Minority Business Loan Programs

Minority Business Loan Programs

If you are a woman or an ethnic minority, you may be entitled to funds earmarked for minority business development. Many businesses and government organizations allocate funds to lend to minority business owners.

The Minority Business Development Agency (MBDA) is the only federal agency created specifically to foster the establishment and growth of minority-owned businesses. MBDA provides funding for a network of Minority Business Development Centers (MBDCs), Native American Business Development Centers (NABDCs), and Business Resource Centers (BRCs) located throughout the country. The centers provide minority entrepreneurs with personalized assistance in writing business plans, marketing, management and technical assistance, and financial planning to secure adequate financing for business ventures.

If you need additional help putting together your loan application package, you can contact your local small business development corporation. These agencies often make loans to applicants who have been denied for regular bank loans. Learn more about What Lenders Look for Before Granting a Small Business Loan.

While the SBA does not offer grants to start or expand small businesses, it does guarantee loans of up to $250,000. Once you've been approved for an SBA-guaranteed loan, the next step is to find a lender that is approved by the SBA. Read about SBA Loan Key Requirements.

Almost any bank is a potential lender, although eligibility requirements vary among lending institutions. Of the banks SBA works with, Bank of America has been ranked as a top lender to minority groups.

Wells Fargo is another minority- and woman-friendly bank, having pledged to lend a billion dollars to African-American, Latino, and women-owned business. To qualify, you must be a profitable business, have been in business for at least two years, have good personal and business credit records, and not have declared bankruptcy in the past 10 years. Lines of credit can go from $5,000 to as much as $100,000.

Another option for business loans to minorities are small business investment companies (SBICs). These are privately owned and managed investment firms that offer venture capital and startup financing to small businesses. SBICs are licensed and regulated by the SBA. For more information about SBICs, visit the SBA's SBIC Web site.

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Source - http://www.allbusiness.com/business-finance/business-loans-government/3523-1.html

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Get Government Grants For Your Business

Get Government Grants For Your Business

Is your small business running low on cash? Are you digging deeper and deeper into your bank account for money you know you won’t find? Stop digging and start looking where you’ll actually find some money: the government.

Begin by focusing on the nation's largest provider of financial assistance for small businesses: the United Stated federal government. There are billions of dollars set aside in grants for small businesses, and there will be more than 1 million people to receive them. Why not you?

The idea of spending hours hunched over documents and sifting through grants sounds tedious, yes. But don’t be so easily discouraged; living in the 21st century has its perks. Today’s small business owners have the advantage of technology’s shortcuts.

The CFDA

Begin your search by referring to the Catalog of Federal Domestic Assistance. The CFDA is a list of the current year’s thousands of grants from all federal government agencies. Remember, the grants found in the CFDA are not just for small businesses; there is financial assistance for everything from postsecondary education to nuclear safety training.

Start with the functional index to avoid hours of aimless wandering. There is a section specifically for small businesses. There is also a subject index where you can look up even more specific grants such as for manufacturing. Mark anything that might be relevant to your business and then look up the information about it, such as the eligibility requirements, application process, the amount of money, and the time length of the grant. In the profiles of each grant you will find a Related Programs box that indicates other grants in the CFDA that are similar to the one you are looking at. For example, a manufacturing grant may lead you to an economic development grant, a small business expansion grant, or an energy saving grant.

Grants.gov

Another helpful tool for exploring government resources is Grants.gov. This Web site helps grant seekers by allowing them to set up an account where they can search, apply, and track their grant applications. Grant.gov even sends alert e-mail with any updates on new or expired grants. The search tool on this Web site is especially helpful. You can search by keyword, category, agency, close date, and CFDA number. A similar search tool at Business.gov looks for loans and other alternative financing opportunities as well as grants.

State-Level Grants

Your small business can also find financial assistance from your state government. For example, Pennsylvania just opened a small business energy efficiency grant, which provides a 25 percent match, up to $25,000, for equipment or programs that notably improve a company’s energy efficiency. Louisiana offers grants of up to $30,000 for established small businesses that make use of imported materials.

It is likely your state has information about grants online. Tennessee, for example, has an entire Web site created by a senator that is devoted to helping citizens access services offered by the government. Specifically this Web site has a resource page with a wealth of links devoted to helping citizens search and apply for state and federal government grants. To find your state’s grant resources, search the Internet with keywords that include your state’s name and “grants for small businesses:.

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Federal Education Grant Providing Merit Pay

Federal Education Grant Providing Merit Pay

Maricopa County is embracing a $51.8 million federal grant to launch a pilot program compensating teachers and principals for student performance.

