lawn care Grant or loan?

Discussion in 'Business Operations' started by LawnsRUsInc., Jan 29, 2003.

  1. LawnsRUsInc.

    LawnsRUsInc. LawnSite Senior Member
    from midwest
    Posts: 916

    I hear briefly on talk radio this afternoon that george bush raised small business start up loans or grants from $25,000 to $75,000. Anyone know anything about it or if it is agrant or a loan?
     
  2. IBGreen

    IBGreen LawnSite Senior Member
    Posts: 726

    Forget about a grant unless you're working on a cure for the AIDS virus with it.
     
  3. I remember something about raising section 179 depreciation allowance from 25K maximum per year 2x or 3x, maybe thats what they were talking about. That wouldn't be a grant or loan though, but a business deduction.
     
  4. Nebraska

    Nebraska LawnSite Senior Member
    Posts: 525

    Do grants (free money) exist for lawn care? Probably not.

    Loans....The rates are really low for any business looking for a loan.
     
  5. LawnsRUsInc.

    LawnsRUsInc. LawnSite Senior Member
    from midwest
    Posts: 916

    Ya iam not sure where i can find out info. I think i might keep my eyes glued to the business section.
     
  6. bubble boy

    bubble boy LawnSite Bronze Member
    Posts: 1,020

    we got lucky. due to cutbacks and some changes in regulations you can't get much here now, but when we started we got a $24 000 grant. course thats here in the land of socialists.
     
  7. lsylvain

    lsylvain LawnSite Senior Member
    Posts: 777

    Check out your local Small business Association they can help you out.

    The section 179 deduction for 2002 is now $35,000 the forms still say the $24,000 but you can take $35,000 it's in the new directions. You can also take an aditionaly 30% depreciation on the first year you put stuff in service now. Of course unless you spent more than the $35,000 it doesn't really matter.

    As far as the loan/grant thing. I think what they are talking about is that the loan is secured by a government grant so if you defult the investors don't get screwed. Giving you a better interest rate.
     
  8. bruces

    bruces LawnSite Senior Member
    Posts: 648

    That is for "Liberty Zone" only, that is defined as an area in New York related to 9/11. Generally still limited to 24,000 for 2002 for most of the country.

    Depreciation is complicated, make sure you get good advice and / or do your research if you are doing your tax returns yourself. A link to the IRS publication is

    http://www.irs.gov/formspubs/page/0,,id=104272,00.html
     

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