States That Are Serious About Funding Small Businesses

September 9, 2010

September 9, 2010

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Since the legislation to help small businesses weather the storm in still stuck with the legislators, it’s good to know that on the state level there are some programs that aim to help small businesses. In a recent article in Forbes.com (with the help of CB Insight, a New York firm that tracks private company funding trends), […]

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Since the legislation to help small businesses weather the storm in still stuck with the legislators, it’s good to know that on the state level there are some programs that aim to help small businesses.

In a recent article in Forbes.com (with the help of CB Insight, a New York firm that tracks private company funding trends), they compiled a list of 11 states that have grants, loans and equity capital to help small businesses – you just have to know where to look. Some of the programs have been operating for two decades now and have invested billions of dollars collectively.

Most of the programs are aimed at technology firms in an attempt to lure young entrepreneurs into their states and bring in more jobs to the area. But as you will find by looking at the list, the fields differ and vary from state to state.

Ohio – Since 2002 the state, through its “Ohio Third Frontier “program, invested $473 million in grants to 571 companies in the technology and health care fields, and has an endowment of $1.6 billion.

Michigan – Their program is called “Pre Seed Capital Fund” and has offered $7 million in equity capital and micro loans to 30 start-ups since 2007. The fund focuses on 4 areas; automotive and manufacturing, alternative energy, homeland security and life science.

Massachusetts – Through a program called “Massachusetts Technology Collaboration“, the state has doled out $500 million in grants.

Pennsylvania – Their program is called “Ben Franklin Technology Partners” and focuses on life science, communication and information technology. It has given $150 million in equity capital to 60 companies since 2002.

New York – Through their program called “New York State Foundation for Science Technology and Innovation”, has offered $316 million in grants to 300 universities and 28 companies.

Texas – “Texas Emerging Technology Fund” has matched private funding for 21 companies in the fields of nanotechnology, biofuels, lithography, trauma research and manufacturing.

Maryland – “Maryland Technology Development Corporation” helps start-ups and offered grants to 174 companies.

Connecticut – “Connecticut Innovation” is the name of their program and they focus on energy and biotech companies. The program offers equity capital, and 100 companies took advantage of it. The program has $90 million in endowments.

Maine – “Maine Technology Institute” offers grants and matching funds, and has done so for 41 companies to the tune of $50 million.

South Carolina – through a program called “SC Launch” the state helps start-ups cover costs related to legal, financial, marketing and intellectual property protection.

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