The Teacher Incentive Fund grant comes as the debate continues about the value of merit pay to increase teacher performance.

The U.S. Department of Education last week awarded the grant to the Maricopa County Education Service Agency to create and implement a performance pay program for teachers and principals.

The money will go to six districts over five years: Phoenix Union; Tolleson, Alhambra and Isaac Elementary; and Gila Bend and Nadaburg Unified.

The program, dubbed Rewarding Excellence in Instruction and Leadership, could transform how schools recruit, retain and compensate strong educators, particularly in high-need areas. The end result would be growth in student achievement.

But a three-year study found that offering bonuses as large as $15,000 failed to raise students' test scores. Vanderbilt University's National Center on Performance Incentives released its findings as the Obama administration is promoting merit pay to improve education.

Maricopa County Superintendent of Schools Don Covey echoed the U.S. Education Department's position on the study, conducted in Nashville.

"Basically, it was very narrow in scope," he said.

"It was up to the individual teacher to raise student performance."

Covey said the county's program will evaluate teacher and student performance throughout the year. It will give teachers professional development and training in the areas in which their instruction needs help.

Teachers and principals will receive merit pay once or twice a year, when student achievement has increased. Teachers can expect to receive 4 percent to 10 percent of their base salary if they meet the performance standards, Covey said.

The program also will offer incentive stipends for "hard-to-staff positions" in science, math and technology, he added. And principals will receive contract addendums of $3,000 to $7,500 for school success.

The grant's focus is aligned with new state legislation.

By July 2012, Arizona law requires all schools to base up to 50 percent of teachers' performance reviews on student progress. The new approach is being driven by a national reform movement prompted by way the federal government awards education grants.

Bill Christensen, Tolleson Elementary School District superintendent, believes merit pay will increase school performance through accountability.

"It will help students, obviously, but it will also help teachers and principals evolve their programs," he said. "That takes money and training and resources. We're hoping to create a model framework for a lot more districts."

For Christensen, defining student achievement "is the most difficult process."

According to Covey, the program will use AIMS scores and national reference tests and assessments to evaluate student growth. Additional testing would help teachers gauge their effectiveness in the classroom.

"Progress assessments (help) . . . the teacher and student know where they stand," Covey said.

The first year of the grant will focus on developing evaluation techniques and standards for educators and performance standards for students.

The second year will focus on implementing the standards. Covey predicted an advisory council will decide on a few options, implement them at a few districts, and choose the best approach for the third through fifth years.

The program will be transparent to the public by establishing a website, publishing monthly updates and creating focus groups to assess its effectiveness in the first three years, Covey said.

The grant, partially funded through the American Recovery and Reinvestment Act, awarded $1.2 billion in federal funds to 62 applicants from 27 states.

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Source-http://www.azcentral.com/news/election/azelections/articles/2010/09/28/20100928federal-education-grant-teachers-merit-pay.html

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Federal Grants for Business Technology

Federal Grants for Business Technology

According to the Small Business Administration, which provides information and links for businesses about government programs and grants, the federal government does not provide grants for starting or expanding a business. Instead, It does provide assistance in getting low-interest loans and venture capital financing. For small businesses working with technology, however,there is a federal program to provide grants for the purposes of research and development. The federal government's Small Business Innovation Research program awards grants to qualified small businesses engaged in innovative technology development. This program allows small business to meet federal research and development needs, but is also designed to allow for private sector commercialization. Grants are awarded through a number of different federal agencies.

Department of Agriculture

The Department of Agriculture awards grants to firms developing technology and innovation in the fields of agricultural manufacturing and alternative, renewable energy.

Department of Defense

The Department of Defense awards grants to small technology companies working in early stage research and development.

Department of Education

The Department of Education funds research and development of projects that offer a new and sound approach to educational or assistive technology, science, or engineering.

Department of Energy

The Department of Energy provides grants for research and innovation in energy sustainability technology.

Department of Transportation

The Department of Transportation awards business grants to firms working on transportation related technology and innovation.

Environmental Protection Agency

The Environmental Protection Agency provides a broad range of grants that relate to green technology, medical science, and environmental improvement.

National Aeronautics and Space Administration

The National Aeronautics and Space Administration awards grants to businesses working on projects that have applications for aeronautic and space technology.

National Science Foundation

The National Science Foundation awards grants to business working in engineering fields.

National Institute of Standards and Technology

The National Institute of Standards and Technology awards grants to businesses working on projects that develop and promote measurement, standards and technology in multiple disciplines.

