Medical Business Grants in the US
A successful business requires motivation, ethics and funds to be successful. 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.
The U.S. government is focused on providing federal funding, such as contracts, loans and grants, to fulfill the insufficient needs in the country. 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 is authorized to provide several funding programs for setting up new clinics and medical businesses, which fulfill the federal criteria for a qualified health center.
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:
Figure out the target population and region. These should meet the definition of medically underserved population and area, as described by federal criteria. For instance, areas or communities with limited healthcare services, high population of seniors and low-income households. Rural health centers are an ideal example to receive federal medical business grants.
Assess the healthcare requirements of the targeted area. You can do this by learning more about the present healthcare system in place, the number of people in the area without health insurance, under-served healthcare requirements, low-income families and the rising cost of healthcare.
Next, you can form a nonprofit organization to help run the clinic or medical business. However, this organization must meet the definition of health centers, as directed by the federal government, if you wish to get a grant for it. Health centers, run by nonprofit organizations, usually offer primary healthcare, preventive care and screening services. These should follow the federal guidelines when it comes to case management and fiscal management. The IRS (Internal Revenue Service) gives information on how to create nonprofit organizations at the state level and how to apply for tax-exempt status for the nonprofit organization.
Create a business plan which 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 as per federal funding requirements.
Once you have a clear plan of progress in hand, you can register and apply at Grants.gov for federal funding. 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, which also includes stand-alone clinics that doctors want to establish in deserving communities and areas. This process can be tiresome and even frustrating if you are new to the funding field.
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 Phase II funding. The maximum amount granted to an individual applicant for small business development under the NSF Seed Fund program is US$ 1.25 million.
Some of the main eligibility criteria to secure NSF Seed fund for medical businesses require the business to operate within the U.S. and have 50% or more shares owned by U.S. citizens. You can even pitch for the grant before setting up the business. Brand-new setups are mostly preferred under this grants program.
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, as well as one of the top choices for entrepreneurs to boost their new business, within the Michigan state.
To be eligible for this grant, your new medical business should be committed to the creation of jobs, establishing investment opportunities and overall boost the economy of the state. With demand for preventive, medical and diagnostic equipment on the rise, small businesses creating medical devices and equipment are being preferred by the state for funding.
To know more about the application process for this grant, we recommend you to visit the official website for Michigan Economic Development Corporation (MEDC).
Pfizer Global Medical Grants
The Pfizer Global Medical Grants (GMG) is aimed at providing 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 form of a grant aimed at supporting independent projects that are 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. Besides, this fund is meant to assist research studies being conducted to improve the quality of life of individuals with disabilities.
Any small business which aims to conduct research and development for significantly improving 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 apply for this grant successfully.
There are several federal and private funding organizations that provide grants and funds to small businesses and medical professionals to improve healthcare services in underserved and deserving communities anywhere within the U.S.