Nationwide (BlackNews.com) — The State of Woman BizCamp: Planting Seeds of Success (#StateofWoman) will make history in Atlanta, Saturday March 17, 2012 from 9am to 4pm at the Loudermilk Center in Downtown Atlanta. #StateofWoman is sponsored by DryerBuzz.com and the learning channel for entrepreneurs, Learn.DryerBuzz.com.

In celebration of Women’s History Month, female entrepreneurs will come together to in a forum conducive to their uniqueness to #OccupyOwnership with a goal of increasing the 1% to 2%. When the man behind the brand is a woman, the state of business and recovery of America is tied to her purse strings. Additionally, the trendsetter has to create a legacy.

#StateofWoman was created by Yalanda P. Lattimore, editor of DryerBuzz.com known for reaching women where they are — under the dryer. DryerBuzz.com will celebrate its 10th Anniversary, online since 2002, during the week of the #StateofWoman BizCamp.

An exciting day of interactive workshops will guide entrepreneurs in refining their business reach; protecting their business and legacies; becoming leaders in their industries; and creating buzz for their business.

Featured Camp Coaches:
* Clyde Anderson, Financial Lifestyle Coach and CNN Financial Contributor, www.FinancialLifeConnection.com
* Vanessa Parker, The Pink Boss Inc., www.thePinkBoss.com
* Travis Townsend, Business Attorney, Townsend and Lockett, www.TownsendLockett.com
* Nicole Garner, The Garner Circle, PR, Lifestyle Marketing, www.TheGarnerCircle.com
* Jaheed Givens, Digital Strategist, SEO Coach, www.Jaheed.com

To help Plant the Seeds of Success, each coach will facilitate an interactive hour at #StateofWoman as well as lunch with participants.

State of Woman BizCamp Workshops at a Glance:
* #OccupyOwnership: You Are What You Are Selling
* Plant the Seeds to Leverage Your Harvest
* Learn Your Lane ~ Launch Your Business
* Protect Your Business and Your Legacy
* Market Your Business To Create Buzz
* Become a Leader Online ~ Get Found More Often
#StateofWoman BizCamp registration is only $125 and includes full day of workshops, lunch with coaches, and copies of popular selling e-books by #StateofWoman facilitators. Information on discounts and sponsored scholarships are available by following @DryerBuzz on Twitter.

Follow the Buzz to register via http://StateofWoman.DryerBuzz.com. Use discount code “DryerBuzz” for initial 10% savings. Sponsorship is available.

Photo Caption: Featured Camp Coaches: Yalanda Lattimore, Clyde Anderson, Vanessa Parker, Travis Townsend, Nicole Garner, Jaheed Givens,

Burbank, CA (BlackNews.com) — Actor Hill Harper has partnered with Scholastic teen author, Pamela Wells, to create a multicultural children-publishing imprint called Harper & Wells Books.

“I’ve been wanting to have my own multicultural children book publishing imprint for some time,” Hill Harper said. “My focus is on publishing books about black issues. I have always wanted a children book imprint that represents our voices. This is an extension of my belief that you manifest your own destiny in life.”

The first two titles from Harper & Wells Books are middle grade titles targeted at eight to twelve-year old readers.

The Wiley Boys by Hill Harper, is about three sports-obsessed adopted brothers who stumble across an advertisement that leads them to being junior agents at the Sports Bureau of Investigations. This book is available online at Amazon, Barnes & Noble and other online stores including the book’s web site at www.wileyboys.com

The second title, Willow Fedler’s Rules for Girls by Pamela Wells, is about a 12-year old young “Oprah” who shares advice and experiences as she shares stories about growing up. This book is available on the Amazon Kindle and the Barnes & Noble Nook.

Because Harper & Wells Books have just signed a major distribution deal, readers should be on the lookout for more upcoming titles. The company plans to publish Black celebrity books for children, and in the future, will offer publishing opportunities for multicultural writers.
 

About Pamela Wells

Pamela Wells is best-known as the author of the best-selling The Heartbreakers series published by Scholastic. This teen series is about a teen girl, Alexia Bass, who creates a list of rules to help her friends with their dating lives. There are four books in the Scholastic series: The Heartbreakers published in December 2007, The Crushes published in December 2008, The Friends to be published in September 2012, and The Daters to be published in December 2012.

The Heartbreakers series is scheduled to become a movie in 2013 called “Hot Mess” featuring Disney actress Selena Gomez. Gomez, who is currently dating teen singer Justin Bieber, is in talks to play Alexia Bass in the film.

