| A successful business often starts with a single | | | | awarded something around $1,000 - $25,000 in |
| idea. Then, with a little help from outside financial | | | | grants. |
| resource, this idea is later turned to reality. See | | | | The only requirement that the federal |
| the trend here? While we're not saying that | | | | government imposes is that your business project |
| money can make the world go round, it can do a | | | | must be beneficial to the local community or the |
| lot of unusual feats, like turning your ideas into | | | | general public. A search through the Catalog of |
| dollars, for instance. | | | | Federal Domestic Assistance (CFDA) will lead you |
| But then, there lies a problem. How many bright | | | | to two types of business grants: one for rural |
| ideas do you think have people come up with? A | | | | businesses and one for minority business |
| thousand? And out of all that, how many of them | | | | enterprises. |
| had been turned into successful business | | | | For a rural business grant, the purpose is to |
| enterprises? Ten? Twenty? Thats because the | | | | promote sustainable economic development in |
| person who came up with the idea doesnt have | | | | rural communities with exceptional needs. Since |
| the financial means to make his idea work. | | | | the program gives a strong emphasis on helping |
| Now, what if we told you that there is a way for | | | | existing businesses grow, eligible applications for |
| you to finance your dreams? No, we're not talking | | | | the grant money for starting a business are public |
| about loans. We're talking about business grant | | | | entities and nonprofit corporations that may in |
| money. | | | | turn award money to the residents they serve. |
| Unlike a loan, a business grant does not require | | | | Other eligible applicants for the money for starting |
| you to pay back the amount. In fact, thats the | | | | a business include Indian tribes on Federal or State |
| reason why many people refer to it as free | | | | reservations or other Federally recognized tribal |
| money because it is, technically, free, though | | | | groups, and cooperatives with members that are |
| there may be obligations and sanctions imposed. | | | | primarily rural residents and that conduct activities |
| The great thing about business grants is that it is | | | | for the mutual benefit of the members. |
| out there. It exists, though you may have to dig | | | | On the other hand, minority business grants |
| deep to find one that suits you perfectly. And | | | | offered at CFDA is aimed at fostering new |
| when it comes to federally funded grant money, | | | | minority business enterprises and maintaining and |
| you may have to dig a bit deeper than usual. | | | | strengthening existing firms to increase their |
| You see, while many private institutions and | | | | opportunities to participate and receive benefits of |
| nonprofit groups offer business grants to | | | | our economic system. |
| enterprising individuals, the real money (a hefty | | | | Applications eligible for this program for grant |
| chunk of it, in fact) often comes from | | | | money for starting a business are Federal, State |
| government. | | | | or local government entities or quasi |
| Congress allocates about $67 million in business | | | | governmental entities, American Indian Tribes, |
| grant money to be distributed to the 57 federal | | | | colleges, universities, nonprofit organizations, and |
| agencies all over the United States. For a simple | | | | for project organizations. |
| street-paving project proposal, you may get | | | | |