I want to start a small modest clothing business to support the local Islamic school. Our Islamic academy doesn’t take in enough in tuition to support itself and needs a sustainable income. I only need like $2000 in capital and of course would have open financial records for any donor. The problem is that our local Muslim community doesn’t have much disposable income (that’s why our school needs help in the first place). There is definitely a niche for this kind of business in my community. Does anyone know of any organizations or individuals who provide funding for this kind of venture? We would even pay back the initial funding if required.
You need to become a 501(c) 3 in order to accept contributions and for contributors to be able to deduct them on their tax returns. Go to http://www.501c3.org/ for instructions on how to become one. It takes about a year to get approval from the IRS and costs a lot of money.