I Need Money - Where do I get it?
by JamieD, Former Moderator
- Created: August 26, 2010, 11:00 am
- Updated: February 16, 2011, 2:19 pm
Is there any government funding to start a __________ company?
I decided to start a __________ business but I'm having trouble getting the financing I need.
I need a grant for my __________ business. Where can I get it?
Does this sound like you? If so, then you probably have a lot in common with your fellow Community members. Each day, the Loans, Grants, and Taxes forum is filled with posts asking for general help in finding money for small businesses. The type of business and financing need varies, but the bottom line remains the same - business owners need money and they're looking for as much guidance as possible in getting it. Well this week you're in luck because we're dedicating this article making sure you know what we know...
If you're looking for a small business grant, you probably won't find it...
Receiving a grant may sound like the ideal financial situation for a business owner - get the funds you need without the heavy strings of repayment. Unfortunately, government grants are not intended to serve this purpose. There are no grants for starting a business, paying off debt, or covering operating expenses. Federal and state government agencies do not provide small business grants, nor are there grants for small business owners through the Recovery Act.
For more information on the presence of grants in the small business community, check out these Small Business Cents articles:
Applying for a loan is a much better option...
Although the government does not lend money to small businesses, it does provide guaranties to lenders. Government-backed small business loans provide more security for lenders, making them more likely to approve an application. One "hot" option may be SBA's Microloan Program. The Microloan Program is designed to provide small (up to $35,000) loans to as many small businesses as possible. Because of its success, the program just received additional funding through the Recovery Act to continue their efforts.
For more information on obtaining government-backed loans or finding general loan opportunities check out these community blogs:
Poor credit history or other financial troubles isn't always a deal-breaker...
Many small business owners have found themselves with money troubles in the last few years. Although bad credit or built up debt is certainly a setback, it doesn't mean that you don't have options. Specialty lenders, community banks, and credit unions are all examples of alternative financing options that may come into play in these situations.
For more information on recovering from financial trouble and finding alternative financing, check out these community blogs:
A bit of additional information...
Regardless of your credit history or the current state of the economy, small business owners have many options when applying for loans. Many smaller lenders have continued to provide small business funds during the economic downturn. Check out Business.gov's Loans and Grants Search Tool to set specific criteria for your business and location to find available financing that fits your situation.
Message Edited by JamieD on 09-15-2009 02:49 PM
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