Find Funding To Start Your Own Business - Get Grant Money Or A Loan
Find Funding
Once you have a great idea for a business, and after putting it down in writing in a business plan, you see that it can make money. The next step is to find funding to get the business started. If you have personal savings you can use, then you are all set to go. However, most people look for funding from two main sources: loans and grants.
Loans
Loans are funds that will need to be paid back to the lender. There are also loan guarantees available for new businesses, where if you default on the loan the government agency agrees to pay the loan back. You can find loans and loan guarantees for businesses at the Small Business Administration. The SBA doesn't offer grants for small business start-up purposes, but it does offer to guarantee their loan programs that you can access through a private or other institution www.sba.gov. One excellent program that they offer is a loan pre-qualification program. Before you head off to a bank asking them for money, the SBA will use an "intermediary" to go over your loan application and help you make it stronger. Then it is submitted to the SBA, and if they like it they will write you a letter of pre-qualification, essentially saying that they will guarantee your loan. Then the intermediary will help you find a lender and get the best rates on the loan. Then off you go to the lender with your spiffy loan application and letter of pre-qualification, thereby improving your chances of getting the loan.
So let's say that you have begun your new business and it is really taking off. It is time to expand the business, and that also takes money. The SBA could be a resource for you, depending on who you are and what your business entails, because they also guarantee loans to grow your business. If you are a woman or a military veteran-business owner, or your business is located in an area that the government is trying to revitalize, for just a couple of many examples, then you might qualify for this type of loan. For more information go to www.sba.gov and look under "SBA Loans."
Loans may not have been the first source on your list of financing options for your new business because they must be repaid, but sometimes they offer the best solution to your money needs to get the business up and running. There tends to be more loans rather than grants available for business start-up costs, so this bears keeping in mind also, depending on what your financial purpose for the funding is.
Grants
Grants are funds that are given to you outright, and you do not have to pay them back. Generally speaking, you will likely find more grants with awards available for starting or growing a small business on the state and local level rather than the federal level. One informative place to start looking for state and local grants is your state's Economic Development Council. They usually will have a search engine, so type in "grants" and you will likely be surprised at how many offerings come up. You will also notice that some grants are for businesses, while others are for funding city projects, for example. Every grant is different, and has different eligibilities and requirements, so this is a stage where you will need to spend a bit of time reading to see what all is available. Some grants are made available to non-profit corporations. As you read about different grants, you will discover that if your business is a non-profit, or if you as an individual are affiliated with a non-profit organization, there will be several grants for which you will be eligible, more so than if your business is a for-profit corporation. You might even want to look into forming a non-profit corporation yourself.
There are many grants available, and the first step to success with obtaining a grant is knowing where to look for it. The next chapter will go into more detail about grants at the federal, state and local levels, so you will know where to begin your search to access essentially free money, and what it can and cannot be used for.
Every year, the government--local, state, and federal--gives away millions of dollars to people just like you for business ideas. Leon Edward shares information on government funding, Federal, State ,Local Grants , where to find start up business grants, sources, how best to fill out applications, grant management step by step tips, setting up a business steps at his website
http://www.business-idea-grants.com
Learn where to find money for funding starting a business, grant sources, grant programs. Our onsite free information will walk you through step by step setting up a business as research required , business types, business plan, start up costs, business liscence, taxes, funding. Grant Programs and sources include Government Grant Money as Federal grants, State grants , Local grants, Federal assistance, grants.gov and Development Offices. Learn the Business Grants Step Management and 'know how' to spend your time, proposed business clarity, know your business needs, know how to avoid sccams. Learn online step by step How To Write A Grant Application including how to write a business proposal, the summary, grant justification, project description, budge, qualification proof, outsourcing if needed.
Get A Free Legitimate Home Based Business Report , Internet Business Ideas and Free Internet Business Library with Online Business Ideas, Free Training Newsletter at Leons Home Business Website
http://www.homebusinessit.com
Leon Edward Helps people to start, grow legitimate Internet Based home business income with business structure, small business legal service information, step by step guides and online business training articles, reviews, marketing blog and newsletter... with legitimate business ideas and opportunities as top BBB rated home businesses, turnkey internet business, a 3 steps to internet income business proven mlms, even a start free work at home program
Once you have a great idea for a business, and after putting it down in writing in a business plan, you see that it can make money. The next step is to find funding to get the business started. If you have personal savings you can use, then you are all set to go. However, most people look for funding from two main sources: loans and grants.
