I wanted to share how the new $5M limit by the SBA has positively impacted one of my clients. Before the limit was raised, the client was looking for a good bit of equity to fund the growth plans. Now that a SBA loan of this size if available, the equity need is much lower and the plan is much more likely to happen. The part of the plan funded by the SBA should employ 350 people. The entire plan should employ 1,500 over the next 5 years. In the midst of a difficult economic time, I am excited to have the SBA loan as a viable option for this client.
Question, I am new to this and was looking for a grant.. But with a loan, how is it paid back? I raise goats and I would like to hire one or more people, build another barn, fence more in. buy more equipment. I have used most of my money, sold stock, money. I couldn't start repaying for several years. I would need more breeding stock, etc.
I would rather have a grant.
thanks PatsyJeanne
Question, I am new to this and was looking for a grant.. But with a loan, how is it paid back? I raise goats and I would like to hire one or more people, build another barn, fence more in. buy more equipment. I have used most of my money, sold stock, money. I couldn't start repaying for several years. I would need more breeding stock, etc.I would rather have a grant.thanks PatsyJeanne
Very few grants are available for what you need. You are probably wasting your time.
However, I would suggest this - go to the USDA website and look at their financing options. They offer rural grants and low interest loans and have programs designed for livestock and other farm and ranch needs (like interest only loans until you sell your goats). Call them up and discuss their options. Wont cost anything but a little of your time.
Also, your local county or city may be able to solicit a grant on your behalf then provide you with those funds. Call your local government offices and ask (your chamber of commerce might be able to tell you the right person to talk with).
Lastly, you might be better off separating out your needs. If you need equipment, try to get a loan just for that equipment. If you need a loan for livestock, separate that loan out. This may seem like a pain in the backside but this is how banks and lenders work. Each of your needs will have different durations, different collateral and different underwriting. Trying to combine them into one single loan or grant request will just get your deal declined.
Best Of Luck,
Question, I am new to this and was looking for a grant.. But with a loan, how is it paid back? I raise goats and I would like to hire one or more people, build another barn, fence more in. buy more equipment. I have used most of my money, sold stock, money. I couldn't start repaying for several years. I would need more breeding stock, etc.
I would rather have a grant.
thanks PatsyJeanne
patsyjeanne | Window Shopper | 8/24/2011 - 11:05 pm
phanio | Contributor | 8/28/2011 - 8:54 am
patsyjeanne | Window Shopper | 8/24/2011 - 11:05 pm
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