6 Must-Know Tips if You Want Federal Infrastructure Money
With the opportunity to tap into trillions of dollars in Federal funding, everyone from Corporate America to Small Town Government is interested in a piece.
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For companies, it could be the opportunity to advance innovative products or to improve access to real estate assets. For governments, it could be the opportunity to rebuild roads, close digital divides, or create greener communities. So, how does a company or government tap into these funds? As you can imagine, it's not easy; there are very structured guidelines. But with a thoughtful approach, you could be awarded funds. Here are a few important tips to keep in mind:
1. Understand the need. Most of the infrastructure money will be for badly needed upgrades. 'Repair and Rebuild' gets the attention of leaders responsible for the safety of the existing network. That doesn't negate creativity, though. The gods will smile favorably on efforts that infuse innovation and technological advances. The Feds are going big with these funds so you should, too. Scale up.
2. Understand the spirit. 'Economic growth' and 'live-work-play' were the mantras over the last decade. That's all good and fine, but you better be honed in on three areas that capture the spirit of these funds: Equity, Workforce, and Climate Resilience. How do these issues impact your local community? What's the "but for"? In other words, "But for these funds, we won't be able to help kids get to school, help underserved communities get to work..." Tell a compelling story as you argue your need. Bring your data to life.
3. Get a plan. Projects already identified in approved plans are ones that will move forward fastest. City and county plans feed into regional plans, which feed into state plans, which feed into federal plans. This is very deliberate. Very prescribed. Be strategic and understand the specific process to get there.
4. Identify your partners. For the most part, companies and organizations are not eligible to directly receive these funds. But your government is and can sponsor your project. City or county buy-in is a must, while broader partnerships are even better. Think of neighboring Fortune 500 companies, development authorities, nonprofits, etc. The bigger your coalition, the better it's positioned. And remember, their "but for" stories augment yours.
5. Leverage, leverage, leverage. Don't expect to get 100% of what you need from the Feds. Your coalition needs to bring money to the table. Most of the federal grant programs require 20% of the amount to come from the applicant, while the Feds kick in 80%. Your funding stack should be a mixture of public and private dollars. The more, the better. Show how you are stretching not only your dollars but everyone else's especially the Fed's money. This is the crux of a good public-private partnership.
6. Be ready, but be patient. These are federal funds, not private capital. It will take months to apply for the money and years to distribute. Don't think that gives you time to waste, though. Get in the game as early as possible.
It'll be tough competition. Good luck!