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The limited availability of small business grants
Take note that it’s easy to find conflicting and downright untrue information about how to find money to start or fund your business. We are often asked about where to find grant money—money that does not have to be paid back—to finance a new business. Grants are most commonly awarded to nonprofit organizations, not to business entities, and that may be part of the confusion. Grant money for new for-profit businesses is rare, but there are a few limited programs.
These programs are most often matching grants, which means a business owner must provide a certain share of the financing before the grant provider will contribute any funds. New Hampshire has a job training fund that will help a business obtain training for skills its workers need. Grants from this fund must be matched equally by the business. Another program, the Granite State Technology Innovation Grant, is available to fund partnerships between certain industries and academic institutions and is a program of the NH Innovation Research Center at the University of New Hampshire. The types of businesses and projects that can receive these matching grants are listed at the Granite State Technology Innovation Grant website.
At the federal level, the Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer Program (STTR) are two highly competitive grant programs that are designed to help small, high-tech companies provide innovative technologies. These programs are funded through the United States Small Business Administration.