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Federal grant money for Social development

Federal grant money for Social development

It is the role and responsibility of the government to run the development programs of the country which can enhance the life standards of the people. Government through several plans and programs helps the state government and people with sufficient monetary benefits to live a standard life. One of the important programs among them is federal grant money . These are free grant money provided by the federal government to state government to complete different public projects like construction of roads, bridges, hospitals, schools etc. Big amounts of money are being spent by the government in term of free grant money for different development programs to assure better living standard for the people.

State government can apply free grant money to the federal government for public projects which are intended to increase the life standards and to serve the public. The importance of cost of the project will be reviewed by the considered departments and the amount of grants will be decided in the annual budget. It is in the annual budget of the government, grant money is declared and the same is informed to the public as ‘grant announced’. Grants are totally the free money and there is no need to repay the same to the government. Countless big public projects are competing with the help of free grant money from the government.

Apart from state government, social leaders, political leaders, charitable organizations, non profit organizations, orphanages, old age homes and related organizations can request for federal grant money. All the projects which are meant to serve the public can get free grant money . Charitable organizations and orphanages play an important role in providing food and shelter to the poor people and orphans. They are sharing the duty of providing food and shelter for everyone with the government. Hence government provides huge amounts are free grant money to motivate the working of these types of organizations.

Free grant money from federal government comes to the hands of people belonging to poor and backward classes in the form of education grants, housing grants, marriage grants and more. These all are provided with the intention of supporting the poor people to live a standard life. Higher education is made possible to the students of poor families with the helps of these free grant money. Education grants can be used to pay off the tuitions fees, purchasing study materials, paying hostel fees and more. Higher education helps the students or poor families to reach the heights and to enter some prominent positions. This helps them a lot in changing their standards of life.

Parents of backwards and poor families strive hard to conduct the marriage of their daughters. It is the dream of every parent to conduct the marriage of their daughter in a good way. Government helps these parents with marriage grant money to conduct the marriage without more tensions and worries. In this way government helps the poor and backwards people in all aspects with free grant money. Free grant money are also provided to the pay off considerable amounts of debts of poor people. Young generations’ professionals can get higher amounts as federal grant money for the business intended to start in rural areas. Through this program government helps lot assuring economic development of rural areas.

Starting business in rural areas provide several opportunities for the person residing in rural areas. They get a fixed income which can increase their standards of living. Apart from this, economic development of the rural areas can be easily done with starting of companies and industries in rural areas. At present it is very easy to know about the free grant money provided by the federal government. Details of federal grant money announced are provided in the government websites. It is your right to get the free grant money. So, make use of the free grant money provided by the government to enhance the standards of living.

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Source - http://federalgrantmoney.net/federal-grant-money-free-grant-money-for-development/

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All About Federal Government Grants

All About Federal Government Grants

Contrary to what books and TV ads say, the U.S. government is not giving away "free grant" money. A grant is not a Christmas present. According to American Government & Politics, by Jay M. Shafritz, a grant is, "A form of gift that entails certain obligations on the part of the grantee and expectations on the part of the grantor."

The key word there is obligations. Getting a government grant will get you loads of them and not fulfilling them will grant you a load of legal troubles.

Few Grants for Individuals: Most federal grants are awarded to organizations, institutions, and state and local governments planning major projects that will benefit specific sectors of the population or the community as a whole, for example:

A neighborhood street paving project

A state-wide program to re-train displaced workers

A project to attract new businesses to a depressed downtown area

A regional water conservation program

A state or county-wide flood control project

Organizations that get government grants are subject to strict government oversight and must meet detailed government performance standards during the duration of the project and funding period of the grant.

All project expenditures must be strictly accounted for and detailed audits are conducted by the government at least annually. All granted funds must be spent. Any money not spent goes back to the Treasury. Detailed program goals must be developed, approved and carried out exactly as specified in the grant application. Any project changes must be approved by the government. All project phases must be completed on time. And, of course, the project must be completed with demonstrable success.

Failure on the part of the grant recipient to perform under the requirements of the grant can result in penalties ranging from economic sanctions to prison in cases of improper use or theft of public funds.

By far, most government grants are applied for and awarded to other federal agencies, states, cities, colleges and universities, and research organizations. Few individuals have the money or expertise necessary to prepare adequate applications for federal grants. Most active grant-seekers, in fact, employ full time staffs to do nothing but apply for and administer federal grants.

The plain truth is that with federal funding cutbacks and competition for grants becoming more intense, seeking a federal grant always requires a lot of time and potentially a lot of money up front with no guarantee of success.

