 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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