Grants Training ND SBDC a Partnership Program Small Business Development Centers operate in partnership with the U.S. Small Business Administration under a Cooperative Agreement. The support given by the U.S. Small Business Administration through such funding does not constitute an express or implied endorsement of the co-sponsor(s) or participants’ opinions, products, or services. Programs are nondiscriminatory, and reasonable accommodations will be made, upon request, for persons with disabilities. Where is all the Free Money? You see their ads on TV. They send you junk mail. You know who we’re talking about. The publishers of directories that claim to contain the secret to finding FREE money, no strings attached, for everything from paying off medical bills and personal debt to starting a business. WOW! Piles of money sitting someplace just waiting for you to claim your share! Test your knowledge – True or False: There are no grants available to start a business. FALSE! There are a few grant programs available to small businesses. However, you will find they are few and far between and are restricted for very specialized uses. To determine whether you are eligible for any of these grant programs and to get a grant, you will need to learn: Who is offering grants? What are the Guidelines? How do I prepare an application? A Friendly Warning So there ARE grants available to individuals and small businesses. Should you consider buying one of these FREE MONEY directories? You can buy one, but you will find the claims are exaggerated, you will find a lot of information that is not applicable to your situation and will lead you to dead ends. But, perhaps the most infuriating discovery you will make is that all of the information you just paid for is available for free once you know where to look. Save your money, do the research yourself, and use this guide to help you find the answers you are looking for. Foundation Grants What is a Foundation? A foundation is an entity that is established as a nonprofit corporation or a charitable trust with a principal purpose of making grants to unrelated organizations, institutions, & individuals for scientific, educational, cultural, religious, or other charitable purposes. 1 1Source: The Foundation Center, accessed online on December 23, 2003, at http://fdncenter.org/learn/faqs/html/foundfun.html ) Where can I find Foundation Grants? If you would like to get familiar with Foundations and find information on available foundation grants, an excellent source is The Foundation Center. The Foundation Center is an independent national service organization that provides information on foundations to cooperating libraries throughout the country. (They also provide information on-line, but a costly membership is needed – if you’re not a non-profit organization, the membership not worth the cost.) In North Dakota, there are three libraries that are part of the Foundation Center's Cooperating Collections Network. You can use the Foundation Center materials at no cost at these libraries. However, most foundations give grants only to nonprofit organizations, so this may prove to be a time-consuming process that might not prove useful to you if you are seeking funds to start a business. Libraries with Grant Information Local Libraries With Foundation Center Materials Fargo Public Library 102 N. 3rd St. Fargo, ND 58102 (701) 241-1491 or website: Fargo Library Bismarck Public Library 515 N. 5th St. Bismarck, ND 58501 (701) 222-6410 or website: Bismarck Library Minot Public Library 1516 2nd Ave. SW. Minot, ND 58701 (701) 852-1045 or website: Minot Library Agriculture Grants Ag Product Utilization Commission (APUC) APUC Grants APUC offers four grants to the public: Farm Diversification Marketing & Utilization Ag Product Prototype Ag Research Application For more info visit the Ag Product Utilization website. Mid-America International Agri Trade Council (MIATCO) MIATCO provides US food producers 50% cost reimbursement for a wide variety of international marketing and promotional activities which include advertising, in-store promotions, product demonstrations, travel & exhibit frees at overseas trade shows, public relations, promotional publications, and freight cost for samples. This is a USDA-funded program available to small businesses and agricultural producer cooperatives and is limited to retail food products and wood products. For more information call (312) 944-3030 or visit the MIATCO website. Technology Grants Rural Tech Ventures Provides Technical Assistance for technology ventures located in rural North Dakota communities. Provides 75% funding for feasibility studies, market analysis, business planning, and similar services. Eligibility: Fewer than 50 employees, less than $1MM in sales annually & in a town less than 50,000 people. For more info visit The Center for Innovation’s Website North Dakota SBIR / STTR NDSS is a resource center for small businesses seeking federal assistance in developing products and services based on advanced technology. NDSS primary means for assisting businesses is through a Federal and State Technology (FAST) Partnership Program grant from the United States Small Business Administration. NDSS Services (cont.) FAST Process 1. Pre-Proposal Review 2. Proposal Preparation 3. Phase 0 Grants - $2,500 4. Phase I Grant Writing 5. Grant Writing Workshops Visit the NDSS Website for more information on SBIR/STTR Daycare Grants Child Care Resource & Referral Childcare Resource & Referral is an organization that provides assistance in becoming a licensed care giver, assistance in filling vacancies, and information about grants and scholarship programs. Grants for up to $600 are available for family daycares. Visit their website at: Child Care Resource & Referral Tribal Grants Tribal Grants Three Tribes If you are an enrolled member of the Three Affiliated Tribes you are eligible for business finance through Business Equity Loan Fund. The Fund Provides equity grants from 34% to 50% of the business financing needs. Requires a business plan or entrepreneurial training experience Trickle Up Trickle Up program provides micro grants ($500-$700) to small business entrepreneurs assisting people out of poverty. More information can be received from contacting Jonathan Anderson at the Tribal Business Information Center 701-854-3734 / firstname.lastname@example.org or Christine Martin-Goldsmith / email@example.com Partial Grants / Match Programs Red River Valley Community Action Saving Our Cents Program This program is one of many Individual Development Accounts (IDA) programs across the country that matches the amount you save with money from donations. This program is a special savings program for people with limited income. Who can join? If you are 18 years of age or older, have a present and past employment history, and meet the income guidelines shown, you may qualify for the SOC program What are the income guidelines? No Children $10,380 With 1 child $27,413 2+ Children $31,152 Saving Our Cents (cont) How does the account work? The participant will save a minimum of $25 per month in a specially authorized account at Bremer Bank. The amount saved each month is matched 2:1. That means for every $1 you save you will be given $2 for a total of $3. The money earned can be used start your own business once the amount reaches a certain limit. What if I am receiving assistance? The amount of money saved in SOC will not be counted in determining your eligibility for public assistance. How do I open an account? Visit Red River Valley Community Action office and fill out an application to determine your eligibility or visit the Red River Valley Community Action website. Bank of North Dakota PACE Loan The PACE program provides a grant in the form of reduced interest rate (5% interest buy down) on your business loan. To qualify your business must be primary sector, manufacturing / production and have some job creation involved with the project. Visit the Bank of North Dakota’s website for more information. Didn’t find what you were looking for? “Need Money, Look Here” is an 1. Personal savings article written by David Newton that appeared in Entrepreneur Magazine 2. Friends and family in June of 2000, describing the various sources of funding available 3. Credit cards to entrepreneurs and the level of 4. Second mortgages ease or difficulty in obtaining each. The article discusses the potential 5. Other businesses funding sources shown at the right in 6. Trade credit ascending order from "easiest access" to "most difficult to secure". 7. Commercial bank loans You will see that grants do not appear anywhere on this list. This is 8. Angel investors the reality of how people find the 9. Venture capital money to start a business. Loan Programs Small Business Administration SBA Guarantees 7(a) Loans LowDoc Loans Community Express CAPLines Bank of North Dakota BND Loans Beginning Entrepreneur Loan PACE Loan Participation Loan Business Development Loan SBA Main Street Program Dakota Certified Development Co. DCDC Loans 504 Loan IRP Microloan Want to Learn More? To learn more about loans listed in this training take our Where’s the Cash? online training course on our website. To learn more about the grants listed in this presentation call the Small Business Development Center in your area.
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