Forget about grants - they just don't work that way - if they did, every business in this country would already be in line. Have you thought about having the current owner carry the note? Let's say you can come up with 10% of the purchase price (much easiler to raise). Then take the remaining amount and amortize it over 20 or 25 years to set the monthly payment. Then, set a balloon payment in say 5 years. This means that you would have to pay off the balance in five years or get the current business owner to re-finance. But, the five years will allow you to build your wherewithal to seek other financing options (not to mention time to get us out of our current crisis) should you need it then.

Federal and state government agencies do not provide grants for starting a business, paying off debt, or to cover operating expenses. Read more in our blog article: The Truth about Government Grants. However, you can look into other financing options. Use Business.gov's Loans and Grants Tool to see which loans you qualify for. Check out our blog- I Need Money - Where Do I Get It? See other methods that small business used to finance their business.

Have you tried Business Money Today - lots of useful resources.

It depends entirely on what kind of business you're talking about. For most businesses you will not find a grant. Look through the many posts here regarding grants. As for a business loan there are some basic criteria that you would need to meet to qualify for a loan. Particularly for an SBA backed loan you would need excellent credit, strong collateral, industry experience (mangaement preferred), pay back ability and your own cash infusion of at least 20% of the capital needs. And of course you need a formal business plan. Perhaps the current owner would be willing to do an owner financing type deal?

Are you planning on buying the business from him/her? Do you have a mortgage/ If so, can you go to your home loan lender for a business loan? You will have an established credit and payment history with them, so approval should be simpler than going to someone who doesn't know you - unless your credit is bad?