For over a decade, small businesses have lacked government support, and our struggling economy needs real job creation—not poorly spent stimulus.
The “New to Business Program” aims to help people with viable business ideas that are often stalled by limited capital, avoiding the need for high-interest loans or sacrificing equity just to start.
Imagine wanting to open a restaurant and NOT having enough for even a food truck much less a food stand even as a part time gig at a local event . Your business could employ five full-time staff, yet despite years of saving, you’re still thousands short. Your options? Take a high-interest loan or keep postponing your dream. This is just one example of how small business support can boost employment for hundreds of thousands across all states.
Eligibility Criteria:
1. Only individuals without an LLC, no company ownership, and without sufficient net worth to self-fund would qualify.
2. Business proposals that demonstrate potential for job creation will be considered.
3. A brief summary of the business’s purpose must be provided.
4. Full financial disclosure is required.
5. An action plan for launching the business is necessary.
6. A detailed list of startup expenses must be included.
7. A summary of requested funds, with a clear budget for each dollar, is needed.
8. A projection of staffing needs at different growth stages is required.
Funding Grant Proposal
Once an application is submitted, meeting all criteria and providing required documents, it undergoes a brief review for approval or revision. If approved, the applicant is referred to a local small business center for further support. After the center reviews and approves the business plan, the application returns to the federal department, where grant funds are released in increments agreed upon by the applicant and business center. Progress updates are required quarterly to ensure resources are being used effectively.
Grant Outline
Eligible applicants with viable business ideas but limited means can apply for the “New to Business Program” grant. Seed funding and resources are provided at key stages to help launch the business. Funds do not need to be repaid if they are fully documented and used appropriately for startup needs. As long as the applicant remains in good standing and shows progress, additional funding may be released. A maximum dollar cap is placed on the type of business under consideration with a process for additional funding for companies with more complex needs if the business center and individual can justify the need that will lead to more job creation.