Washington, D.C., United States (AHN) – Real gross domestic product (GDP) grew at an annual rate of 2 percent during the third quarter of 2010, according to the first estimate released Friday by the U.S. Commerce Department’s Bureau of Economic Analysis.

This compared to private sector expectations of 2.1 percent, BEA officials said.

Economic growth so far this year has averaged a moderate 2.8 percent.

“Today’s data show that the economy grew for the fifth consecutive quarter and the recovery continues with strong business investment, U.S. exports and consumer spending,” U.S. Commerce Secretary Gary Locke said. “Business spending on equipment and software has grown 17.8 percent over the past year, and foreign demand for U.S. products also remained strong, with U.S. exports increasing 12.2 percent over the past four quarters. Consumer spending is another encouraging sign in today’s data, representing the fifth consecutive increase in consumer spending, which has been accelerating over the past three quarters.

“Initiatives by President Obama and this administration, like the recently passed Small Business Jobs Act, along with improvement in the business investment climate and credit markets, support economic growth likely to continue into the fourth quarter and 2011. Our commitment to strengthening America’s economy is steadfast and our mission will not be complete until more Americans can find jobs that provide them with a sense of security and hope for the future,” Locke added.

Growth in business inventories accounted for about two-thirds of the growth although consumer spending also rose despite continued high unemployment.

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When starting up your own small business, the first priority would be to find start-up capital. The best capital to get is the small business grants such as free grants that you never have to pay back, or other types of grants that are more like loans and require repayment with interest.

New business owners and existing business owners are eligible to apply for business grants. There is a wide array of Federal business grants available such as Free Government Money for Minorities, Free Government Money for Women, and Obtain Free Government Money for equipment, rent, offices, expenses and overhead

There are numerous sources to find the best business grants:

* The Catalog of Federal Domestic Assistance is a major provider of business grant money.

* The Federal Register is another good source to help you keep current with the continually changing federal grants offered.

* FedBizOpps is another great resource, as all federal agencies must use FedBizOpps to notify the public about contract opportunities worth over $25,000.

* The U.S. Government’s Grants has its own website where you can find, obtain information and apply for many of the grants that are available.

* Government’s Catalog of Federal Domestic Assistance (CFDA) provides a listing of Government grants and other types of assistance that you can receive.

Federal law mandates that government agencies and private foundations give away over 1 trillion dollars to individuals and businesses. Foundations are required by law to distribute 5 percent of their market value assets or interest income annually, whichever of these amounts is greater, or risk losing their tax-exempt status.

The incentive for giving away grants is great. First, elected officials seeking reelection give away billions in government cash so that people vote for them; second, big corporations save a lot of money in taxes by giving money to foundations.

Another option when starting your business would be to apply for private grants from foundations and corporations. Foundations award grants to businesses that are able to help the foundation reach its long-term goals. In the United States there are more than 65,000 private grant foundations which award more than $20 billion to applicants. Two good resources for private grants are the Foundation Center and the Council on Foundations.

Author: Susan Jan
Article Source: EzineArticles.com