About Hill Harper

Hill Harper is the best-selling author of several adult non-fiction books that have been New York Times bestsellers, including Letters to a Young Brother, Letters to a Young Sister, The Conversation, and The Wealth Cure. He can currently be seen as Dr. Sheldon Hawkes on “CSI: New York”.

Harper graduated from Brown University, and holds a J.D. From Harvard Law School. He attended law school with President Barack Obama.

Photo Caption: Hill Harper

Washington, DC (BlackNews.com) As you’re making your New Year’s resolutions, consider taking the important step of improving your credit score, and in the long run, strengthening your financial well-being.

You’re not alone as so many Americans are dealing with the reality of maxed out credit card bills after a busy holiday gift-buying season on top a year when paying bills has gotten harder due to the nation’s prolonged weak economy.

To kick off the New Year, Dionne Perry, sales director of Financial Education Services, is offering a free seminar on improving your credit score between 2 p.m. and 4 p.m. Saturday, January 14 at the Women’s Professional Building, 3905 Georgia Ave., NW, Suite 200, Washington, D.C. To reserve a seat, call her at 703-593-5488.

“More today than ever before our increasingly tight credit market demands a high credit score,” says Perry, who has been a licensed mortgage broker and certified loan-signing agent. “Most lenders use credit scores when deciding whether to approve consumers for loans or credit. It also determines your ability to get a car loan, the premium on your auto or homeowners insurance and even your ability to get a job.”

The higher your credit score (720 and above), the more likely it is that you can get loans, refinance your mortgage and in some cases, land a new job or get a promotion. A low credit score (below 720) is not the end of the world, Perry says, but you can do something about it. Of course, paying your bills on time is always essential, but that can be tough nowadays if you’ve had to take a cut in salary or been laid off.

“This is the time of year when you need to look at your credit score, and if it’s below 720, you need to do something about it,” Perry says. “Over the past year, I’ve been working with hundreds of individuals who didn’t know what to do about removing outdated, inaccurate and unverifiable information from their credit report that were lowering their scores. Millions of inaccurate items have been removed from consumers’ credit reports since the Fair Credit Reporting Act was passed. Because your financial health revolves around your credit score, it is important that the information your credit report contains be as accurate and up-to-date as possible.”

Perry is available for free consultation or to conduct credit repair seminars by contacting her by email at dionneperry37@yahoo.com or by phone at 703-593-5488. For more information about her expertise and other services she offers, go to www.rebuildmycredittoday.com.

By Chinta Strausberg

Former Senator Howard Brookins, late Senator Shaw to be honored

WE CAN, Inc, a coalition of business and community professionals, is holdings its first fundraiser Thursday, December 8, 2011, from 6 p.m. to 9 p.m. at the Sportsman Inn, 4501 S. Cicero, Chicago, IL.

The group was formed to shore up and support the empowerment of both existing and future African American businesses needed to stabilize, maintain, expand and grow and has set a goal of 100 members needed to help fight for an equitable slice of the economic pie on all governmental levels.

In stating the WE CAN, Inc’s goals, Florence Cox, the president, said the goal is to boost its membership so that it can begin the awesome but doable tasks of developing African American businesses in the community.

“We need to develop and maintain our businesses and keep our money in our community because currently most of it goes outside where we live. We can and we will achieve this goal with your help,” she said.

“We are looking forward to hearing from black business people who are serious about improving the economic growth of the black community,” said Cox, a spokesperson for the group.

“We want to support, maintain and build so we can employ young people from the community and to teach them as role models how to grow their own business. We want to help the black community grow and in doing so empower the community because when youth have jobs, the violence will subside,” said Cox.

Thursday, December 8, 2011, WE CAN, Inc. is honoring former Illinois Senator Howard Brookins, Sr. (D-IL) for passing SB-0543, which is credited with increasing the number of minority judges in Cook County. The bill became effective January 1, 1991.

Also being honored posthumously is the late Illinois Senator William “Bill” Shaw (D-IL), for passing HB-2859 that amends the school code requiring elementary and secondary schools to include Black history in their curricula. Senator Shaw died on November 26, 2008. Thursday, his twin brother, former Cook County Board of Appeals Commissioner Robert Shaw, will accept the recognition.

For ticket information, call Comm. Shaw at: 708-426-5680. For further information about WE CAN, Inc., please e-mail your interests including contact number, the name of your business and address to Florence Cox at the following e-mail: We_can224@yahoo.com.

