When Is The Best Time Of Year To Apply For Government Grants and Loans?
The government fiscal year runs from April 1st to March 31st. This means that all departments and agencies get nervous as it keeps getting close to fiscal year end and are concerned about not spending all of their money.
I am sure you have heard the term "Use it or Lose it." In government, the use it or lose it mentality is alive and well. Each department is allotted so much money each year for their programs. If bureaucrats don't spend all of the money they were allotted there is a real possibility they will get their budgets cut for the coming year. That is the last thing bureaucrats want to happen and that means opportunity for you.
As it gets later in the year,departments get nervous about not spending all of their program dollars. January to March is an excellent time to apply for funding as they would rather approve your proposal than let the money "slip" resulting in a reduced budget for the coming year. They would rather use it than lose it.
If your application for funding arrives from January to March, in many instances it may stand a better chance of getting approved than it would at other times of the year. Officials tend to be more lenient in their assessments and approve things that might not get approved earlier in the year. Even if you are not approved initially, you have your application in early enough to be considered for the next round of approvals after April 1st.
This is an excellent time to apply for a government grant or loan so if you have been putting it off, now is the time to get started.