Saturday, December 1, 2007

So, There Are No Government Grants To Help Someone Start A Business Huh?

I don't know who told you that butthey are wrong!

There is currently a grant program that is open for individuals to apply. (It is also open for small businesses to apply for too!) In fact here is an excerpt listing who and what is eligible to apply for this particular grant program:

  • City or township governments

  • County governments

  • Individuals!

  • Native American tribal governments (Federally recognized)

  • Native American tribal organizations (other than Federally recognized tribal governments)

  • Nonprofits having a 501(c)(3) status with the IRS, other than institutions of higher education

  • Nonprofits that do not have a 501(c)(3) status with the IRS, other than institutions of higher education

  • Private institutions of higher education

  • Public and State controlled institutions of higher education

  • Small businesses

  • For profit Organizations other than small businesses

  • Special district governments

  • State governments

What kind of grant program is this? Well it gets a little complicated but to make it short this is a grant program for those who are eligible to apply to open a center to help minority owned businesses. One of the requirements is that only certain locations are applicable but you are allowed to take on clients within a "reasonable" distance from the required locations. In fact this particular grant allows for you to have clients who may be a "reasonalbe" distance away but you can still provide them with services via email, fax and other forms of communication.

Another stipulation is that your clients have to be a minority firm with at least $500,000 or more in annual revenues and/or “rapid-growth potential” minority businesses.

Only 3 of these grants will be awarded for the coming year.

The maximum grant award is a little over $300,000!

The deadline to apply for this grant program is January 2008

I want to stress here that you take another look at the list of those that are eligible to apply for this grant. Note specifically that it says that individuals are eligible to apply for this grant!

So the next time someone tells you that the government does not have any grant programs for individuals, please show them this blog entry!

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