Loans
Loans are funds that will need to be paid back to the lender. There are also loan guarantees available for new businesses, where if you default on the loan the government agency agrees to pay the loan back. You can find loans and loan guarantees for businesses at the Small Business Administration. The SBA doesn't offer grants for small business start-up purposes, but it does offer to guarantee their loan programs that you can access through a private or other institution www.sba.gov. One excellent program that they offer is a loan pre-qualification program. Before you head off to a bank asking them for money, the SBA will use an "intermediary" to go over your loan application and help you make it stronger. Then it is submitted to the SBA, and if they like it they will write you a letter of pre-qualification, essentially saying that they will guarantee your loan. Then the intermediary will help you find a lender and get the best rates on the loan. Then off you go to the lender with your spiffy loan application and letter of pre-qualification, thereby improving your chances of getting the loan.
So let's say that you have begun your new business and it is really taking off. It is time to expand the business, and that also takes money. The SBA could be a resource for you, depending on who you are and what your business entails, because they also guarantee loans to grow your business. If you are a woman or a military veteran-business owner, or your business is located in an area that the government is trying to revitalize, for just a couple of many examples, then you might qualify for this type of loan. For more information go to www.sba.gov and look under "SBA Loans."
Loans may not have been the first source on your list of financing options for your new business because they must be repaid, but sometimes they offer the best solution to your money needs to get the business up and running. There tends to be more loans rather than grants available for business start-up costs, so this bears keeping in mind also, depending on what your financial purpose for the funding is.
Grants
Grants are funds that are given to you outright, and you do not have to pay them back. Generally speaking, you will likely find more grants with awards available for starting or growing a small business on the state and local level rather than the federal level. One informative place to start looking for state and local grants is your state's Economic Development Council. They usually will have a search engine, so type in "grants" and you will likely be surprised at how many offerings come up. You will also notice that some grants are for businesses, while others are for funding city projects, for example. Every grant is different, and has different eligibilities and requirements, so this is a stage where you will need to spend a bit of time reading to see what all is available. Some grants are made available to non-profit corporations. As you read about different grants, you will discover that if your business is a non-profit, or if you as an individual are affiliated with a non-profit organization, there will be several grants for which you will be eligible, more so than if your business is a for-profit corporation. You might even want to look into forming a non-profit corporation yourself.
There are many grants available, and the first step to success with obtaining a grant is knowing where to look for it. The next chapter will go into more detail about grants at the federal, state and local levels, so you will know where to begin your search to access essentially free money, and what it can and cannot be used for.
Every year, the government--local, state, and federal--gives away millions of dollars to people just like you for business ideas. Leon Edward shares information on government funding, Federal, State ,Local Grants , where to find start up business grants, sources, how best to fill out applications, grant management step by step tips, setting up a business steps at his website
http://www.business-idea-grants.com
Learn where to find money for funding starting a business, grant sources, grant programs. Our onsite free information will walk you through step by step setting up a business as research required , business types, business plan, start up costs, business liscence, taxes, funding. Grant Programs and sources include Government Grant Money as Federal grants, State grants , Local grants, Federal assistance, grants.gov and Development Offices. Learn the Business Grants Step Management and 'know how' to spend your time, proposed business clarity, know your business needs, know how to avoid sccams. Learn online step by step How To Write A Grant Application including how to write a business proposal, the summary, grant justification, project description, budge, qualification proof, outsourcing if needed.
Get A Free Legitimate Home Based Business Report , Internet Business Ideas and Free Internet Business Library with Online Business Ideas, Free Training Newsletter at Leons Home Business Website
http://www.homebusinessit.com
Leon Edward Helps people to start, grow legitimate Internet Based home business income with business structure, small business legal service information, step by step guides and online business training articles, reviews, marketing blog and newsletter... with legitimate business ideas and opportunities as top BBB rated home businesses, turnkey internet business, a 3 steps to internet income business proven mlms, even a start free work at home program
Labels: Start Up Funding Sources
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