Chinta Strausberg is a Journalist of more than 33-years, a former political reporter and a current PCC Network talk show host. You can e-mail Strausberg at: Chintabernie@aol.com.

 Miami, FL (BlackNews.com) — Three African American entrepreneurs were recently among the top 100 entrepreneurs in the country. James Taylor, 28, CEO of Taylored Athletes, and Felecia Hatcher and Derick Pearson, both 28, owners of Popsicles of Feverish Ice Cream were honored at the White House on November 17th 2011.

The three entrepreneurs have been named to the Empact100 List, which recognizes the top 100 entrepreneurs under 30 in the United States for their accomplishments and positive influence on the American economy by giving back to the community and inspiring others to join the movement to revitalize our economy by starting a business of their own. The young entrepreneurs from 100 companies contribute over 2,500 jobs and $374 million to the U.S. Economy.

Empact100 Honorees took part in a recognition event on the afternoon of Thursday, November 17 from 2pm-5pm at the White House with senior administration officials. This year marks the 2nd year that the White House is recognizing Global Entrepreneurship Week. President Barack Obama signed the presidential proclamation declaring November as National Entrepreneurship Month back in 2010. The recognition event is held in partnerships with Startup America, The Kaufman Foundation, The Future of Entrepreneurship Education, Entrepreneurship International, and the White House. The event was broadcasted live online at WhiteHouse.gov.

To celebrate their success and to share their knowledge, the three honorees have launched a national speaking tour, traveling around the country speaking to kids and young adults about entrepreneurship. “We are on a mission to show kids that no matter where you are or where you come from you can achieve your dreams. It’s not easy but with the right motivation kids and young adults will gain the tools to a prosperous future as an entrepreneur,” says James Taylor. For more information about the speaking tour, contact Katie Caldwell at katie@feleciahatcher.com
About Taylored Athletes

James Taylor is the CEO and President of Taylored Athletes Sports, a South Florida based sports and educational leadership training company. James Taylors is a former professional basketball player and college hall of fame inductee. Taylor is committed to helping kids live healthier lives through his Pro At Your Door program that brings former professional athletes and college athletes into the home and gets kids off the couch focused on fitness. Taylored Athletes has trained more than 5,000 athletes to date and are well known for their One On One Pro At Your Door Basketball Training Concierge Service, Next Level Basketball Camps, and Leadership and Character Building After-School Programs which provides at risk youth access to positive role models to teach them self-discovery of inner greatness through sports. “Entrepreneurship is the key to revitalizing our nation’s economy. I’m honored to be recognized by the White House, The Kauffman Foundation, Empact100, and StartUp America. For more information about Taylored Athletes Sports, visit www.tayloredathletes.com or email info@tayloredathletes.com.
 

About Feverish Ice Cream

The married owners of the Miami based Feverish Ice Cream, Felecia Hatcher and Derick Pearson, started their gourmet popsicle company in 2008 after losing their marketing jobs. They run a fleet of eco-friendly carts and a mini ice cream truck mixing social media, unique marketing partnerships and social awareness with gourmet treats. With wild flavors like Chocolate Banana Sea Salt, Spiked Apple Martini, and Coconut Lemongrass they have attracted a large following, and boast clients like Capitol Records, Maker’s Mark, Adidas, Biltmore Hotel, Whole Foods, Universal Music and Tom Cruise. The couple also runs a youth entrepreneurship program called PopPreneurs where they teach kids about entrepreneurship through ice cream carts. The company  was recently featured on the Cooking Channel’s Unique Sweets also donates a portion of each popsicle they sell to charity and travels the country speaking to students about college prep and youth entrepreneurship. “This demonstrates that America is, and will always be a place of unlimited opportunity for all who dream. As a kid growing up in Bainbridge, Georgia I would not have imaged that I would one day be honored at the White House. This honor serves as motivation to continue to help the people in our community and around the world. We are living examples that dreams do come true,” says Derick Pearson. For more information about Feverish Ice Cream, visit www.feverishicecream.com or email mango@feverishicecream.com.
For more information about the Empact100 list, visit www.empact100.com or email Sheena Lindahl at sheena@iempact.com.

Photo Caption: Derick Pearson and James Taylor at the White House accepting their award.

Nationwide (BlackNews.com) — As business loans become harder to obtain, more entrepreneurs are turning to business grants for funding. In response to this, the National Institute of Small Business Grants has published a listing of the top opportunities for 2012 via their web site at www.BusinessGrants.org

It’s actually a compilation of small business grants, non-profit grants, and contract funding opportunities, but all of them are legit. Each of the grants are funded either by a federal or state government agency or by a reputable corporate foundation. The web site also features a weekly blog, a listing of popular resources, and many how-to articles – such as how to write grant proposals.

