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Frequently Asked Questions

Q: Who qualifies?
A: There is no business or individual, which is excluded from applying for assistance. There may be restrictions applying to individual programs but such agencies are in the minority. In any case, here you will be provided with the most accurate and up to date information you need to successfully receive a grant.

Q: What sort of grants are available?
A: There are many different ways in which businesses and individuals receives government and foundation support.

Q: Are government grants only for large corporations?
A: No, the government wants you to take advantage of their programs so each agency will be eligible for additional funding the following year. They Must Give This Money Away -- It's their sole purpose.

Q: Are grant applications competitive?
A: In the sense that there is a limited amount of money in the kitty, each application competes with others. Some programs are more obviously competitive in that the awarding body will state in advance "the 50 best proposals received" in a period will be successful. However, these types of programs are not the norm. There are various programs in existence however, where the nature of the program is to find and reward the best applications, perhaps on a regional and a national basis. Naturally with these types of programs the number of winners is very limited.

Q: Is the money taxable?
A: Usually where the grant is in the form of cash it is treated as normal revenue for an existing business and is therefore subject to tax in the same way as ordinary revenue, after deduction of expenses and allowances. Start Ups tax status are dependent on the organizations tax declaration. Programs for business which provide assistance in kind (i.e. where no direct cash award is involved) will not normally attract any additional taxation.

Q: How do I get paid?
A: The agency will send you an acceptance letter with your award amount.

Q: Will bad credit interfere with obtaining funding?
A: NO, grants are not based on your credit. grants are not a loan, even the unemployed receive assistance.

Q: What is the average amount awarded?
A: $500.00 to $100,000.00 is within the range for small ventures, but it depends on what the funding will be used for. Businesses that benefit the communities have been awarded from $100,000 to millions in federal and state money.

Q:  What is an Angel Investor?
A: An angel investor is an individual or, individuals who provide start-up capital for businesses. Finding the right angel investor could help you get your start-up off the ground. Angel-investor networks are a good place to start looking for funding. These national and local groups of angels meet -- formally or informally -- to discuss deals and learn about the best new business opportunities. Each network works in a slightly different way: Some may charge fees for making presentations and some may charge a fee to apply for consideration. Some even require an official introduction to the group by an angel member while others solicit ideas via the group's Web site. Finding the right angel investor could help you get your start-up off the ground. Angel-investor networks are a good place to start looking for funding. These national and local groups of angels meet -- formally or informally -- to discuss deals and learn about the best new business opportunities. Each network works in a slightly different way: Some may charge fees for making presentations and some may charge a fee to apply for consideration. Some even require an official introduction to the group by an angel member while others solicit ideas via the group's Web site.

Q: What are Government backed loans?
A: They are loans that are offered with low-interest or no-interest from government agencies typically given out to enterprises or businesses. There are major agencies within the federal government that help small businesses expand, to start and prosper. Government backed loans are usually a more viable option than regular bank loans, particularly for businesses. Our Funding Specialist will inform you of the many resources to locate government-backed loans as well as low-interest and no-interest small business loans.

Q What is R&D Funding?
A:
R&D stands for "Research and Development." Innovation to an industry or in the way a business is run can be classified as R&D. Many companies do R&D without realizing it. There are many awards and innovation incentives for businesses to engage in research and development, particularly in areas that have the potential for commercialization.

Q: I presently own a business. What type of funding is available for me?
A: Other than the resources mentioned, there are also venture capitalists, micro-loans, corporate and private foundation grants, as well as bank loans and credit cards. Our Funding Specialist will inform you of many resources that can be helpful to you.

 

 

 

 

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