Source - http://usgovinfo.about.com/od/moneymatters/a/granttruth.htm

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Types of Federal Grants For school available

Types of Federal Grants For school available
There are a number of school grant programs available in the U.S. Two of the main federal grant programs are PELL grants and Federal Supplemental Educational Opportunity Grant (FSEOG) grants. In addition there are other grant sources including state grants in the students state of residence, scholarships given by private foundations and organizations, and grants given by the educational institutions themselves to which a student is applying.
Pell Grants
Pell grants are one of the most common and widely accessed type of federal school grant, and are funded by the U.S. department of education. This type of grant was originally called the Basic Education Opportunity Grant program and was named after Claiborne Pell, a US senator from Rhode Island. While the amount of Pell grant money issued has been steadily rising (in 2010-11 the maximum grant will be $5,550, up from $4,050 in 2006-7), the fact that tuition are also steadily rising means that it now covers less of the tuition than it used to. It currently covers about 30% of tuition on average while in 1990 it was around 60%.
The eligibility for Pell grant is based on what is called Expected Family Contribution, which is an assessment of how much either the student or more commonly the student’s family can contribute to education costs for the school year being applied for. Again, this information is accessed from the FAFSA – simply filling out the form and stating that you want to be considered for a Pell grant is all that is required to apply for one.
Some of the nice things about Pell grants is that the amount of grant money never runs out – the more students apply the more money is allocated, you can be reimbursed for tuition money you’ve already paid, and you can adjust the amount you are applying for in response to changes in financial status.
Federal Supplemental Educational Opportunity (FSEOG) Grants
FSEOG grants are similar to Pell grants in that they are federal and are based on financial need. These grants are done in tandem with the school a student is applying for. The government puts up 75% of the grant amount awarded and the school provides the remaining 25%. The eligibility is also arrived at from information on the FAFSA form and again, this is the main way to apply for them. A few other stipulations are that you must be a U.S. citizen, you must not already have a Bachelor’s degree, you can’t have had an overpayment of a federal Pell grant, and you can’t be in default on any educational loan.
State Grants
Virtually all states have their own school grant programs. It is very easy to find out about them by consulting your state education department, or just doing an online search for school grants in your state. Often these grants are applied for by filling out separate forms that are particular to the grants, rather than the FAFSA. These can either be gotten from the school in question or accessed from the grant program’s website. They are then submitted prior to the beginning of the school year.
Grants and scholarships given by private foundations or the educational institution
There are all kinds of foundations that give grants to students based on financial need, often along with good academic performance on the part of the student. These grants are known as scholarships. They may have various criteria other than simple financial need and good grades – sometimes they are for, say, underprivileged minority groups, students studying a particular field (for instance electronic technology), and so on. Again, check with your state education department and search online, and you will find many of these scholarship programs.
The final place where scholarships are secured is with the school that a student is attending itself. If you have good grades and clear financial need, you may be eligible for one. Simply check with the school’s financial aid department and they can tell you all about scholarship eligibility.
Primary and secondary school grants
It should be noted that the above discussion has mainly been about grants for post secondary education – i.e. the college or university level. There are also grants/scholarships available for children attending private school at the secondary (high school) or even primary educational levels. These grants are a bit harder to find, but nevertheless many programs exist. Probably the best advice here is to talk to the financial aid administrator of the school to which your child is applying. They can tell you all about both the grant and scholarship opportunities of the school itself, and of various foundations and government programs that you can apply to. You can also check with your state’s department of education. In addition, a couple of good websites to check out for information along these lines is ed.gov, and grants.gov. These sites are listed in the helpful links section at bottom.
If you want to go to school, the grant money is, more often than not, there. If you are truly wealthy enough not to qualify for any grant money, chances are you won’t be searching for grants anyway. So rest assured that if a grant seems like it will be necessary to help you out with education costs, you’ll probably be eligible for one. It may not cover the entire cost of your tuition, but the more effort you put into finding a series of grants (rather than just one) the more of your educational costs you can potentially fund. The first step is usually to go for the biggies – the federal grants listed above, and for that the main thing required is simply to file your FAFSA as early as possible. After that is done, begin making a big list of all the more private grant sources available – everything from scholarships from your school, to private foundations, to even websites. When you’re done you should have a large list of potential sources. Simply apply to them all, and see what happens. If you’re lucky, you’ll find yourself with a good, substantial proportion of your education taken care of. Good luck!

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Education Assistance for College and Higher Education

Education Assistance for College and Higher Education

The TEACH grant is an excellent opportunity for students who intend to pursue certain careers in education to receive free money for college from the United States government. This grant is offered in exchange for a commitment on the part of the student to teach later on provided they meet all eligibility requirements. And because the federal TEACH program carries serious financial considerations with it, students should learn as much about this type of federal grant prior to filling out an application via the FAFSA or Free Application for Federal Student Aid.

