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Free cash for your business

Posted by Internet Guru
November 1, 2009

Small business grants are rare, but they do exist. Here’s how to find them.

When hunting for cash, desperate small business owners may find themselves sucked into buying books and software packages promising “Billions in Free Grants!” from Web sites with names like NeverPayItBack.com, or hiring consultants who promise to find them gads of money. All they’re likely to get, though, are empty promises.

Grants are rare, but the information you need to find and apply for legitimate ones is publicly available and free. For qualifying businesses, there really are opportunities to land free money from state, county and city governments, as well as private foundations and corporations.

Technology startups traditionally have the best chance of getting grant funding, often through the federal government’s Small Business Innovation Research (SBIR) or Small Business Technology

Transfer (STTR) programs. These programs are lucrative, awarding more than $2 billion each year, but both require a tight match with exacting requirements.

For most companies, a better fit will be the grants many state and city governments offer for small, tech-focused businesses. In Columbus, Ohio, TechColumbus offers TechGenesis grants of up to $50,000 to allow entrepreneurs to test their ideas and see if they are business-worthy. The Ben Franklin Partnership in Philadelphia and the Maine Technology Institute in Gardiner, Maine, are two more of the dozens of organizations that invest in local tech companies with growth potential.

Finding grant money for non-tech businesses is a little tougher. The first step: Figure out if you qualify for any special small business certifications, such as a minority-owned, disadvantaged, woman-owned or veteran-owned business. Federal and state governments sometimes give priority for grants to these types of business owners.

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