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3 Ways That Government Funding is Helping Disadvantaged Small Businesses

by on August 7, 2017 in Funding Money Tips

Many owners know that the government helps small businesses out from time to time, but don’t know the particulars of how or what to apply for. Do you know what opportunities are being presented by government funding that is allocated for small businesses? Chances are good that you qualify for some no-return funding in one way or another.

Check out the following 3 resources to find government funding for your business. It’s free financing that could change the way that you do business – and how successful that business is – forever. Just make sure that your business plan is in order first.

Economic Development Administration

The Economic Development Administration is dedicated to creating the conditions necessary for economic growth. Their main goal is to increase the quality of life for community members living in financially disadvantaged communities.

They offer opportunities such as the Economic Development Assistance Program, the International Engagement Ready Communities Competition, etc. Visit their site for even more specific information.

New Markets Tax Credit Coalition  

The New Markets Tax Credit is a government funded program which provides grant funding for investment in low-income areas. Their primary focus is in real estate, equipment, and working capital. “Between 2003 and 2014, the NMTC financed 223 rural manufacturing projects totaling $4.8 billion.” (NMTCC).

So far, this program has had the largest impact on rural American communities. However, there is funding available for any business that meets their low-income requirements.

Community Development Financial Institutions

The Community Development Financial Institutions Fund is yet another grant that is dedicated to helping promote economic growth. They also help provide increased opportunities for community members in severely impoverished areas. Community development efforts include but are not limited to; job creation, construction of low-income housing, and transforming lives.

Conclusion on Government Funding

If you’re a bit strapped for financial backing, there’s almost always a source that you haven’t thought of tapping into just yet. It’s a great idea to keep up on the latest news regarding financing and business, as it is an ever changing market. New grants become available every year, so it may be a lot easier to acquire government funding than you think.

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