Wednesday, April 17, 2024

Government Programs For Small Business

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Good For: Technology Companies

How effective is the government program for small business?

The federal research SBIR grant program is for entrepreneurs focused on innovations in technology that have the potential for commercialization. You can check its funding opportunities here. Focus areas from the past include clean and safe water, homeland security, land revitalization, green construction, advancement of health care, and more.

What Is A Currently Funded Entity

A currently funded entity is a health-related organization that has current guarantees of financial support from the government. This includes organizations such as hospitals, clinics, and other health-related facilities. The purpose of this financial support is to ensure that these organizations can continue providing essential services to the public.

What Are The 4 Main Types Of Business Grants

Business owners are always looking for funding. There are many grants types available that provide businesses with the funds they need such as the following:

  • Federal Grants. Businesses can get federal government grants from the United States government. The government offers these types of grants to promote new businesses and jobs, support research and development, and help businesses expand into new markets.
  • State Grants. These are grants offered by state governments to businesses operating within their state. The requirements and amount of funding available vary by state, but these types of grants are typically available to help businesses with start-up costs, job creation, and expansion.
  • Local Grants. Local governments also offer grants to businesses, typically in the form of tax breaks or low-interest loans. These types of grants are typically available to businesses that are creating new jobs or investing in the community.
  • Corporate Grants. Some large corporations offer grants to small businesses. These types of grants are typically available to businesses that are aligned with the corporations goals, such as promoting diversity or environmental sustainability.

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Small Disadvantaged Business 8

To provide a fair method for small businesses owned by socially and economically disadvantaged people or entities to compete, the government limits competition for certain contracts to businesses that participate in the 8 Business Development program.

An SBA program that helps provide a level playing field for small businesses owned by socially and economically disadvantaged people or entities that meet the following eligibility requirements:

  • Be a small business.
  • Not already have participated in the 8 program.
  • Be at least 51 percent owned and controlled by U.S. citizens who are economically and socially disadvantaged.
  • Be owned by someone whose personal net worth is $750,000 or less.
  • Be owned by someone whose average adjusted gross income for three years is $350,000 or less.
  • Be owned by someone with $6 million or less in assets.
  • Have the owner manage day-to-day operations and also make long-term decisions.
  • Have all its principals demonstrate good character.
  • Show potential for success and be able to perform successfully on contracts.

See Title 13 Part 124 of the Code of Federal Regulations for more information.

Joining the small disadvantaged business program allows you to compete for set-aside and sole-source contracts in the program.You can also get help to navigate federal contracting, form joint-ventures, and receive management assistance.

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Small Business Set Aside Program

2011 America

The Federal Government is required to reserve a fair proportion of its total purchases and contracts for property and services for small business concerns. The Government does this by reserving or “setting aside,” entire procurements or parts of procurements for small businesses. This does not guarantee that any particular small business will receive a contract. It means that only small businesses may compete for the contract or the reserved portion .

The Government is also required to buy goods and services at competitive, fair market prices. Therefore, contracts are set aside only when at least two qualified small businesses are expected to submit offers that are competitive in terms of market prices, quality and delivery. In this context, “market price” means a price based on reasonable costs under normal competitive conditions, and not lowest possible cost.

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Fedex Support Small Business Grant Contest

The FedEx Support Small Business Grant Contest has been running since 2012. It is open to for-profit small businesses that have been selling a product for at least six months by the time the contest starts and have 99 employees or less. The businesses must also have a shipping need to qualify for the grant.

Craft A Perfect Proposal

Writing the grant proposal is one of the most difficult parts of the process.

Be sure to understand the purpose of the grant and tailor your application toward it.

Show how your business is the best one to meet the objectives of the grant.

Most importantly, explain how the grant will benefit your business and make a difference.

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What Government Assistance Is Available In The Us

There are many government assistance programs available in the U.S. Some of these are Temporary Assistance for Needy Families , Supplemental Nutrition Assistance Program , Veterans Administration Healthcare, and food program waivers. Spending time researching what programs are available in the areas where you need assistance could help ease your financial burden.

Live Your Dream Award

Small businesses remain concerned despite government assistance

Each year, the Live Your Dream Foundation grants $2.1 million in educational funds to women on behalf of Soroptimist International. This foundation focuses on women who have survived sexual violence or other traumatic events.

  • Award amount: $1,000$16,000
  • How to apply: Visit Soroptimists portal for more information.

The Live Your Dream Foundation offers programs and funding that help women build confidence, advance their careers, and overcome unexpected situations. Though prize money ranges from $1,000 to $10,000, becoming an international finalist allows winners to receive a maximum of about $16,000.

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Small Business Lending Fund

The Small Business Lending Fund provided capital to qualified community banks and community development loan funds to encourage these institutions and Main Street businesses to work together to promote economic growth and create new jobs. Through the SBLF program, Treasury invested over $4.0 billion in 332 institutions, structured to incentivize increased small business lending.

