Hey there, Granite Staters! Are you a small business owner in New Hampshire looking to give your venture a financial boost? Well, grab your flannel shirt and a cup of Dunkin’, because we’re about to embark on a journey through the world of small business grants in the Live Free or Die state.
Whether you’re running a cozy maple syrup operation in the White Mountains or a tech startup in the Millyard, there’s grant money out there with your name on it. In this article, we’ll explore where to find these elusive grants and the steps you need to take to qualify for them. So, put down that copy of “Live Free and Eat Pie” and let’s dive in faster than a Wildcats fan rushing the field after a big win.
Where to Search for Small Business Grants in New Hampshire
New Hampshire’s entrepreneurial landscape is brimming with untapped potential, waiting for savvy business minds to uncover its hidden gems. With a little digging and the right resources, ambitious go-getters can unearth a treasure trove of grants and opportunities that could turn their dreams into reality in the Granite State.
Some New Hampshire Local Resources Include:
New Hampshire’s Small Business Association: The Granite State’s SBA is a treasure trove of entrepreneurial support, offering a smorgasbord of resources for ambitious business owners. From mentorship programs to funding opportunities, they’re the fairy godparent every New Hampshire startup dreams of, waving their wand to transform innovative ideas into thriving enterprises.
The New Hampshire SBA doesn’t currently offer a specific small business grant program. However, they do provide invaluable assistance in identifying and applying for various federal, state, and local grant opportunities that may be available to eligible businesses in the region.
New Hampshire’s Economic Development Agency: The Granite State’s go-to resource for aspiring business moguls is a treasure trove of entrepreneurial gold. From funding opportunities to expert guidance, they’ve got everything you need to turn your big idea into the next big thing.
The agency offers a Small Business Development Grant Program, designed to give local enterprises a financial boost. If you’re a New Hampshire-based small business with fewer than 10 employees and less than $1 million in annual revenue, you might just qualify for this game-changing grant.
New Hampshire’s Chamber of Commerce: The Chamber of Commerce in New Hampshire is a goldmine for entrepreneurs seeking funding opportunities. They offer a comprehensive database of local and state-level grants, loans, and investment programs tailored to small businesses. Their expert advisors can guide you through the application process, increasing your chances of securing the capital you need to grow your venture.
The New Hampshire Small Business Development Center, in partnership with the Chamber of Commerce, offers a competitive Small Business Grant Program. This grant provides up to $50,000 in funding for innovative startups and established businesses looking to expand. To qualify, applicants must be New Hampshire-based, have fewer than 50 employees, and demonstrate a clear plan for using the funds to create jobs or drive economic growth in the state.
Featured Funding: A Grant That Can Propel Your Business
The Community Development Block Grant (CDBG) Microenterprise Grant from the New Hampshire Community Development Finance Authority is a game-changer for small businesses in the Granite State. This grant program aims to support and empower microenterprises, which are defined as businesses with five or fewer employees, including the owner. By providing essential funding and resources, this initiative helps entrepreneurs overcome financial barriers and stimulate local economic growth. If you’re a small business owner looking to expand your operations or enhance your skills, you’ll definitely want to click here to learn more about this incredible opportunity.
To qualify for the CDBG Microenterprise Grant, applicants must meet specific criteria set by the New Hampshire Community Development Finance Authority. Typically, eligible businesses should be located within designated areas of the state and demonstrate a clear need for financial assistance. Additionally, owners must have a household income at or below 80% of the area median income. It’s crucial to note that this grant program often requires participants to complete business training or technical assistance programs to ensure they have the necessary skills to succeed. The application process can be competitive, so it’s essential to thoroughly review the requirements and submit a strong proposal to increase your chances of securing this valuable funding.
Extra Resources to Help You Secure Funding
When looking for small business grants, it may benefit you to look beyond the boundaries of New Hampshire. Skip is your one-stop platform for discovering and securing the funding you need to start or grow your business. With thousands of grants ranging from $1,000 to $25,000, finding the perfect opportunity is just a click away.
Imagine having access to a user-friendly dashboard where you can track and apply for grants tailored to your business in New Hampshire. Skip’s AI-assisted grant writing tool helps craft compelling applications that stand out, and with instant feedback, you can ensure your submission is top-notch every time.
Join the thriving community of entrepreneurs who have already reaped the benefits of Skip. With over $300,000 in grants donated and strong partnerships with government agencies and non-profits, Skip is dedicated to your success. Take the first step today and turn your business dreams into reality – Click Here to get started with Skip.
