Grant Information for Small Business Owners
Small Business owners should be aware that grant funding is highly limited, despite what some books and websites claim. There are a few state grants in New Jersey but they are primarily designed to increase available jobs (focus on high-tech industries, attracting a significant number of jobs to the state, and for those that employ low-income persons) or keep businesses from moving out of this state. At the Federal level, many grants are available if you want to do research for the federal government, but funds to start-up, expand, or relocate a small business do not exist. Seekers are cautioned about paying for There are, however, a number of loan programs that can provide start-up and expansion funds to owners of small businesses. Some of these loan programs are even backed by the federal government. Small business owners are encouraged to check the information at these websites: www.sba.gov – US Small Business Administration (SBA does not loan money directly but instead works in conjunction with commercial lenders to guaranty business loans.) www.njsbdc.com – NJ Small Business Development Centers (follow the link for Regional Offices located on the Contact menu) http://www.state.nj.us/labor/oscc/SelfEmpAssist.html -- Self-Employment Assistance and Entrepreneurial Training Program from the NJ Department of Labor and Workforce Development assists qualified unemployed individuals who are seriously interested in starting a business in New Jersey and becoming self-employed. www.ucedc.com – The Union County Economic Development Corporation makes microloans and direct loans and serves 11 counties (Bergen, Essex, Hudson, Hunterdon, Monmouth, Morris, Ocean, Passaic, Somerset, Union, and Warren). www.state.nj.us/nj/business/ - State of New Jersey business information, click on Incentives and Resources for grant information. www.score.org/ - Service Corps of Retired Executives assists small business owners with free counseling on starting a business, writing a business plan, and cash flow management. SCORE Chapter 14 covers the Central New Jersey region, www.scorechapter14.org www.njchamber.com – N.J. State Chamber of Commerce www.somersetbusinesspartnership.com – The Somerset County Business Partnership is a consortium of public, private, and community leaders who work in partnership to promote economic prosperity for all of the County’s residents, employers, and employees.