Securing funds from the US Department of Agriculture (USDA) can be a daunting task for many; however, by following a few simple steps, you can make the process smoother and more successful. Firstly, research extensively all the funding options available from the USDA, from direct payments and loan programs to grant initiatives, focusing on those that match your sector or project objectives. Secondly, ensure your organization is eligible to receive funds. Thirdly, connect with USDA staff to ‘sell’ your project, making sure to present your innovative proposal, identifying budget, utilizing resources, and any competitive advantages. Fourthly, construct a clear and accurate budget plan, providing potential investors with a timeline, deliverables, and an attractive ROI. Be sure to include details of how you will maintain USDA requirements, including prompt reporting, budget compliance and loan repayment.
Completing the Application Process
Once you have ticked all the boxes of eligibility and prepared your pitch, it’s time to fill out the USDA application form. Here, you need to provide details about your organization, desired funding, and proposed project. Here, be sure to include specifics wherever possible. In addition, attach any applicable documentation that may support your application. Such documentation could include things such as mission statements, letters of support and endorsements from stakeholders, and presentations of previous related projects.
Develop a Strategic Plan
Developing a strategic plan shows the USDA that you have considered all aspects of your project, and will provide them with the assurance that you are capable of successfully carrying out your objectives. This plan should include an outline of the project, the programs and teams you intend to implement, specifications of how the money will be allocated, potential challenges and how you plan to overcome them, and any further information you deem relevant.
Wait For the Response
Once all application forms are submitted, USDA starts its review process. The length of this process depends on the complexity of your project and whether any additional information is required. It is not uncommon for this stage to take 4-5 months, so have patience and be prepared to follow up regularly. Upon approval, you can expect the funds to be released within 4-6 weeks. Do keep in mind, though, that the USDA reviews applications in order of priority, so those deemed truly innovative or with a greater service benefit could be processed more rapidly.
Prepare Documentation For Onboarding
Once the application is approved, you will need to provide documentation for onboarding. This documentation should include all contracts, pertaining to both the USDA and your company, and any relevant regulations for the project. The USDA will use these documents to create a budget and will require regular updates throughout the funded period. It is paramount that all lines in the contracts are accurate and all paperwork is in order, to ensure the onboarding process is efficient.
Start Building Your Project
Now that you have received the funds, you can start building your project. This could include drafting team structures and processes, developing any required software, building a network of resources, and anything else you deem necessary to get the project up and running. Make sure that you are always meeting USDA requirements throughout the process and continue to communicate with their staff.
Final Considerations
Once the project is completed and the funds have been spent, you must submit a final report to the USDA detailing all actions and outcomes. This report is intended for the USDA to assess whether their funds were used correctly and give closure to the project. While completing this stage you may need to prepare for any audit by external bodies, so be sure to keep all documents accessible. Once all activities are fulfilled, you can expect reimbursement from the USDA within 4-5 weeks.
