Archive for November, 2014

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What sources you can find to fund your small business?

by admin Posted: Tuesday, 11/18/2014

When you are looking to start new business or when you try to develop the one that you already have, you usually face one big problem: from where to get the money to do so? There are a couple of options: finding investors, trying to get government funding or getting partners. It’s not a big surprise that the second option is most desirable and hardest to get due to the big competition that you’ll face along the way. Here are some sources that you can use to get these needed business grants.

  1. Regional growth funds.

They are governed by organizations awarded with cash from the fund for Regional growth. These organizations perform programs that offer loans and grants to small businesses. Every program has different criteria but the common ones are these:

  • be based in the state;
  • want to grow, strengthen or consolidate their business
  • be investing own private capital
  • be unable to find funding for the application elsewhere
  • be compliant for state aid
  1. Local authority support.

Local councils offer awards, grants and schemes set to help the growth and development of small businesses. Check the site of your local council for such options or turn to them directly with letter.

  1. European Union funding.

If you want to outgrow the borders of your country, the funding from the European Union is one good way to do it. Every year about €375bn are distributed for small business grants passing through grant-awarding organizations. There are grants available for every region and country so check the site of the EU Commission to see the possibilities you have in your area.

  1. Specialized grants.

They are awarded by organizations to companies and individuals that match specific criteria or operate in specific industry. For UK such organizations are:

  • The Technology Strategy Board (TSB) that supports the development of products and technologies and offer funding and advice to small businesses that aim in innovations.
  • The Manufacturing Advisory Service (MAS) provides review of manufacturing businesses for free; also MAS offers grants in attempt to help with project or improvement costs.
  • The Prince’s Trust offers grants and mentoring to young entrepreneurs up to 30 years of age.
  1. Tax allowances.

This is one option that many governments offer to ease the costs and to promote creation of small businesses. Ask your local authority for specific allowances that you can use.

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Small business grants in UK

by admin Posted: Tuesday, 11/18/2014

Every country seeks for ways to develop its economics and it seems nowadays that this development is in the hands of the small business. That’s why many governments gladly fund small companies with grants, loans and other ways. One of the countries with long long history in the business area is the United Kingdom. Here is what you need to know for the grants that its government gives:

  1. Positive sides of the business grants.
  • You don’t have to return them or to pay interest on them, in other words they are non-repayable.
  • You have all the control over your business and the decisions connected to it.
  1. Negative sides of the business grants.
  • They are hard to get because there is a great competition.
  • There is a lot of information you need to get and a lot of documents to fill; besides receiving the actual money can take a long time. The process of application and receiving of the business funding grants is very time-consuming.
  • Grants often go to projects that haven’t been started yet.
  • No grant covers your expenses in 100%.
  • Most grants are pointed toward specific fields of the business and sometimes finding one that matches your can be tough.
  1. What authorities offer small business grants in UK?

Except the national Government, you can search for financial support from the Government of the European Union; local authorities, Regional Development Agencies, Chambers of Commerce and many others.

  1. What criteria are important when you apply for government grants?
  • Location – government often sresses on the development of certain geographical areas; is your business in the right place?
  • Business classification – usually there are forms of business that are promoted with grants: partnerships, limited companies, sole traders, etc. What is your company?
  • Industry type – many grants focus on specific sectors and industries; search for the ones that match your industry. Search for information for such grants in specific newspapers, magazines or from people who operate in the same area as you.
  • Grant purpose – depending on the project you can find wide range of financing opportunities. Develop your aim with some ecological or social benefits and your project will get better acceptance.
  • Business size – what matters here are your incomes, how many employees you have and what scale and legal form has your business.
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Pell grants for online students

by admin Posted: Sunday, 11/16/2014

The Pell grants is one of the most popular grants that help students with low incomes to go through their studies. Most people don’t know that it is available not only for campus studies but also for students that have been enrolled in online colleges or online universities.

Basically the process of application goes the same way as the application made by campus students. You need to fill up Free Application for Federal Student Aid (FASFA). To be eligible for Pell grant you need to be American citizen, eligible non-citizen or permanent resident. Your online degree should be your first, if you already have professional or bachelor’s degree, you cannot apply for Pell grant. You have to demonstrate your financial need through the FASFA. You need also to present your GED or high school diploma. You need to present prove that you are pursuing admission or you are already enrolled in legitimately accredited online educational institution. You can’t be in prison or to have unpaid student loan.

It’s important to know if your university or college is accredited because only educational institutions which have been accredited by authorized agency can enroll in financial aid federal program. Check the school you have chosen in the databases of the Council for Higher Education Accreditation (CHEA) and the U.S. Department of Education, there you will find a list of accredited agencies. Check if the one that accredited your school is in it, if not, just quit the idea of studying in it. The best known agency for online education accreditation is the Distance Education and Training Council Accrediting Commission. It has been recognized for 30 years by the Department of Education.

You have two ways to fill your FASFA: online or through mail. As the papers for FASFA are available only on request you need to connect to the Federal Student Aid Center (1-800-4-FED-AID) or to download PDF document from the FASFA website: https://fafsa.ed.gov/. Keep in mind that FASFA documents filling is annual task as long as you are studying. Forgetting to present them will lead to your automatic leaving of the financial aid program.

To complete the FASFA you will need Social security number/ permanent resident card or alien registration card; bank statements; investment records and for the previous year – federal tax return; W-2 forms; parents’ or spouse’s federal tax return; untaxed incomes. FASFA application admissions start from January 1st.

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What grant you can get to build a startup in Australia?

by admin Posted: Sunday, 11/16/2014

To start a business is a tough job. Especially if you have an idea but you don’t have the money to make it reality. What most people do is to get a loan, but in the long run they realize that loans are just temporary solution of the problem. One of the things that you can actually do is to find funding from private investors or from government program. Here is one way to fun your startup if you are developing it in Australia.

Australian government offers starters a couple of options for funding. Depending on the area in which you want to make business there are different options for government grants: Entrepreneurs’ Infrastructure Programme, grants for defence industry, Growth Fund, Import and Export Assistance, Industry Skill Fund, Regional Innovation Funds, Innovation and R&D and many others.

These grants have different range according to the program itself. For example, Entrepreneurs’ Infrastructure Programme is a program that offers support through network of advisers in business management, research connections and accelerating commercialization. This program focuses rather on problems solving through advices and creating of connections than financial assistance.

Other options for business grants are:

  • Enterprise connect

It offers business reviews for entrepreneurs for free. The Tailored Advisory Service grants allow you to engage consultants to help you with business improvements.

  • Grow your business

It’s a program of the Victorian Government that offers to cover up to 75% of the costs you will make on a group project.

  • Venture Capital Limited Partnerships

It helps you to find foreigner managers who want to invest in new companies with at least $10 million venture capital and assets of up to $250 million. All you need to do is to register in the site of the program. The only condition is your primer activity to be different from property development or finance.

  • Export Market Development Grants

These are business funding grants that promote and allow Australian businesses to access overseas markets.

  • iLab

Scheme funded by the government of Queensland especially for tech startups.

Except the government, there are also a lot of private investors that look for promising starting projects to invest their money. So if you can’t find a government program that fits you, maybe it’s time to search for private investors? Just search and you will find the right grant.

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