Ready to Apply? Here’s How to Qualify for Grants
As an entrepreneur in New Hampshire, it’s crucial to understand that most small business grants, whether at the local or national level, typically require your business to be incorporated. This requirement is often in place to ensure that the grant money is being awarded to legitimate, established businesses rather than individuals or informal operations. Incorporation not only demonstrates your commitment to your business venture but also provides a legal structure that can make your enterprise more attractive to grant-giving organizations.
When it comes to incorporating your business, we have found that Northwest Registered Agent offers the best assistance for entrepreneurs. Their expertise in navigating the incorporation process, combined with their exceptional customer service, makes them stand out from other providers. Northwest Registered Agent is particularly known for their privacy protection measures, ensuring that your personal information remains secure throughout the incorporation process and beyond. This level of protection can be especially valuable for entrepreneurs who want to maintain a separation between their personal and business affairs.
The Importance of BOIR for Grant Eligibility
Compliance isn’t just a box to tick; it’s your golden ticket to grant opportunities. For entrepreneurs in New Hampshire, this means staying on top of federal taxes and keeping your business registration up-to-date. It’s the unsexy groundwork that paves the way for those game-changing grants.
The Corporate Transparency Act has thrown a new curveball, demanding businesses reveal their puppet masters through a Beneficial Ownership Information Report. This isn’t just another bureaucratic hoop; it’s a financial minefield where non-compliance could blow up your bottom line. Smart entrepreneurs will see this as an opportunity to showcase their integrity, not as a burden to be dodged.
That’s where we come in. Navigating the Beneficial Ownership Information Reporting (BOIR) requirements can be daunting, but our website simplifies the process. We offer a secure and straightforward filing experience with a direct connection to FinCEN, ensuring your information is handled with the highest level of security. Our platform makes compliance effortless so you can focus on growing your business.
Don’t let penalties slow your business down. Failing to comply with Beneficial Ownership Information Reporting (BOIR) requirements can result in severe consequences. If you fail to file, you could be subject to the following penalties:
- Fines of up to $500 per day for failure to file BOIR
- Cumulative fines reaching up to $10,000
- A person who willfully violates the BOI reporting requirements may be subject to criminal penalties of up to two years imprisonment.
Not sure if you have a BOIR filing requirement? Please take our quick BOI eligibility quiz to determine whether you need to file and ensure you comply with regulations.
In Summary: How to Find and Apply for Business Grants in New Hampshire
In the end, success in business often comes down to resourcefulness and persistence. New Hampshire entrepreneurs have a wealth of grant opportunities at their fingertips, but tapping into them requires effort and savvy. Remember, no one cares about your business as much as you do. So take the initiative, explore every avenue, and don’t be afraid to knock on doors. The funding is out there – your job is to go find it and put it to work. Good luck.
For all of you out there who haven’t yet tackled your BOIR, the time to act is now. Procrastination won’t get you anywhere, but taking just a few minutes to complete our straightforward form will. Don’t let this critical step in your compliance journey slip through the cracks—get it done and move forward with confidence.
Frequently Asked Questions
Have questions about the Beneficial Ownership Filing process? Check out FinCEN BOI Filing's frequently asked questions for the answer.
What is a BOI report?
A Beneficial Ownership Information (BOI) report is a filing required by FinCEN to disclose key details about individuals who own or control a company, ensuring compliance with anti-money laundering laws and enhancing corporate transparency. Filing a BOI takes 5-10 minutes and can be done here.
When does the CTA become effective?
The Corporate Transparency Act (CTA) reporting requirements take effect on January 1, 2024. Business entities established before this date have until January 1, 2025, to meet the reporting obligations.
Are there penalties for not filing a BOI report?
Yes, failing to file a BOI report can result in substantial penalties, including hefty fines and potential legal repercussions. Learn more about the BOI deadlines and non-filing BOI penalties.
How do I file a BOI report?
Filing a BOI takes about 5-10 minutes and can be done here. If you’re not sure if you are required to file, you can take the one minute BOI Eligibility Quiz.
Who is considered a beneficial owner?
A beneficial owner is any individual who either:
- Directly or indirectly exercises substantial control over the reporting company, or
- Directly or indirectly owns or controls 25% or more of the company’s ownership interests.
Substantial control includes the power to direct, influence, or determine significant decisions of the company. This may involve senior officers or individuals with authority to appoint or remove senior officers or a majority of the board.
Ownership interests encompass rights that establish ownership in the company, ranging from basic stock shares to more complex financial instruments.
For more details on “substantial control” and “ownership interests,” refer to our guide on complex ownership structures.
How do BOI reports get submitted to FinCEN?
We submit reports through a secure API connection directly with FinCEN’s Beneficial Ownership Secure System (BOSS). This integration allows for seamless and efficient filing of Beneficial Ownership Information reports, reducing the time it takes to complete and submit a report.
