Finding Money Advice

When times get tough, getting paid for your work can too. There’s a good article by Polly Traylor about how to keep your customers’ cash flow problems from becoming your own on American Express Open today. [full disclosure: she quotes yours truly]

• Choose customers carefully
• Establish credit limits
• Be flexible / get creative
• Have systems in place
• Play hardball
• If you’re not a numbers person, find someone who is by outsourcing

For freelancers, I’d also suggest using one of the freelance project management services such as Odesk or Elance and require your customers to escrow their payments before you start to work.

Thanks to the American Recovery Reinvestment Act (ARRA)  there’s never been a better time to find small business grants.

You probably won’t find a grants for starting a small business that will be a web e-commerce site or a local retail store—unless you’re located in an economically blighted area, you’re a disabled veteran, and you’ll offer free computer time for disadvantaged youths.

The hottest grant opportunities right now, as a result of ARRA, are in energy efficiency, pollution control, and broadband. But those are by no means the only areas where you can find grant funding.

Start by finding out if you qualify for any of the special small business certifications such as minority-owned business, disadvantaged business, woman-owned business, veteran-owned business, and so forth. If you do, you will have priority for some types of grants and should start the certification process. Being certified under one of these categories will also give them an advantage in winning government contracts.

Next, get on the mailing lists of the various grant-giving organizations, and learn all they can about writing grant proposals or find someone who can do it for you. Some Small Business Development Centers (SBDC’s) provide free assistance, in fact.

Here’s an example of an open solicitation for an Small Business Innovation Research (SBIR) grant solicitation from the National Institute of Health:

SBIR E-learning for HAZMAT and Emergency Response (SBIR [R43/R44])
Purpose. This funding opportunity announcement (FOA) solicits Small Business Innovation Research (SBIR) grant applications from small business concerns (SBCs) that propose to further the development of Advanced Technology Training (ATT) Products for the health and safety training of hazardous materials (HAZMAT) workers, emergency responders, and skilled support personnel.  These products would complement the goals and objectives of the Worker Education and Training Program (WETP).  The major objective of the NIEHS/WETP is to prevent work related harm by assisting in the training of workers in how best to protect themselves and their communities from exposure to hazardous materials.  There is a need to ensure that learning and training technologies are further developed, field tested and applied to real world situations.  It is the intent of this solicitation to support the development of products to support e-collaboration, e-teaching, e-certification, and e-learning in safety and health training for workers engaged in hazardous materials response.  The financial support for this initiative comes directly from NIEHS Worker Education and Training Branch SBIR funds.  This FOA is for SBIR applications only.
Mechanism of Support. This FOA will utilize the SBIR (R43/R44) grant mechanisms for Phase I, Phase II, and Fast-Track applications.
Funds Available and Anticipated Number of Awards. The estimated amount of funds available for support of 2 to 3 projects awarded as a result of this announcement is approximately $300,000 for fiscal year 2010. Future year amounts will depend on annual appropriations.
Budget and Project Period. “For this funding opportunity, budgets up to $100,000 total costs per year and time periods up to 1 year for Phase I may be requested. Budgets up to $200,000 total costs per year and up to 2 years may be requested for Phase II.
Eligible Institutions/Organizations. Only United States SBCs may submit SBIR applications and receive SBIR awards. A SBC is one that, on the date of award for both Phase I and Phase II funding agreements, meets ALL of the criteria as described in Section III.
Eligible Project Directors/Principal Investigators (PDs/PIs). Individuals with the skills, knowledge, and resources necessary to carry out the proposed research are invited to work with their organization to develop an application for support. Individuals from underrepresented racial and ethnic groups as well as individuals with disabilities are always encouraged to apply for NIH support. On an SBIR application, the PD/PI must have his/her primary employment (more than 50%) with the SBC at the time of award and for the duration of the project.
Number of PDs/PIs. More than one PD/PI, (i.e., multiple PDs/PIs), may be designated on the application.
Number of Applications. Applicant SBCs may submit more than one application, provided each application is scientifically distinct.
Resubmissions. Applicants may submit a resubmission application, but such applications must include an Introduction addressing the previous peer review critique (Summary Statement). See new NIH policy on resubmission (amended) applications (NOT-OD-09-003, NOT-OD-09-016).
Renewals. SBIR Phase II Competing Renewal applications are not permitted under this FOA.
Special Date(s). This FOA uses non-standard due dates. See Receipt, Review and Anticipated Start Dates
Application Materials. See Section IV.1 for application materials. The SF424 (R&R) SBIR/STTR Application Guide for this FOA is located at these Web sites:
http://grants.nih.gov/grants/funding/424/SF424_RR_Guide_SBIR_STTR_Ver2.doc (MS Word)
http://grants.nih.gov/grants/funding/424/SF424_RR_Guide_SBIR_STTR_Ver2.pdf (PDF)

If you run a small business and are struggling with your home loan, look out for foreclosure rescue scams.

There is never a fee to get assistance or information about the Making Home Affordable program from your lender or a HUD-approved housing counselor.

Use this government self-assessment tool to see if you’re among the 7-9 million homeowners who can benefit from the Making Home Affordable program.

Beware of anyone that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!

Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to anyone unless you’re working directly with your mortgage company to forgive your debt.

For that matter, never make mortgage payments to anyone other than your mortgage company without their approval.