Small Business Finance News

Small Business Grants Stimulate The Economy

Written by Jenna Weiner
Published: 5/12/2011

Small business grants offered by programs based in Jackson, Mississippi, can open new jobs and assist in damage repairs.

For small business owners in need following a catastrophic event to their establishment, the city of Jackson, Mississippi, is offering grants through their Small Business Development Grant Program, notes The Clarion Ledger.

Small Business Grants Stimulate Economy

The news source notes that the initiative awards matching grant dollars to companies that need funds for building improvements and equipment purchases, which is good news for small businesses everywhere.

This fiscal year, the program has already doled out $79,000 to eight Jackson businesses. The city offers other grant options for small companies as well, including the Community Development Block Grant Program and the Storefront Improvement Grant Program. Business owners must provide a 25 percent spending match to be eligible for either grant.

The combined effect of the grants on Jackson's economy has been staggering. More than 240 full-time jobs were created as a direct result of the programs, the media outlet reports.

Grants for businesses with a technological focus - the Small Business Innovation Research program - have also made a positive impact on the job market, The Sanford Herald reports.

A recent National Research Council survey noted that small businesses that received an SBIR grant were able to hire 2.4 employees and retain 2.1 more, on average. Plus, companies with at least 50 employees more than doubled their staff after being awarded the grant. 

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