If you are a small business owner in New Hampshire and are looking for financial assistance to take your venture to the next level, you're in luck! The state of New Hampshire offers a variety of grant programs specifically designed to support small business growth and development. In this article, we will explore some of the grants available and how they can help fund your business dreams.
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1. Clarence E. Terry Business Industry Cluster Grant Program
The Clarence E. Terry Business Industry Cluster Grant Program aims to promote collaboration and innovation among businesses in specific industries. The program provides financial support to businesses operating within targeted clusters, such as advanced manufacturing, biotechnology, or technology services.
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Eligible businesses can receive grants of up to $100,000 to fund activities that support cluster development, such as research and development, workforce training, marketing, and infrastructure improvements. This grant program encourages entrepreneurial growth and helps create a conducive environment for sustained success.
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2. Community Development Finance Authority (CDFA) Small Business Technical Assistance Program
The CDFA Small Business Technical Assistance Program provides grants for small businesses in New Hampshire seeking professional assistance to address specific challenges. These challenges may include business planning, financial management, marketing strategies, or legal compliance. By partnering with experienced consultants, small businesses can overcome obstacles and gain a competitive edge.
Qualified businesses can receive grants of up to $5,000 to cover professional services. The program is intended to enhance the professional capabilities of entrepreneurs, enabling them to make informed decisions and maximize their business potential. This grant empowers small entrepreneurs and promotes a strong entrepreneurial ecosystem in the state.
3. Business Finance Authority (BFA) Loan Guarantee Program
While not a traditional grant program, the BFA Loan Guarantee Program deserves mention due to its significance in providing financial support to small businesses. The program partners with New Hampshire banks to guarantee a portion of loans granted to small businesses that face difficulty obtaining credit due to various reasons, such as limited collateral or a short operating history.
By guaranteeing a portion of the loan, the Business Finance Authority mitigates the risk for lenders, making it easier for small businesses to secure a loan. This program gives small business owners enhanced access to capital, enabling them to realize their growth plans and contribute to the state's economic development.
4. Innovative Stream Research and Development Product or Service Grant Program
The Innovative Stream Research and Development Product or Service Grant Program, administered by the New Hampshire Innovation Research Center (NHIRC), funds projects focused on the development of innovative products or services. The program is open to New Hampshire small businesses collaborating with one of the state's educational institutions.
Grants of up to $100,000 are provided to support research and development activities aimed at advancing innovative business ideas. The program creates opportunities for entrepreneurs to turn their groundbreaking concepts into successful commercial ventures while fostering collaborations between businesses and educational institutions.
5. Microenterprise Assistance Grant Program
Targeting low-to-moderate income entrepreneurs and microenterprise development organizations, the Microenterprise Assistance Grant Program offers financial assistance to foster the growth of microenterprises (businesses with fewer than five employees).
Eligible applicants can receive grants of up to $10,000 to cover expenses related to startup or expansion, including equipment purchases, marketing, inventory, or professional services. This grant program supports individuals with limited financial resources, helping them establish sustainable businesses and contribute to the local economy.
Conclusion
New Hampshire's commitment to supporting small businesses is evident through its wide array of grant programs. Whether you're seeking funding for cluster development, professional assistance, research and development, or microenterprise growth, there's likely a grant program catered to your needs.
Take advantage of these opportunities and explore the resources available in New Hampshire to fuel your business's growth. Grants can provide the necessary financial boost to implement your ideas, expand your operations, and ultimately achieve long-term success. Don't hesitate to reach out, apply, and make your dreams a reality in the thriving small business landscape of New Hampshire.
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