WASHINGTON – The U.S. Small Business Administration’s national network of Small Business Development Centers (SBDCs) plays an essential role in the economic development of their states and local communities through their direct, face-to-face counseling for small businesses, according to a report released today by the SBA. The report, produced by the National Small Business Development Center Advisory Board, focuses on SBDCs’ impact on small business access to SBA’s programs and services, including access to SBA capital, procurement, disaster and international trade programs.
“SBA’s Small Business Development Centers give new and growing small businesses the resources they need throughout the year to grow and create jobs,” said SBA Administrator Karen Mills. “The soundness of our economy depends on stable small businesses across the country and SBDCs are front and center helping entrepreneurs start, grow and expand their companies. These institutions reflect the diversity and individuality of their nearly 900 home towns and play an active and vital role in those.” Read more... (517 words, estimated 2:04 mins reading time)
You have probably heard that there is free money out there to be given away to small business owners to spend however they want. This is not necessarily true—most small business owners obtain financing through loans and their own personal funds.
The difference between a grant and a loan
A grant is essentially “free money” that does not have to be paid back. A loan is “borrowed” money that will need to be repaid, often with interest. The government’s grant program is very limited and described more below. The government’s loan program is through the Small Business Administration (SBA). SBA loans are guaranteed loans made through local lenders.
While grants provide money that does not have to be repaid, they often require the recipient to provide matching funds. For example, you may need to come up with $10,000 before the grantor will give an additional $10,000.
Are there any grants out there for your business?Read more... (453 words, 1 image, estimated 1:49 mins reading time)
Grants all have different requirements for eligibility. However, the majority of grants are given by community foundations to groups of people who are looking for money to support a good cause. Examples may be:
SBA Announces Grants to SBDCs to Support Job Creation Programs
WASHINGTON – The first six of a series of grants to Small Business Development Centers around the country to expand access to programs to help entrepreneurs start or grow their businesses and create jobs were announced today by Deputy Administrator Marie Johns of the U.S. Small Business Administration. These first six grants are part of $50 million in funding included in the Small Business Jobs Act of 2010 signed by the President last September.
A key provision of the Jobs Act provides separate one-time funding to the SBDCs to support job creation and retention within the small business community through in-depth business counseling and advising entrepreneurs and small business owners. SBDCs in Alaska, California (Northeastern SBDC program), Idaho, Iowa, Michigan, and South Carolina are the first to receive funding grants from the Jobs Act to expand training and business advisory services. Read more... (1055 words, estimated 4:13 mins reading time)