NEW YORK (TheStreet) -- Small-business owners often view angel investors, banks and venture capitalists as their only funding sources. But other options exist, even in a weak economy.
Government agencies provide money for companies to upgrade equipment, buy land and develop new products. While there are few programs for consultants, merchants or restaurateurs, there are many that can help manufacturing and technology companies survive the recession. Here's a list of funding sources:
These grants are available through 10 government agencies. Funding comes in three phases: $500,000, $750,000 and $1 million.
The program, which is up for renewal on March 20, is at the center of a debate between the House of Representatives and the Senate over the eligibility of venture-backed companies. Congressional sources assured me that this valuable source of funding will be extended.(CEPH) and Centocor, a unit of Johnson & Johnson (JNJ).
Opportunity zones:The federal government works with states to provide funding to areas that have been hit hard by the recession and the decline of manufacturing. These zones, located across the U.S., provide money to hire employees, and buy equipment and land. Check with your state's economic development office to find out more. Small Business Investment Companies Program, which provides venture capital to small funds looking to invest in new businesses. So-called SBICs are privately owned and manage investment funds that are regulated by the Small Business Administration. Business.gov offers more information about these programs. I expect these opportunities to grow as the economy flounders.
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