Small business funding is very limited. Because the government uses taxpayer dollars to provide capital to businesses, these funds are typically set aside for nonprofit organizations, academic institutions, medical facilities and research and technology development organizations. Corporations are usually trying to fund mid-sized to large corporations that are more profitable. With all of this in mind, where do small businesses fit in, as far as capital is concerned?
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There are just a few programs at the corporate, community development, state and local levels in different regions of the country, that provide grant and loan funding for the small business owner. Do keep in mind, however, that the funds of these local agencies are very scarce due to the downturn in the U.S. economy. As a result agencies are even more stringent in their funding guidelines, and the application process is more competitive, considering the limited resources they now have.
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Grants from colleges are usually in the $5,000 range, due to their limited funding. Since these institutions are academic in nature, they also provide a large degree of training for small business owners on various topics. Courses can include anything from business plan development, financial statement preparation, choosing a board of directors, marketing, government contracting and more. Some even provide annual conferences to help you network and grow your business. They also allow small businesses to become vendors at their annual events. You can search with local colleges in your area to find out if they house one of these centers. Small businesses can look for cheapest state for LLCs to get started.
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Micro grants from community organizations are usually $10,000, and typically have a matching requirement. This means that if you are awarded $10,000, then you must come up with an additional $10,000 to operate your business. You must have banking documentation to prove the availability of these funds as well. Your proposal must outline how you plan to spend the money. It cannot be spent to pay off debts. You must spend the funds on economic development activity, such as, web site development, marketing, new ad campaigns, financial management system upgrade, etc. You can search for these organizations through your local municipal offices, political organizations and chambers of commerce. However, some people establish an anonymous LLC for their own reasons.
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Community Development banks typically give up to $100,000 to small businesses in loan funding, if they qualify. Since most community banks receive funding support for small businesses from the federal government, they tend to have a larger budget. Applying for this kind of funding, however, is not the simplest task. A loan package has to be prepared and submitted to apply for these funds. The package includes a business plan, 5-Year Business Financial Forecast, Company Balance Sheet, 1 – Year Profit and Loss Statement, personal financial statements, credit history, loan application and cover letter. This documentation could easily be 20 – 50 pages or more. You can search for these organizations through the Small Business Administration (www.sba.gov).
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Do you have an idea that you think will be the next great marketing sensation? Do you have a burning passion that you want to turn into a means to support yourself? Are you tired of the 9 to 5 grind; the feeling that you have no control over your professional destiny? Do you have the spirit of an entrepreneur? Then starting your own small business may be the solution.
But where do you get started? How do you go from great idea, passion and the desire to gain control (which are all mere thoughts) to an actual touch it, see it, workable small business success? How do you go from “a great idea” coupled with “a burning desire” to actually putting “money in the bank?”
What if you are already rolling around, getting dirty in the Garden of Entrepreneur feeling drained and exhausted, ready to throw in the towel? Why did the grass seem so much greener when you were the one standing on the other side of the fence; a casual observer watching with envy as others tilled the soil and reaped the rewards from their small business success money trees that seemed to grow so effortlessly underneath their care? You work hard. You are smart. You have a great idea. You had the chutzpah to take the risk. So why do you have a big pile of dirt instead of a lush small business success money tree?
Believe it or not, the answer is simple. But best of all, it’s 100% free. Check out SCORE. SCORE is a nonprofit organization dedicated to entrepreneur mentorship. They give small business people the help they need to start, grow and build small business success all across the nation. They are partners with the Small Business Administration and staffed by volunteers who are working or retired business owners, executives and corporate leaders who willingly share the wealth of knowledge and expertise they’ve gained over their careers.
SCORE offers assistance via one-on-one confidential counseling as well as online, through webinars and e-newsletters. SCORE offers numerous workshops all over the country regarding every a variety of topics for any entrepreneur who needs help with their specific plan for small business success. SCORE offers assistance in the areas of: business planning, making your small business competitive, legal considerations, growing and marketing your small business just to name a few. They even offer workshops in Spanish.
Have you ever heard of Vermont Teddy Bear, Jelly Belly Candy Company, or Vera Bradley Designs? They are all small business ventures who were mentored by SCORE. According to SCORE statistics, they have mentored 8.5 million entrepreneurs and have received numerous awards recognizing their organizational success. Their website shares hundreds of small business success stories. If they did it, then you can do it to. Why put your dreams off any longer? Go to the SCORE website and with a few simple key strokes you will be on your way to making your small business success dreams a reality.
January 6, 2012 will mark New Mexico’s 100-year anniversary as the 47th state to join the union. New Mexicans will be celebrating their centennial with festivals (fiestas), exhibits, parades, lectures, and an official ball. Two of the most exciting events-Centennial Salsa Fest Kickoff and the International Balloon Fiesta-will be taking place this summer and fall 2011.
Las Cruces, New Mexico boasts the honor of kicking off the ceremonies of this 18 month celebration with a Salsa Fest. Located in the southern-most region of the state, Las Cruces exemplifies New Mexican culture at its finest. Sample the staple New Mexican food, green chile, from Hatch (located just outside of Las Cruces) and enjoy New Mexican traditions this summer.
The Salsa Fest takes place on August 28th, 2011 at the Las Cruces downtown mall. Admission to the festival is free! Everyone is invited to enjoy music, dancing, and food. Of course, the highlight of the festival is the salsa-making competition. Contestants will be making their salsas from scratch on-site and will be judged by the public (tasters). The New Mexico Centennial hot air balloon will be making an appearance at the festival as well. A quintessentially New Mexican celebration to honor the past and be remembered in the future-this is a perfect summer vacation destination.
If your travel plans are for the fall, the International Balloon Fiesta in Albuquerque, New Mexico is not to be missed. From October 1-9, Albuquerque will be host to hundreds of hot air balloons. Every year, hundreds of thousands of people attend this awe-inspiring attraction and this fall 2011 is expected to be the best fiesta yet. While the days are ideal for gazing at the color-sprinkled New Mexican sky, the mornings and evenings offer fiesta-goers the opportunity to see the balloons’ fiery “glow”.
Admission to the Albuquerque Balloon Fiesta costs about $6 for adults and is free for kids under the age of 12. You can actually walk among the balloons and pilots at the fairgrounds, which offers amazing photo opportunities and memories. If you are adventurous, balloon rides can be purchased. Of course, if you prefer to remain on the ground, there is a balloon discovery center that offers a wealth of information as well.
New Mexico is the undiscovered vacation gem of 2011. With celebrations for its centennial, perfect blue skies, and unique culture, travel to this state is guaranteed to supply you with great photos and memories to last a lifetime.