About BusinessGrants.org

Launched in 2008 as the official online resource for real and legit business funding opportunities, BusinessGrants.org is produced by The National Institute of Small Business Grants – a global network of contributors that specialize in business finance education. The site supplies information via the internet that empowers prospective and existing small business owners, enabling them to know what their financial options are.

For more details, visit www.BusinessGrants.org

Bookcover and author, Juliette Mayers

Boston, MA (BlackNews.com) — A Black Woman’s Guide to Networking, written by Juliette Mayers, author, award winning business executive and networking Guru, will be available for purchase on Friday, November 4th, 2011 on her website: www.juliettemayers.com and on www.amazon.com. This inspirational book is for black professional women and others who want to build cross-cultural relationships as they strive to excel in today’s dynamic marketplace. In addition to practical networking tips, the book features advice from diverse professionals who have mastered the art of networking.  

A Black Woman’s Guide to Networking covers a range of important subjects for today’s business woman. Topics include advice on building and managing one’s brand, building a strategic and productive network, networking etiquette and maximizing the power of social media. The book will teach woman how to communicate with power, cultivate and maintain positive relationships, and create a compelling plan for success regardless of title or life stage. Ultimately, it encourages women to leverage the power of networking to attain their dreams.

“This book is a powerful resource that will give readers effective networking strategies to success and achieve career and business goals,” says Sheila A. Robinson, Publisher of Career Network and Diversity Woman magazines.

“A must-read book for those looking to accelerate their careers and business effectiveness,” Paul Guzzi, President & CEO of the Greater Boston Chamber of Commerce.

Author Juliette Mayers is Executive Director of Multicultural Marketing at Blue Cross Blue Shield of Massachusetts. She is an award-winning executive, business strategist, and a passionate community advocate. Massachusetts Governor, Deval Patrick appointed her to the Massachusetts Workforce Investment Board, a state-wide policy making board that advises the governor on workforce investment. A native of Barbados, West Indies, Juliette is married to her husband of twenty years, Darryl Mayers, and resides in the greater Boston area with the couple’s two teen daughters, D’Anna and Danielle.

For book purchases and more information, visit www.juliettemayers.com and on www.Amazon.com. Copies of A Black Woman’s Guide to Networking are available for $14.99 beginning on Friday, November 4th, 2011.

Washington DC – The National Black Church Initiative (NBCI), a faith-based coalition of 34,000 churches comprised of 15 denominations and 15.7 million African Americans dedicated to the eradication of racial disparities around the world, is urging all religious communities to join together in the promotion of peace. Our Black leadership partners – 66,000 churches nationwide – are called upon to use the full force of our combined 100,000 churches to draw attention to the imperative of generating job growth and economic development in African American communities throughout the United States.  We intend to use the full weight of our collective wealth and political might both domestically and globally to bring attention to this problem.

As a first step in this campaign, the National Black Church Initiative will support AT&T commitment, as part of its proposed merger with T-Mobile, to bring back 5,000 call center jobs to the United States from overseas and to create more than 90,000 new jobs nationwide.

Rev. Anthony Evans, President of the NBCI, declared that “AT&T is a company that will help the African American community reduce its persistently high unemployment rate, which now stands at 16.7%. This is why we have authorized over 100,000 churches to be supportive of AT&T and, indeed, any company that will help solve our community’s unemployment crisis.”

Rev. Evans furthers stated, “This commitment is welcome, especially in a time of prolonged and profound economic insecurity. Jobs are imperative for our survival and as paramount in their importance as education and healthcare.”

AT&T’s repatriation of 5,000 call center jobs would be the largest return of jobs by any U.S. company since the economic crisis began in 2008. At a time when economic patriotism on the part of American corporations has become passé, this initiative by AT&T is remarkable and must be encouraged. Rev. Sheldon Williams, Pastor of Co-Op City Baptist Church in Bronx, NY said “I will fight for any company that will bring jobs to my community and one of the very few that’s doing it is AT&T.  Rev. Mark McCleary, Chairman of NBCI Ministerial Alliance, declared that “My congregation is suffering. We have over 500 of our congregants unemployed. We need jobs and we need them NOW.”

