The impact of the economic slowdown has been casting its shadow intensely on small business owners. However this seems to be the time where they might be able to see whats called ‘ a ray of hope’. While the good news is that the government is taking the best of its efforts to release the funds meant for small businesses, it is not possible for every small business owner to be benefited by it. You could even compare it with ‘Survival of the Fittest’. This is because you will have to answer few questions to know if you really qualify to receive the money set aside for small business. Even if you do qualify , remember that its not going to be without a stiff competition that you would receive the fund.
Do you belong to the targeted industry?
The stimulus money is not being allotted to small businesses of all nature. Priority is being given to businesses that is directly linked with health care, housing, energy&transportation, infrastructure&water, education and finally IT. It is important to carefully read the regulations related to industry specific allotment of stimulus funds.
Do you have a Plan Yet?
To earn the support of government, you need to show them a detailed plan of how their money is going to be invested so that it helps to improve the economy.Make your plan as much visual and logical as possible.
Do you know about the existing funding levels?
The funding for small business branches out from local, state and federal divisions. It is possible to receive money from more than one level, hence do not restrict yourself by just applying once. Read about the eligibility criteria and apply for whatever that suits you, you might end up with an amount that you never thought of but remember whether you receive a back up from the stimulus fund or not purely depends on the nature and scope of your trade.
Are you closely associated with any of the officials ?
It is a good thing to be in good terms with someone who is involved in the decision making process of the disbursement. Well this might sound like something out of track but the truth is, the more your business is recognized for its potential by an high ranking official, the more it would help him to make a decision. Hence its not too late, you could start right away with this ‘relationship building’ mission. Begin your operation with acquiring contact information from state and local websites.
The government is sure trying to help people by allotting $800 billion for American recovery and reinvestment act, but this fund is not gonna be just thrust into the economy at once. You can be assured that stimulus money for small business is going to be made available, but its in your hands to take the necessary initiatives to make yourself ‘the fittest’.
