There are federal grants and loans that can be used specifically for starting up or expanding small businesses. Currently, the government does not offer any federal grant money but they have several loan programs, which are still available. These programs can be accessed through your state government. As with any federal funding options, you will need to meet eligibility guidelines in order to apply for these loan programs.
Where should you start?
The first organization you should approach is your state government as they will be able to direct you to the different agencies and organizations that partner with the US small business association. You can find various funding options from your special district governments, the city or town government, and your state government. There are also public and private organizations that offer small business funding.
Can anyone apply there?
Free grants have a set of standards that you must meet or fall below to be considered as a small business. While these standards can change depending on the funding organization, most companies use the following standard; 0.75 million for agricultural industries, 6 million for retail and service industries, 28.5 million for heavy construction and general industries, and 100 employees for the whole sale industries.
And now, what should you do for the next step?
Currently, there is no federal grant money available but there are several programs that may be interesting for you. The loans that are currently available include the basic 7(a) loan guaranty, certified development company (CDC), microloan, and 8(a) program. Generally, it works like that the US small business associate sets up the program and the money is then given to the business owner by SBA partners, such as lenders, institutions, and organizations.
The Basic 7(a) loan guaranty offers the most flexibility over the other loan programs as it can be used for a variety of types of trades. You can develop a loan that is tailored to your specific needs. Hence, this is the best choice for most beginners.
If your work can help with the community development, then the CDC is a specialized option for economic developments and is provided specifically from nonprofit organizations. There are special CDC offices in the different regions of the US and that is why you need to find your local CDC office. If your work needs furniture, supplies, inventory, equipment or fixtures, then a micro loan is specifically set up for these needs. However, you should be informed that there is a maximum amount of $35,000 available through this option. - 30462
Where should you start?
The first organization you should approach is your state government as they will be able to direct you to the different agencies and organizations that partner with the US small business association. You can find various funding options from your special district governments, the city or town government, and your state government. There are also public and private organizations that offer small business funding.
Can anyone apply there?
Free grants have a set of standards that you must meet or fall below to be considered as a small business. While these standards can change depending on the funding organization, most companies use the following standard; 0.75 million for agricultural industries, 6 million for retail and service industries, 28.5 million for heavy construction and general industries, and 100 employees for the whole sale industries.
And now, what should you do for the next step?
Currently, there is no federal grant money available but there are several programs that may be interesting for you. The loans that are currently available include the basic 7(a) loan guaranty, certified development company (CDC), microloan, and 8(a) program. Generally, it works like that the US small business associate sets up the program and the money is then given to the business owner by SBA partners, such as lenders, institutions, and organizations.
The Basic 7(a) loan guaranty offers the most flexibility over the other loan programs as it can be used for a variety of types of trades. You can develop a loan that is tailored to your specific needs. Hence, this is the best choice for most beginners.
If your work can help with the community development, then the CDC is a specialized option for economic developments and is provided specifically from nonprofit organizations. There are special CDC offices in the different regions of the US and that is why you need to find your local CDC office. If your work needs furniture, supplies, inventory, equipment or fixtures, then a micro loan is specifically set up for these needs. However, you should be informed that there is a maximum amount of $35,000 available through this option. - 30462
About the Author:
Are you still wondering how to get all the money you need to start a business? Good news! Discover right now how to get all the money you need using the most incredible saving money tips for business. It is 100% guaranteed to totally change your situation using our FREE tricks at: Government grant to pay off debt.
No comments:
Post a Comment