You down with O.P.M.? (Other People’s Money)

Okay, so that was my lame attempt at creating a catchy title that might get people to focus their eyes as they skim this post in their feed reader and actually read it, okay? It was the best I could do on as little sleep as I got last night-I couldn’t help it, I was in the grip of Law & Order reruns (I am SO addicted to L&O), and then I was flipping and “Rent” was on one of the movie channels, and I Could. Not. Stop. Watching. I had to force myself to turn it off right after “La Vie Boheme”, which was at THREE AM.

So anyway, let’s talk about money. Specificially, money the Federal Government gives away by the billions every year in the form of US Business Grants. Why? Because they are required to by law. All that money you pay every year in income tax to the government? They are turning around and giving some of it away to other people! Why not apply to get some of it back for yourself? A small business grant is a cash gift that can be used to start a business, buy an existing business, or improve your own existing business, and it does not have to be paid back.

Small Business Grants are given out regardless of past credit, and don’t require credit checks, collateral, security deposits, or co-signers. There are, however, a few rules that must be met:

1. The business is organized for profit, with a place of business located in the
United States, which operates primarily within the United States or
which makes a significant contribution to the United States economy
through payment of taxes or use of American products, materials or
labor;

2. Is in the legal form of an individual proprietorship, partnership,
limited liability company, corporation, joint venture, association,
trust or cooperative, except that where the form is a joint venture,
there can be no more than 49 percent participation by foreign business
entities in the joint venture;

3. Is at least 51 percent owned and controlled by one or more
individuals who are citizens of, or permanent resident aliens in, the
United States, except in the case of a joint venture, where each entity
to the venture must be 51 percent owned and controlled by one or more
individuals who are citizens of, or permanent resident aliens in, the
United States; and

4. Has, including its affiliates, not more than 500 employees. The term
“affiliates” is defined in greater detail in 13 CFR 121.3-2(a) and the
term “number of employees” is defined in 13 CFR 121.3-2(t).
(source: grants DOT nih DOT gov)

Okay, so that’s a lot of business-y jargon, but basically it means, if you live here, work here, make some sort of contribution to the economy, and don’t have more than 500 employees, and you need money for rent, salaries, equipment financing, even to pay yourself a salary as you get a new business started, you can apply for US Small Business Grants. There are even special grants available for women to start home-based businesses. When you apply, you’ll have to give very specific information about the business and what the money will be used for, so it’s imperative to fill out the grant application very carefully. There is no guarantee that you will get your grant application approved, but it can’t hurt to try. This could be your chance to improve your business for free!