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Disadvantages of Small Business Grants

The disadvantages of obtaining small business grants include long application processes and the tedious requirement of keeping detailed records.  In addition, the process can take as long a three to nine months for approval.  One example of a grant process overview can be reviewed at http://grants.nih.gov/grants/grants_process.htm.  However, this is an extremely small price to pay for being awarded with free funding for your business.

The reality is that the advantages far outweigh the disadvantages. Below are just a few case studies of how grant funding has helped various businesses across the country:

• In 2007, a $1 million award was given to the Pullman Industrial Park in Spokane, Washington. According to Robin Toth, director of business development for Greater Spokane, the area of the industrial park, one of two areas referred to as the “Innovation Partnership Zones,” will “spur the economy and grow jobs and companies for the region." -- Spokesman-Review, October 2007

• Skip Grant, president of GAIM Engineering Inc, was able to secure several grants that subsequently allowed him to buy new equipment and put himself and some employees through training courses. These courses made it possible for them “to become certified as a quality-control manufacturer to the automotive industry." -- Regional Business News, June 2004

• In 2007, the Miami-Dade Chamber of Commerce granted 10 small business $5000 each. This made it possible for business owners, such as Alma Knight, to lessen the strain that has been causes through their own self-financing. Alma’s business offers free or low cost healthcare to members of the community. -- Miami Herald, March 2007

In 2006, TruTouch Technologies Inc., a small business headquartered in Albuquerque, New Mexico, received $218,000 as part of a Small Business Innovation Research grant to assist in research involving the measurement of blood alcohol. The research focused on developing an optical technique to measure amounts of alcohol in the bloodstream. The non-invasive technique requires no bodily fluids to accurately measure alcohol levels but replaces breath, blood and urine testing by measuring alcohol amounts through the skin. -- New Mexico Business Weekly, June 16, 2006


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