5 Steps to Qualify for Medical Business Grants in the US

Medical Business Grants in the US

A successful business requires motivation, ethics, and funds.

With the plethora of new contagions being discovered from the new and unknown diseases affecting people worldwide, scientists and doctors believe there is an express need to boost the medical research and equipment businesses. This is where medical business grants come in handy.

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The U.S. government is focused on providing federal funding, such as contracts, loans, and grants, to fulfill the country’s insufficient needs.

Numerous healthcare professionals and doctors have been able to establish their medical practices in deserving communities and helped boost the quality of healthcare in the U.S.

Under the Public Health Services Act, the federal government provides funding primarily for health centers that meet specific criteria under the Health Center Program.

5 Steps to Get Successful Medical Business Grants

Here are the simple steps you can follow to ensure that you are prepared and have a higher chance of securing federal medical business grants:

Step 1

Figure out the target population and region. These should be designated as Medically Underserved Areas (MUAs) or Medically Underserved Populations (MUPs), as defined by federal criteria.

For instance, in areas or communities with limited healthcare services, there is a high population of seniors and low-income households. Rural health centers are an ideal example of receiving federal medical business grants.

Step 2

Assess the targeted area’s healthcare requirements. You can do this by learning more about the current healthcare system, the number of people in the area without health insurance, under-served healthcare requirements, low-income families, and the rising cost of healthcare.

Step 3

Next, you can form a nonprofit organization to help run the clinic or medical business. However, to be eligible for such grants, this organization must meet the definition of a Federally Qualified Health Center (FQHC) or look-alike, as defined by federal guidelines.

Health centers, run by nonprofit organizations, usually offer primary healthcare, preventive care, and screening services. They should follow federal guidelines regarding case management and fiscal management.

The IRS provides information on how to apply for federal tax-exempt status for nonprofit organizations; however, the process of creating a nonprofit organization is governed by state law.

Step 4

Create a business plan that clearly outlines the steps of development, the basic goals of the business or clinic and the essential details, such as budget, funding sources, timeline and a narrative that establishes the requirements, aims and evaluation process per federal funding requirements.

Step 5

Once you have a clear plan for progress, you can register and apply for federal funding at Grants.gov.

This website is a portal provided by the U.S. government for applicants to send in requests for medical business grants and other similar funding opportunities.

Top Sources to Get Medical Business Grants

Grants are always challenging for small businesses, including stand-alone clinics doctors, want to establish in deserving communities and areas.

This process can be tiresome and even frustrating if you are new to funding.

To make things easier for you, we have a list of the top sources to get medical business grants in the U.S. outlined below:

NSF Seed Fund

The National Science Foundation (NSF) Seed Fund offers Phase I and II funding. The NSF Seed Fund offers awards that vary in amount; the maximum Phase II award can be up to $1 million, depending on the project’s specifics and funding opportunity.

Some of the main eligibility criteria to secure NSF Seed funds for medical businesses require the business to operate within the U.S. and have 50% or more shares owned by U.S. citizens.

Visit the official NSF website for detailed information on the application process.

Michigan Business Development Program

The Michigan Business Development Program, under the Michigan Strategic Fund initiative, is offered by the Michigan Economic Development Corporation (MEDC) to boost economic growth within the state of Michigan.

It is one of the most sought-after medical business grants and one of the top choices for entrepreneurs to boost their new business within Michigan state.

Your new medical business should be committed to creating jobs, establishing investment opportunities, and boosting the state’s economy to be eligible for this grant.

The Michigan Business Development Program provides support based on the potential for job creation and investment, not specifically preferring businesses based on the type of product (such as medical devices) they develop.

To learn more about the application process for this grant, we recommend you visit the official website of the Michigan Economic Development Corporation (MEDC).

Pfizer Global Medical Grants

The Pfizer Global Medical Grants (GMG) aims to provide independent quality improvement solutions to the global healthcare community. This initiative aims to improve patient outcomes in areas of insufficient medical care.

The quality improvement (QI) grant offered by Pfizer is a grant aimed at supporting independent projects focused on constant, practical initiatives that can help improve healthcare dissemination noticeably.

Businesses that aim to improve quality factors in healthcare, such as clinical competence, process assessment, program evaluation and quality assurance, are eligible to apply for the Pfizer Global Medical Grants’ Quality Improvement funding.

Small Business Innovation Research Program (SBIR)

The SBIR initiative by the federal government is meant to boost technological innovations and products in the private healthcare sector and make small medical businesses more significant through research and development funding.

This program is meant to enhance the commercial applications of research and development outcomes.

This fund is also meant to assist research studies that aim to improve the quality of life of individuals with disabilities.

Any small business that aims to conduct research and development to significantly improve the lives of the disabled can apply for this grant.

To learn the specific eligibility criteria and other relevant information, we urge you to visit the official website at Grants.gov and check whether you can successfully apply for this grant.

Conclusion

Several federal and private funding organizations provide grants and funds to small businesses and medical professionals to improve healthcare services in underserved and deserving communities anywhere within the U.S.

Grants for Medical