ASSISTANCE BASED QUESTIONS:

How can I get a government grant to start a business?
Over the last 30 years the process of securing a government grant to start a business has become misrepresented and portrayed in an overly simplified manner. (See the BusinessWeek article “Busting the ‘Free Money’ Myth”).  The government does not offer many grants to start a business. There are programs, however, to assist entrepreneurs in starting and running a business.  These include programs administrated by organizations like the LBTC that can offer technical assistance to entrepreneurs and small businesses.  Others include the United States Small Business Administration (SBA) and the United States Department of Agriculture (USDA), which offer loan guarantees for small businesses. 

Why are SBIR grants and contract programs awarded?
Small Business Innovation Research (SBIR) grants and contract programs are awarded to companies for innovative research and development for items that a governmental agency could use. This initiative is referred to as the Small Business Innovation Research Program.  For more information on the SBIR Program, contact Roy Keller at rkeller@lsu.edu,  Vic Johnson at vjohns3@lsu.edu, or call the LBTC at 225-578-7555. 

Does the LBTC offer loans? Can the LBTC assist in getting a loan?
The LBTC does not offer direct loans to businesses. The LBTC will assist a business or an entrepreneur in compiling proper documentation required by lenders or investors for loans.

Does the LBTC only assist startups?
The LBTC works with both pre-ventures and established businesses.  Through the LSU Small Business Development Center, the LBTC can work with all businesses located in the state of Louisiana that meet the SBA guidelines. Additionally, the LBTC can assist technology-based companies statewide with no size restrictions.

Are there any costs associated with becoming a small business client, an incubator tenant, or attending an LBTC event?
There is no direct cost associated with becoming a client, but clients are asked to pay for costs associated with necessary purchases for their specific project. Such items are only purchased with a client’s knowledge and permission.  There are costs associated with becoming an incubator tenant in the form of monthly rents and service charges for items such as long distance phone calls, Internet access, and document copies.   When a client or entrepreneur attends an event, there may be a nominal fee, but this is usually just to cover the cost of food and guest speakers. 

What assistance do you offer for composing business plans?
The LBTC assists entrepreneurs every day in the development of business plans, but does not write full business plans. Coaching during the writing process is offered, including giving editing advice and reviewing to ensure a business plan’s functionality is maximized.

Can I become a client of the LBTC?
Any resident of Louisiana who is thinking about or has opened a business can become a client of the LBTC.

Do I have to be a client to attend a seminar?
No. All you have to do is follow the instructions for the seminar and register to attend. 

Is my information confidential? Will the LBTC sign a non-disclosure agreement?
All information given to an LBTC business counselor will remain confidential, unless permission is granted by you to publish the data in the event of an economic impact or if you would like the LBTC to assist you with making business contacts.  As a general rule, the LBTC will not sign a non-disclosure agreement unless there are extenuating circumstances.  Remember, the LBTC team wants your business to be successful and will work hard for it to be a success.

ORGANIZATION BASED QUESTIONS:

What is the difference between the LBTC the LTTO, the LSU SBDC, and the Business Incubator?
The Small Business Development Center (SBDC), Louisiana Technology Transfer Office (LTTO), and Business Incubator are units of the LBTC that work in a cohesive manner to offer entrepreneurs and small business owners complete assistance.  The LBTC is an integral part of LSU’s Stephenson Entrepreneurship Institute and partners at times with the Louisiana Emerging Technology Center of the LSU System Research Foundation.

How can I sponsor LBTC events or donate my time, services, or financially to the LBTC?
Contact us at lbtc@lsu.edu or 225-578-7555 to aide the LBTC in its mission of assisting entrepreneurs.