Last Updated on October 18, 2023 by Lori Pace
To be a successful business, you need to have the right motivation, ethics, and funds. Scientists and doctors agree that there is a dire need to increase medical equipment and research funding. Medical business grants are a great way to help. The U.S. government focuses on federal funding. This includes loans, grants and contracts. However, to be able to successfully gain these medical business grants in the US, there are 5 steps we suggest you follow!
Medical Business Grants in the US
The Public Health Services Act gives the federal government the authority to fund several programs that allow for the establishment of new medical businesses and clinics. These must meet federal requirements for qualified health centers.
5 Steps to Successfully Gain Medical Business Grants
Firstly, determine the target population and area. These must meet federal criteria for medically underserved populations and areas. These areas include communities or regions with low healthcare services, high seniors, and low-income residents. Federal grants for medical services are best suited for rural health centers.
Secondly, Healthcare Requirements of the area need to be assessed. In a nutshell, this can be done by looking at the current healthcare system, how many people have it, and what the needs are for healthcare.
To run your clinic or medical business, you can create a non-profit organization. If you want to receive a grant, however, your organization must comply with the federal government’s definition of health centers.
Non-profit organizations run health centers that offer screening, primary healthcare, and preventive care. They should adhere to the federal guidelines regarding case management and fiscal control. The IRS (Internal Revenue Service), provides information about how to form nonprofit organizations and how to apply to tax-exempt status.
A business plan should clearly outline:
- The development steps
- The fundamental goals of the clinic or business
- Other details such as the timeline, budget, funding sources, timeline
- A narrative that explains the federal funding requirements.
Once you have a plan for progress, you can register on grants.gov to apply for federal funding. This website allows applicants to submit requests for funding opportunities, for example: medical business grants or other funding opportunities.
Top Sources to Get Medical Business Grants
Small businesses face many challenges when applying for grants. This includes standalone clinics that doctors wish to open in deserving areas and communities. However, if you’re new to funding, this process can be frustrating and exhausting. Below is a list of top U.S. sources for medical business grants.
NSF Seed Fund
The National Science Foundation (NSF Seed Fund) offers funding for Phase I and II. Also, the maximum amount that an applicant can receive for small-business development is US$ 1.25million.
To qualify for NSF Seed funds, a business must be based in the United States and have at least 50% of its shares owned by U.S citizens. Even before you start your business, you can pitch for the grant because this grants program prefers new setups. For more information about the application process, visit the NSF official website.
Michigan Business Development Program
The Michigan Economic Development Corporation (MEDC), offers the Business Development Program under the Michigan Strategic Fund initiative to increase economic growth.
This grant is highly sought after by medical entrepreneurs and one of the best options for entrepreneurs looking to grow their business in Michigan. So, to be eligible, your new medical business must be focused on creating jobs, investing opportunities, and overall improving the state’s economy.
However, the state is preferring small businesses that make medical equipment and devices to fund funding, due to rising demand for diagnostic, preventive and medical equipment. Visit the Michigan Economic Development Corporation‘s official website (MEDC) to learn more about how to apply for this grant.
Pfizer Global Medical Grants
The Pfizer Global Medical grants’ goal is to provide independent quality improvement solutions for the global healthcare community. Initially, this aims to improve patient outcomes in areas that lack adequate medical care. Pfizer offers a QI grant. In short, this type of grant supports independent projects that focus on practical and consistent initiatives to improve healthcare dissemination.
Companies that seek to improve healthcare quality factors such as clinical competence and process evaluation, quality assurance, and quality control are eligible to apply to the Pfizer Global Med Grants’ Quality Improvement funding.
Small Business Innovation Research Program (SBIR)
The design of the Federal government’s SBIR initiative increases the technological innovation and products in private healthcare. They also want make small medical companies more valuable through research and development funding.
This program aim to increase the commercialization of research and development results. The funds also support research projects that aim to improve the quality and life of people with disabilities.
This grant is open to any small business that aims at conducting research and development in order to significantly improve the lives of disabled people. Visit Grants.gov to learn more about the eligibility requirements and other pertinent information.
Gain Medical Business Grants to Serve Communities better
Many federal funding agencies and private funding agencies provide grants and funds for small businesses and doctors. They do this to improve healthcare services in underserved or deserving communities throughout the United States.
If you also consider about Personal Medical Grants, please visit our article about 4 Grants For Medical Treatment.