Broadband: Needs Of Rural Small Businesses And Federal Programs To Support Them

GAO-22-106116

According to the Federal Communications Commission, 96% of the U.S. population has access to broadband at or above the FCC’s benchmark for minimum speed. But overall access may be overstated and access rates are lower in rural areas.

In 2021, we reviewed whether broadband is fast enough for small business owners, federal efforts to improve rural broadband access, and more.

We briefed Congress with updates on our 2021 report. For example, we had recommended that FCC solicit stakeholder input and analyze small business broadband speed needs. FCC agreed with our recommendation, but has not yet implemented it.

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Business Grants For Women

On top of all the grants weve looked at so far, there are several grants and resources specifically for small women-owned businesses.

I encourage you to visit your local Womens Business Centers if possible there are over 100 across the United States. They will be able to point you towards additional grant options or help you find alternative funding methods.

  • The Amber Grants: Each month, one small business owned by a woman wins a $10,000 Amber Grant. You will need to get votes to win, so it helps to have a strong social network. At the end of the year, the 12 recipients have a chance to win the annual $25,000.
  • The InnovateHer Challenge: This is a grant for women entrepreneurs that is funded by the SBA every year. There are 3 winners, with first place receiving $40,000, second winning $20,000, and third being granted $10,000. Its a fairly prestigious grant that comes with a lot of publicity for the recipients businesses as well.
  • To become eligible, you first need to win a local InnovateHer challenge to qualify for the national competition.

    Any type of business is eligible to compete, but those geared towards women and their social problems typically do best.

  • Cartier Womens Initiative Award: These grants are prestigious awards that can make a huge difference for any small business. There are 21 finalists , who all get personalized coaching, training, networking opportunities, and media visibility. That alone is worth a lot of money.
  • Dont Forget Local Sources

    2011 Catalog of Federal Domestic Assistance and Federal Grants ...

    There are other sources of government assistance for small business. Individual states, and in some cases, large local governments, also manage assistance programs aimed at small businesses.

    The Governorâs Office of Business in California, for example, offers more than a billion dollars of annual incentive programs, mostly aimed at small and medium business. The programs include:

    • California Competes Tax Credit
    • Employment Training Panel
    • Economic Development Rate Program

    Whatever state your business is in, similar incentive and financing programs are likely to exist, so start exploring.

    References

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    Assistance For Small Businesses

    The COVID-19 public health crisis and resulting economic crisis have created a variety of challenges for small, micro, and solo businesses in communities across the country. The Treasury Department is providing critical assistance to small businesses across the country, facilitating the urgent deployment of capital and support to help these organizations not just persevere, but recover on solid footing.

    Corporate Small Business Grants

    Corporations, like Visa, offer small business grants to nonprofit organizations, startups and other organizations.

    • Visa Everywhere Initiative: This is a global competition designed for startups that focus on solving commerce and payment issues. Winners receive free money, as well as global exposure for their business. You can sign up to be notified when 2022 applications become available.
    • Walmart Local Community Grants: Walmart gives grants that range from $250 to $5,000 to nonprofit organizations that benefit the community. The application deadline is December 31, 2021.
    • Nike Community Impact Fund: Nike, in partnership with the Charities Aid Foundation of America, awards funds to nonprofits in select metro areas that have a positive impact on communities through sports and other community-focused initiatives.

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    Natural Resource Sales Assistance Program

    In addition to the billions of dollars spent purchasing goods and services, the federal government also sells large amounts of natural resources and surplus property. The SBA Natural Resource Sales Assistance Program sets aside a percentage of these goods for bidding by small businesses only. In addition, federal agencies sometimes divide surplus materials into smaller parcels, making it easier for small businesses to purchase. The five categories are:

    • Timber and related forest products.
    • Strategic materials.
    • Leases involving rights to minerals, coil, oil and gas.
    • Surplus real and personal property.

    The program also provides training for small businesses on government sales and leasing.

    Small Business Administration Grants

    Borne the Battle 270: Benefits Breakdown, Office of Small & Disadvantaged Business Utilization

    SBA is a federal agency created to support small business owners and entrepreneurs in the country.

    SBA offers limited federal small business grants that most often come in the form of technical assistance, but their real value exceeds thousands of dollars:

    Here are key SBA grants to support small businesses:

    1. 7 Management and Technical Assistance Program

    If you want to get ready to win federal, state, and local government contracts, 7 Management and Technical Assistance Program can help you do that. Eligible businesses receive training and one-on-one consulting in a wide range of business activities, including marketing accounting, contract management, etc.

    2. SBA Mentor-Protégé Program

    Under this program, a small business owner gets opportunities to learn key business growth functions from an experienced government contractor.

    3. Restaurant Revitalization Fund

    This is one of the popular coronavirus small business grants. Eligible restaurants, bars, or other qualifying businesses that have been affected by Covid-19 can apply for Restaurant Revitalization Fund.

    4. Small Business Innovation Research Programs

    Powered by SBA, the SBIR program is good for small businesses that do independent research and development.

