New York Small-Business Grants
- Starting a small business in New York can be an expensive endeavor; however, there are a variety of grants that can lessen the financial burden.business colleagues preparing for business meeting image by Vladimir Melnik from Fotolia.com
With so many businesses battling for the same consumer base and with the cost of starting a business considerably higher in New York than in many other areas, entrepreneurs can often face an uphill battle to make their small-business dreams a reality. From targeted grants for niche businesses to more general financial support, small-business owners in New York have several options available to fund their ventures. While many of these grants have rigid stipulations, business owners who conduct appropriate research can find aid that suits their specific type of business. - Geared toward encouraging businesses to train workers with valuable skills, the Long Island Forum for Technology Grant Assistance program provides financial support to private sector, for-profit and not-for-profit businesses that have four or more employees. To be eligible for the grant, businesses must have at least one physical location in New York and also must teach workers transferable skills (those skills that an employee can take to another job or role within a company---not just skills that are relevant only to an employee's current position). There are no specific technology-based requirements that businesses must meet to be eligible for the grant. To apply, companies must submit an electronic application and provide three signed bid forms on how much the training would cost. The length of the grant is six months; companies can receive up to $50,000 and up to $2,000 per trainee. If awarded the grant, companies with more than 100 employees must make provisions to pay for at least 25 percent of the training costs, and all companies must provide a 3 percent wage increase to trainees who complete the program.
Long Island Forum for Technology, Grant Assistance
510 Grumman Road West, Suite 201
Bethpage, NY 11714
631-969-3700
lift.org - For small technology companies looking to test ideas without going broke in the often costly research and experimentation process, the Small Business Innovation Research Grants program is one option. Created with the intent of encouraging technological innovation within the small-business sphere, the program provides funds at three phases of research and development over several years. To qualify, businesses must have fewer than 500 employees, must be an American-owned and for-profit business, and must have its primary research performed directly by the business itself. Companies can apply by submitting a proposal detailing an idea and how the idea would be accomplished. Proposals should fall within one of the interest areas specified by the program, a list of which can be found on the website listed below.
Small Business Innovation Research Grants
65 Main Street, Room 101/201 Peyton Hall
Box 8561, Clarkson University
Potsdam, NY 13699
315-268-3778
citec.org/sbir.html - The NYC Business Solutions Training Funds program is an option for small businesses looking to better educate and enable their workforce. The grants range from a minimum of $10,000 to a maximum of $400,000. The awards cannot be used for training that's already in progress, government-mandated training or training that provides nontransferable skills. Interested parties can fill out a preapplication on the NYC Business Solutions Training Funds' website. Once it's determined whether or not a company is eligible for the award, a decision will be made about what funds will be dispersed. Companies are judged upon financial need and the feasibility of the program being proposed. Applications are also evaluated on estimated employee wage gain, cost of training and overall benefit to the economic life of New York. Decisions are typically made within five to six weeks.
NYC Business Solutions Training Funds
79 John Street
New York, NY 10038
212-618-8914
nyc.gov/training
