How to Get Stimulus Money for Your Small Business

As the continual tightening of the economic belt squeezes small business owners, there is hope on the horizon. Recent legislation has shed new light for a variety of different industries. The Federal government is doing its part to free up stimulus money for small businesses. While much of the funding has not yet made available, there are several questions you can ask to prepare your small business to get stimulus money that you need.

• Are you a member of a targeted industry?

  The government isn't releasing money to just any small business owner. It is partnering with specific industries to promote growth and development. These industries include: housing, healthcare IT, education, infrastructure and water, energy and transportation. If your business sells products or services that are directly related to any of these industries, then you may be able to qualify for business stimulus money. Review the requirements and regulations regarding industry-specific information carefully when it comes to business stimulus money.

• Do you have a detailed plan for business stimulus money?

  Part of receiving an award of stimulus money for small businesses is presenting a plan that shows how the money will be invested and how it will benefit the economy. Much like a basic business plan, you need to draft a detailed plan to get stimulus money. The more visual and detailed the plan, the more likely you are to secure government-backed funding.

• Can you seek a variety of funding levels?

  Stimulus money for small businesses will come from the local, state and federal levels. You might be able to get stimulus money from one or more of these different funding levels. The key is to research what is available, as well as the eligibility requirements. Don't hesitate to apply for business stimulus money from more than one level of funding. Depending on the scope and nature of your small business, you may be able to get more funding than you ever dreamed possible by pursuing federal options.

• Do you have relationships with high-ranking officials making disbursement decisions?

  One way to increase the likelihood of receiving business stimulus money from the state and local level is to draw upon relationships with officials who are involved with distributing the funds. You can get stimulus money when your small business receives name recognition from the officials that make decisions regarding the money. It's never too late to start building these types of relationships. Check state and local government websites for names and contact information.

Business stimulus money is real and you need to take steps to prepare to collect what you are entitled to. Over $800 billion has been set aside for the American Recovery and Reinvestment Act. It will not be introduced to the economy all at once, but stimulus money for small businesses is definitely available. Many of these dollars will be set aside for the growth and development of small businesses - making now the time to get stimulus money.