What Is The Best To Get Federal Grant To Help With A Small Company?
SOULINKNYC asked:
Im a small business owner who has started a smalling clothing company from home . The reason I need ferderal funding is because I would like to reach a bigger market .
Im a small business owner who has started a smalling clothing company from home . The reason I need ferderal funding is because I would like to reach a bigger market .
Why not see if you can get conventional financing? The SBA (Small Business Administration) will make loans to small businesses. If you are in a minority there are programs available. However, if you cannot get conventional financing, perhaps you need to wait until you can grow your business and do it on your own.
Fill er up, people in the community love to feel like they get catered service,drive around, sell out of the car, then go to the flea market when it warms up, make the ladies feel loved and the men feel important, they will always spend. Next thing you know you are selling where the real money is spent.
If you are in the US, you stand a greater chance of getting a government-guaranteed loan through the Small Business Administration than a government grant. Read the SBA Financing page to learn about criteria needed for borrowing
It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK - lots and lots of it, that is why a cottage industry of grant writers was born.
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) and Grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Even SBA does NOT give out grants. From the SBA website
“The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business — THERE’S NONE.
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs
I suggest you read the following books to get ideas of how to finance your business:
Financing Your Small Business
Small Business Financing: How and Where To Get It
Financing the Small Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing
The SBA Loan Book
Angel Capital : How to Raise Early-Stage Private Equity Financing
Financing Your Small Business (Barron’s Business Library Series)
For private grants, you may want to check the Foundation Center’s Foundation Grants for Individuals Online . It’s a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for “students, artists, academic researchers, libraries and financial aid offices.” Entrepreneurs are apparently not one of them, so I take it they also don’t have listings of private foundations who give grants to would-be entrepreneurs.
I received a grant when I opened my practice. It was a long process, but not that difficult (just a lot of paper work).
When I started researching how to get a grant, there was a lot of garbage information out there. One of my professional friends recommended the kit sold at . It’s only $3.95 including shipping (it’s the exact kit that was on CNBC and USA TODAY).
Good luck!