Advice from SCORE Central NJ
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The best things in life in free. Government money for financing a small business start-up is not.
Though you may see ads on TV or the Web touting the availability of “free” money from the federal government to help you realize your entrepreneurial dreams, the truth is that no government agency offers grants to start or expand small businesses.Now, there are federal agencies that do award grants to established small businesses to perform various mandated services or programs. According to grants.gov, the federal government’s central storehouse of information on its more than 1,000 grant programs, businesses eligible for these kinds of grants must meet certain size and revenue requirements (i.e., fewer than 100 employees for wholesale trade industries, less than $6 million for most retail and service industries; less than $12 million for all special trade contractors).
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A search on Grants.gov will identify what opportunities are available, and the required expertise or resources.
You won’t find “free money” from local, regional, and state economic development agencies either. What they often offer small businesses, however, is the next best thing—assistance with start-up workspace or production facilities, training, administrative support, tax breaks, loan guarantees, and other incentives. Some agencies also sponsor micro-loan programs for specific business types such as childcare, and firms that locate in or support designated enterprise zones.
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The U.S. Small Business Administration provides links to major state economic development agencies at www.sba.gov/content/economic-development-agencies. Your local Small Business Development Center will also have information about programs in your area.
In recent years, many private-sector corporations and non-profit groups have teamed up to provide grants to entrepreneurs with promising small business ideas. Intuit’s Love a Local Business grant competition (www.loveourlocalbusiness.com/) has given more than $1.1 million to winning small businesses. The Amber Grant program (www.womensnet.net/AmberGrants) offers small $500-$1,000 grants to qualified woman-owned start-ups.
A good way to stay abreast of these and similar programs is the Foundation Center (www.foundationcenter.org). For a nominal fee, subscribers can access the Foundation’s directory of more than to 95,000 grant makers in the U.S.
For more assistance with creating a financing strategy for your new or growing small business, contact SCORE “Mentors to America’s Small Business.”
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SCORE Volunteer mentors provide FREE CONFIDENTIAL expert mentoring to help individuals looking to start a business or to help entrepreneurs in an established business. The combined experience of our Central Jersey SCORE counselors offer our clients in excess of 1,000 person years of business experience. If you're interested in having a free Face to Face discussion with our mentors go to our calendar to book your own appointment with venues in Bridgewater, Hillsborough, Somerset, Pluckemin, Clinton, Edison, New Brunswick, and East Brunswick. Click here to book your appointment.
