5 Tips on State and Local Funding

Don’t overlook city, county or state governments when you seek capital. Many economic development offices have funding-assistance programs for qualified small firms.

Understand the purpose and the requirements of the program you’re interested in. It may call for raising matching funds or creating jobs.

Be modest in making projections. For example, don’t inflate the number of jobs you think you can generate in hopes of getting a larger grant.

Take advantage of “in-kind” credits. Like cash, these can be used as matching funds. In one case, a state program counted a company’s $200,000 local property tax abatement as part of the matching requirement.

Remember that having a good business plan and strong management team in place will help you make your case.