While the repatriation of 5,000 jobs is highly noteworthy, this is not all that AT&T is doing. AT&T is already the nation’s largest employer of full-time union employees and the only unionized major U.S. wireless carrier.  According to a recent study by the Economic Policy Institute, its proposed merger with T-Mobile would create between 55,000 and 96,000 new jobs to integrate the two networks and upgrade facilities, and provide services made possible by the universal high speed network AT&T will be able to create if its merger with T-Mobile is approved. AT&T will invest $8 billion to build out its wireless high speed network to 55 million more Americans – thus reaching a total of 97% of the U.S. population.    

AT&T has long been a leader in employing qualified African Americans in top positions. Workforce Diversity for Engineering and IT Magazine has ranked AT&T in its top 12 of the nation’s employers for its commitment to diversity. Hispanic Business Magazine ranks it first for diversity. In fact, employees of diverse backgrounds make up 38 percent of AT&T’s workforce and 31 percent of its management ranks.

Due to AT&T’s patriotism in bringing jobs back to the United States, its demonstrated willingness to invest in the infrastructure of this country and its commitment to diversity, the NCBI encourages the Administration to approve the proposed merger between AT&T and T-Mobile USA expeditiously.   

About NBCI

The National Black Church Initiative (NBCI) is a coalition of 34,000 churches working to eradicate racial disparities in healthcare, technology, education, housing, and the environment. NBCI’s mission is to provide critical wellness information to all of its members, congregants, churches and the public. NBCI offers faith-based, out-of-the box and cutting edge solutions to stubborn economic and social issues. NBCI’s programs are governed by credible statistical analysis, science based strategies and techniques, and methods that work. Visit our website at www.naltblackchurch.com.

The great grant caper… who done it?

By James R. Taylor, Executive Director
Virginia Housing and Community Development Corporation

Nationwide (BlackNews.com) — It’s 8:00 am, just another day at the Main Street Small Business Development Center, located in Any City, America. The clock ticks away, minute-to-minute, hour-to-hour, staff are busy answering emails, responding to visitors, greeting walk-ins. And, finally, the call comes. Some aspiring entrepreneur or small business owner is calling for help. After the usual introductions, followed by some minor chat about the weather or some recent event, the counselor asks the question “How may I help you?” The caller responds “I’m looking for a grant to start my business.” And there it is…

It has to be one of the greatest, if not the greatest, capers of all times. Who started it? Where did it originate? Surely, someone or something must be responsible for such massive small business casualties. Why is this caller looking for a “grant”, while there are so many other vehicles to finance a small business? Are they starting a non-profit organization or a for-profit business? Is there some special consideration? Surely, they’re not suggesting someone just “give” them the money they need to start their business, are they? Unfortunately, the answer is YES. And therein lays the problem. Someone told them they can get FREE money to start a business, with no strings attached. The question is… Who? The counselor listens intently, and then explains there are no grants to start their business. “But a friend of mine got a grant”, says the caller. Again, what was the source of the grant funding? What was the grant for? How much? Details, what are the details?

It’s not that grants to help aspiring small business owners don’t exist. Actually, some really do. However, they have very specific criteria, which most small business owners do not qualify. For example, there’s the Individual Development Account (IDA) Program. An IDA is a matched savings account that enables low-income families to save, build assets, and enter the financial mainstream. IDAs supplement the savings of low-income households with matching funds drawn from a variety of private and public sources. IDAs reward the monthly savings of working-poor families who are trying to buy their first home, pay for college or technical/vocational school, or start a small business. Additionally, some IDA programs allow participants to save for home repairs, computers, automobiles, or retirement. These matched savings accounts are similar to 401(k) plans and other matched savings accounts but include the flexibility to save for a range of asset investments.

The Department of Health and Human Services currently funds the majority of IDAs through Assets for Independence (AFI), a competitive grant program administered by the Office of Community Services (OCS). OCS awards grants to non-profit entities and state, local and Tribal governments that administer AFI projects. Grantees are required to raise an equal contribution of non-Federal funds to match the Federal AFI grant. Project participants may receive up to $2,000 in federal matching funds. In order for participants to be considered eligible for an IDA through AFI, participants must be TANF eligible, EITC eligible, or have income at or below 200% of the poverty level. Since the inception of the program in 1999, AFI has enabled more than 60,000 low-income earners save through an AFI IDA. So, unless the small business owner meets the criteria, he or she will not qualify for this grant program. Visit www.vhcdc.org/resources to find an IDA program in your area.

