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What Is The #1 Step Towards Small Business Funding?
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?
If you look for free grants for small businesses, then you should approach your state governments, town or city governments and any special district governments. There are also public organizations that can provide you money as well as non-profit and for-profit organizations. A great website for a good start up is www. sba.gov.
Are you qualified to apply there?
To apply for a small business grants and loans, you must meet the standard sizes that include 100 employees for the whole industries, 28.5 million for general and heavy construction industries, 6 million for service and retail industries, and 0.75 million for industries in agriculture. Almost all governments use these size standards for small businesses.
So, what to do next?
There are 4 main funding options available, which are the microloan, basic 7(a) loan guaranty, 8(a) program, and the CDC or certified development company program. These options are actually provided through companies, institutions, and lenders that are partnered with the SBA as the SBA does not award the money directly.
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.
Does it worth to offer me your attention if I can show you how to grow your business legally using free government grants? Cut the risks of all what does not work and discover in the next minute how to reserve your grant though this down economy. It is yours for FREE at: Government grants for small business.
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