for one reason or the other). This will help you predict whether you can still launch the project on time.

Read on to find out how long it takes to apply and get feedback for government funding.

Government funding programs come in two different groups:

Application Intake Periods

Programs falling under this category usually have what is referred to as call for proposals. This is the period within which applicants are supposed to fill out applications and submit them. Since the set window for submitting applications is finite, you need to research and make the applications faster.

Continuous Intake Application

These programs allow applicants to continue submitting applications until the funds available are exhausted or the government withdraws support. You can take more time researching details of programs under this category and making the application submission.

The main consideration you need to keep in mind when it comes to applying for funding is the fact that government funding programs will not accept any applications that are submitted late. Additionally, they do not accept applications for projects that have been passed by time. That is, the project’s window of opportunity has passed, or the project itself has already occurred.

Once you fill out an application and subsequently submit it, you will waiting periods for feedback vary. Some programs will respond in as little as 48 hours while others take longer. For instance some have a four to six week waiting period while others may take as long as four to ten months.

Take the time to research all this information with regard to the specific program you are applying to and then plan your project accordingly.