Another option is the Small Business Innovation Research (SBIR) Program. The SBIR program is a federal program in which 2.5% of the total extramural research budgets of all federal agencies with extramural research budgets in excess of $100 million are reserved for contracts or grants to small businesses. In 2010, that represented over $1 Billion in research funds. Over half the awards are to firms with fewer than 25 people and a third to firms of fewer than 10. A fifth were minority or women-owned businesses. A quarter of the companies were first-time winners.

The Small Business Innovation Research (SBIR) program is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization. Through a competitive awards-based program, SBIR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation’s R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs.

Each year, Federal agencies with extramural research and development (R&D) budgets that exceed $100 million are required to allocate 2.5 percent of their R&D budget to these programs. Currently, eleven Federal agencies participate in the program:

* Department of Agriculture
* Department of Commerce – National Institute of Standards and Technology
* Department of Commerce – National Oceanic and Atmospheric Administration
* Department of Defense
* Department of Education
* Department of Energy
* Department of Health and Human Services
* Department of Homeland Security
* Department of Transportation
* Environmental Protection Agency
* National Aeronautics and Space Administration
* National Science Foundation

Each agency administers its own individual program within guidelines established by Congress. These agencies designate R&D topics in their solicitations and accept proposals from small businesses. Awards are made on a competitive basis after proposal evaluation. So, unless the small business owner is engaged in scientific or technological innovation and research, he or she will not qualify for this grant program. Visit www.vhcdc.org/resources to access information about this program.

Yet, another option is the Small Business Technology Transfer (STTR) Program. According to the U.S. Small Business Administration, “STTR is an important small business program that expands funding opportunities in the federal innovation research and development arena. Central to the program is expansion of the public/private sector partnership to include the joint venture opportunities for small business and the nation’s premier nonprofit research institutions. STTR’s most important role is to foster the innovation necessary to meet the nation’s scientific and technological challenges in the 21st century.”

STTR is a highly competitive program that reserves a specific percentage of federal R&D funding for award to small business and nonprofit research institution partners. Small business has long been where innovation and innovators thrive. But the risk and expense of conducting serious R&D efforts can be beyond the means of many small businesses.

Conversely, nonprofit research laboratories are instrumental in developing high-tech innovations. But frequently, innovation is confined to the theoretical, not the practical. STTR combines the strengths of both entities by introducing entrepreneurial skills to high-tech research efforts. The technologies and products are transferred from the laboratory to the marketplace. The small business profits from the commercialization, which, in turn, stimulates the U.S. economy. Visit www.vhcdc.org/resources to access information about this program.

Once more, unless the small business owner is seriously engaged in scientific research, he or she will not qualify for this grant program. So what grant program would the small business owner qualify for? Unless he or she qualifies for one of the above programs or some form of entitlement, such as Social Security Disability Insurance (SSDI), Social Security Insurance (SSI), Temporary Assistance to Needy Families (TANF), or Veteran’s Administration (VA) Benefits, the answer is… None!

There is one exception to the rule – an often used, and very popular community development tool called “Equity Grants” – provided by various entities to assist entrepreneurs to launch or grow their business. Equity Grants typically take the form of cash prizes, pro bono products and services, and tuition/training (financial) assistance. Most of the grants are awarded through business plan competitions by local faith-based and non-profit organizations, colleges and universities, and local government agencies. However, such grants may be considered income to the business owner(s) or company (if incorporated or a Limited Liability Company). The business owner(s) should consult an accountant for a determination and give serious consideration to the time and resources necessary to compete for this type of grant. It can involve considerable effort for what may amount to participating in a lottery – hundreds of entries, very, very few winners.

While the origin of pursuing grants to start a business is relatively unimportant, it is interesting to note the considerable publications promoting them as a must for aspiring entrepreneurs. Although such funding may help the business to validate its product or service idea (seed stage funding), rarely are such funds sufficient to actually launch the enterprise. Ideally, aspiring entrepreneurs and small business owners should spend some time learning about the various forms of capital and credit, determine the proper mix needed to launch and sustain their venture (from seed stage to startup), and structure their company to take advantage of them.
James R. Taylor is Executive Director of Virginia Housing and Community Development Corporation (VHCDC), a 501(c)(3) non-profit community development corporation. VHCDC is working to promote and support entrepreneurship, to advance entrepreneurship education and training, to connect disadvantaged small businesses to capital and credit, and to facilitate the commercialization of new technologies and services by small, women, and minority-owned businesses which have great promise for improving the economic welfare of our region. Visit VHCDC at: www.vhcdc.org for more information about VHCDC and the resources mentioned in this article.