Our user-friendly form is designed to minimize errors by guiding you through the process with clear prompts and checks. Additionally, by using the secure API connection, we ensure that your data remains private and protected throughout the submission process, adhering to the highest security standards.
Who can access the beneficial ownership information?
The beneficial ownership information will be accessible only to authorized government agencies, such as law enforcement and regulatory authorities, for the purpose of combating money laundering, fraud, and other financial crimes.
This data is not publicly available and is used solely for compliance with legal and regulatory requirements. Only those with a legitimate need, as defined by the law, will be able to access this information to ensure transparency and uphold national security.
You can read more about keeping your personal information private when filing your BOIR.
Do I need to file a BOIR annually?
No, you do not need to file a Beneficial Ownership Information Report (BOIR) annually. However, you are required to update and file a new report if there are any changes to the beneficial ownership or company applicant information, such as changes in ownership or control. The report must be filed when there are material updates, but there is no annual filing requirement unless changes occur.
What information is required in a BOI report?
Type of Report
The reporting company must specify the type of report being submitted: an initial report, a correction of a prior report, or an update to a prior report.
Company Information
The reporting company must provide the following details:
- Legal Name: The official name of the company.
- Trade Name: Any “doing business as” (DBA) names used by the company.
- Address: The current street address of its principal place of business. If the principal place of business is outside the U.S., the company must report the address from which it conducts business in the U.S.
- Taxpayer Identification Number (TIN): This includes an EIN, SSN, or ITIN, as appropriate.
Beneficial Owner Information
The reporting company must provide the following details for each beneficial owner:
- Legal Name: The individual’s full legal name.
- Date of Birth: The individual’s date of birth.
- Address: The individual’s residential street address.
- Identification Document: A unique identifying number from an acceptable identification document, the issuing state or jurisdiction, and an image of the document.
Company Applicant Information (if required)
For reporting companies created on or after January 1, 2024, the following information about the company applicant must be provided:
- Address: The individual’s residential street address. If the applicant forms or registers companies as part of their business (e.g., paralegals), the business address can be used. The address does not need to be in the U.S.
- Identification Document: A unique identifying number from an acceptable identification document, the issuing state or jurisdiction, and an image of the document.
Who needs to file a BOI report?
Most businesses are required to file a BOI report, with exceptions for 23 specific categories, such as publicly traded companies and other regulated entities. To learn more about these exemptions and determine if your business needs to file, read this article.
When is the BOI report due?
- Companies formed or registered before January 1, 2024, must file an initial BOI report by January 1, 2025.
- Companies formed or registered in 2024 must file a BOI report within 90 days of receiving actual or public notice of their formation or registration.
- Companies formed or registered on or after January 1, 2025, must file their initial BOI report within 30 days of receiving actual or public notice.
You can learn more about the BOI deadlines here.
What is type of ID is required?
Acceptable identification documents include the following:
- A valid, unexpired driver’s license issued by a U.S. state or territory.
- A valid, unexpired ID card issued by a U.S. state, local government, or Indian Tribe for identification purposes.
- A valid, unexpired passport issued by the U.S. government.
- If none of the above is available, a valid, unexpired passport issued by a foreign government may be used instead.
An identification document must be collected for each beneficial owner.
For companies formed after 2023, an ID must also be provided for the company applicant.
Who is a company applicant?
A company applicant is the individual responsible for creating or registering a company. Specifically, it includes:
- The individual who directly files the document to form or register the entity with the relevant state or tribal authority, such as the Secretary of State.
- The individual primarily responsible for directing or controlling the filing process, even if they are not the one submitting it.
For companies formed or registered after January 1, 2024, this information must be reported as part of the Beneficial Ownership Information Report (BOIR).
Is it necessary to use a certified public accountant (CPA) or other professional to submit a BOI report?
Is a company required to update and correct information that is no longer accurate?
Yes, a company is required to update or correct its beneficial ownership information whenever it is no longer accurate. If there are any changes to the company’s beneficial owners or company applicant information, such as a change in ownership percentages or control, the company must file an updated report with the correct details. This ensures that the information on record remains accurate and compliant with the reporting requirements, helping to maintain transparency and reduce the risk of misuse.
Will I receive a confirmation of submission after submitting the BOIR?
After submitting your BOIR through our website, you will receive an email containing a unique submission process ID, confirming that your submission has been successfully received.
The email will also notify you once FinCEN has accepted your report. In rare instances, if your submission is rejected, we will inform you of the reason and provide a link to resubmit the corrected information.
You can track the status of all your submissions through our BOIR tracking page, ensuring you stay updated on the progress of your report. Most submission have a confirmed acceptance within a few minutes of submission.