The TEACH grant provides up to $4000 per academic year to students who are enrolled in schools and programs that participate in this unique federal student aid program. This money is given in exchange for a commitment on the part of the student to teach in an elementary or secondary school that serves the needs of low income families. The teaching term is usually 4 years in order to meet all grant eligibility requirements. The qualifying student must complete these 4 years of teaching within 8 years of successfully completing the course of study for which they received the TEACH grant.

Some students see this opportunity as a chance to get free money for school now, and then worry about the consequences later when they back out of the teaching agreement. In this case, all money provided to the student via the TEACH grant will be automatically converted to a Federal PLUS Loan. Interest will be calculated into the loan as if it had been accumulating from the date of disbursement of each grant. This can have a serious financial impact on students, so it is wise to carefully give full consideration to this type of grant before applying.

The basic requirements for this and many other types of federal programs are that you be enrolled in an approved institution and course of study, possess full US citizenship and maintain minimum grades at around 3.25 GPA or within the 75th percentile of US students. More specifically, this grant requires that the student sign a new teaching commitment each year that they receive the award. Students must be enrolled in a field that is considered “high demand” for teachers in public and private low income schools. These include Foreign Languages, Science, Math, and English/reading skills; among many others.

The fastest way to determine if you are eligible for this grant is to fill out a FAFSA. Additionally, you may wish to contact financial aid officials at your school to get more information about the federal TEACH grant. Your best chance to be approved is to apply right now for the TEACH grant.


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How To Get Federal Grants For College Students

In this article, you will find out how to get federal grants for college studentsin 3 simple steps.

Step 1: Complete the Free Application for Federal Student Aid (FAFSASM).

You will have to fill in the free Application for Federal Student Aid (FAFSASM) which is atwww.fafsa.gov. Using FAFSA online is more efficient than using paper.

However, If you need a paper FAFSA, you can download the PDF format here.

Alternatively, you can also contact the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). For the academic year 2012–13, the application date starts from Jan. 1, 2012 to June 30, 2013. To avoid any disappointment, you should submit your application for the federal grants for your college education as early as possible.

It is important to note that schools and states regularly utilize the FAFSA information to give out non-federal aid and their deadlines are mostly in the beginning of the year. You can also find state deadlines at FAFSA website or on the FAFSA pdf document and it’s also better to find out the deadlines from the schools themselves you’re interested in.

Step 2: Review your Student Aid Report (SAR).

After finishing your application, you will get a Student Aid Report (SAR) which contains the details reported on your FAFSA and at the same time reveal your Expected Family Contribution (EFC). The EFC is an index number for the purpose of checking if you are eligible to get the federal student aid.

It is important to check your SAR details thoroughly and do make the necessary changes if any mistakes are found. The school of your choice will receive your SAR data automatically via online means.

Step 3: Contact the Schools You Have Chosen.

It is your responsibility to make sure that the financial aid office at schools of your choice has all the necessary details required to determine your eligibility. If you have met all the requirements, you will receive an award letter detailing the amount n type of federal grants the school will give you. You can then compare the different award letters from each school you have applied and take the appropriate grant for your college education.

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Federal Grants and Loans Catalog is Now Available

Federal Grants and Loans Catalog

The Federal Grants and Loans Catalog is now available. This publication contains more than 5000 financial programs, subsidies, scholarships, grants and loans offered by the US federal government and various foundations and associations across the United States. That is over 2200 pages of information !!!

Click "read more" for the details on what is in the catalog and the twenty basic categories in which all programs have been grouped.

Contents of the Catalog:

Federal agency administering a program
Authorization upon which a program is based
Objectives and goals of a program
Types of financial assistance offered under a program
Uses and restrictions placed upon a program
Eligibility requirements
Application and award process
Regulations, guidelines and literature relevant to a program
Information contacts at the headquarters, regional, and local offices
Programs that are related based upon program objectives and uses

Programs in the Catalog provide a wide range of benefits and services, which have been grouped into 20 basic functional categories, and 176 subcategories that identify specific areas of interest. Listed below are the 20 basic categories in which all programs have been grouped by primary purpose.

Agriculture
Business and Commerce
Community Development
Consumer Protection
Cultural Affairs
Disaster Prevention and Relief
Education
Employment, Labor and Training
Energy
Environmental Quality
Food and Nutrition
Health
Housing
Income Security and Social Services
Information and Statistics
Law, Justice, and Legal Services
Natural Resources
Regional Development
Science and Technology
Transportation

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