Government Grants for Small Business Startups
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NEWS: For women but not just for women: The SBA has announced a new competition that includes cash awards totaling $30, 000! They recognize the growing importance and numbers of women in the workplace and want to stimulate the development of products and services that have a big impact on women and families. They encourage entrepreneurs to create products/services that have that impact, have a potential for commercialization, and fill a need in the marketplace. Could that be your big idea? The product doesn't have to exist yet – anyone who is a citizen or legal resident can apply. Initial competitions will occur locally, managed by host organizations, and each of those will select a candidate to contend in the final competition judged by the SBA. So check it out if you have an idea (or maybe even a prototype?) that could fit this bill, and see if you can win some cash to jumpstart your business! The final application will include a business plan in addition to other information about the product/service. Initial competitions will take place during March 2015 so there's no time to waste!
Did you know that you can use your IRA funds to start your new business — without getting hit with taxes or with an early withdrawal fee? It’s complicated, but it is possible to do. You would definitely need the help of an experienced advisor, and some of them don’t care for the ROBS plan (a rather unfortunate name — it stands for the “Rollover as Business Startup”). Basically you start a C corporation with a simple 401(K) plan managed by a 3rd party. Then you can roll your IRA money over into a new plan that buys stock in your new corporation. Like we said, it’s complicated. But it may be just right for you, so see a highly recommended advisor if you’re interested…