    5. Small Business Technology Transfer Programs

    STTR program is also for small businesses that want to do research and development. But, in this program, small businesses have to form partnerships with non-profit research institutions.

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    Why Gao Did This Study

    Some rural areas continue to lack access to broadband, which can hamper operations for small businesses in those areas. FCC encourages the deployment of broadband and provides funding, particularly for rural areas, for this purpose. USDA also provides broadband funding in underserved rural communities. SBA supports small business growth and development, including offering technical assistance to small business owners, which can improve adoption and use of broadband.

    This correspondence responds to a provision in the Explanatory Statement accompanying the Consolidated Appropriations Act, 2022 to brief congressional committees on the broadband challenges facing rural small businesses. This correspondence is based primarily on GAO’s prior report on this topic issued in July 2021 , and discusses 1) small business access to broadband and how FCC and RUS broadband funding programs may serve small businesses, 2) the extent to which FCC’s broadband speed benchmark meets the needs of small businesses, and 3) support provided by SBA related to rural small business access or use of broadband. For that report, GAO reviewed pertinent literature, documentation on federal broadband funding and relevant FCC statutory requirements to promote broadband deployment. GAO also conducted interviews with small businesses, broadband providers, industry associations, researchers, and state and federal officials, and obtained updates from the agencies for this correspondence.

    Information For Other Or Previous Grant Recipients

    Businesses that receive a grant under the Licensed Hospitality Venue Fund 2021 are not eligible for a grant under this program.Businesses that meet the eligibility criteria and have received assistance through the previous three rounds of the Business Support Fund, payroll tax rebate/waiver, or other COVID-19 business support programs are eligible to apply for a grant under this program.For more information see frequently asked questions .

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    Resources For Economic Support

    Review your financials and cash flow. How long can you make it through in case of a quarantine, lost wages, employee absenteeism . What do you need to bridge the gap? Plan on a 6-8 month drop in revenues. Map out cash flow now.

    Get a credit line approved now. You don’t have to use it. But you’ll have it when you need it.

    Aggressively pursue accounts receivables. Engage your lenders .

    Slash your overhead. If you’re worried about losing customers or employees due to sickness, school closures or possible quarantines, cut the things you don’t HAVE to spend your money on.

    Communicate, Communicate, Communicate and Get Online! Keep staff and customers informed and up-to-date on your operations. It’s important for businesses to keep in touch with customers to help maintain them through this incident. Let them know what steps you are taking to ensure a safe and clean establishment what your open hours are and how to communicate with you use email auto-reply with answers to frequently asked questions to help your customers get information quickly offer alternative methods of good deliveries .

    Use online platforms, like Facebook and your website, to inform customers of your operating status and how to purchase your products or services. Communicate this information through direct email to customers and through social media such as Twitter. Make sure you have a . Postal mail might be a way for your message to get customers’ attention who are being bombarded with emails.

    Nielsen Computer And Mobile Panel

    Government Small Business Loan Program

    Available in the United States.

    This app is managed by one of the worlds leading market research companies, Nielsen. Simply install the app on your devices and get rewarded for using it .

    You can uninstall the app at any time.

    If you are a Canadian resident, check out the Nielsen Homescan app which is also managed by The Nielsen Company.

    This app rewards you for scanning the barcodes on your grocery purchases and you can get up to $180 in Visa Prepaid cards. My wife received $15 every month for scanning once every week.

    This was in addition to other points and rewards.

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    What Does This Program Do

    Who may apply for this program?

    • Rural cooperatives .

    What is an eligible area?What kind of funding is available?How may funds be used?

    • Training and technical assistance, such as project planning, business counseling and training, market research, feasibility studies, professional or/technical reports or producer service improvements.
    • Acquisition or development of land, easements, or rights of way construction, conversion, renovation of buildings plants, machinery, equipment, access for streets and roads parking areas and utilities.
    • Pollution control and abatement.
    • The capitalization of revolving loan funds, including funds that will make loans for start-ups and working capital.
    • Distance adult learning for job training and advancement.
    • Rural transportation improvement.
    • Feasibility studies and business plans.
    • Leadership and entrepreneur training.
    • Community economic development.
    • Feasibility studies and business plans.
    • Leadership and entrepreneur training.
    • Evidence showing job creation at local businesses.
    • Percent of non-federal funding committed to the project.
    • Economic need in the area to be served.
    • Consistency with local economic development priorities.
    • Experience of the grantee with similar efforts.

    How do we get started?What law governs this program?

    • This program was authorized by the Consolidated Farm and Rural Development Act .

    Cons Of Government Homeownership Programs

    • Higher mortgage insurance costs
    • Limited to primary residence
    • Not competitive with multiple offers

    On Aug. 26, 2021, the Supreme court struck down the latest Centers for Disease Control and Prevention eviction moratorium set to expire Oct. 3, 2021. Pending further action by Congress, COVID-related eviction protection on a national level has ended.

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