It should be known for you that all of the federal funding options are not available directly from the government. Instead, you will need to approach your state government about the types of funding available. Indeed, small business grants and loans can be used to help you in starting or expanding your work and there are many state agencies that can provide you with the money to achieve this.
How should you have a good starting point?
The first organization you should approach is your state government as they will be able to direct you to the different agencies and organizations that partner with the US small business association. You can find various funding options from your special district governments, the city or town government, and your state government. There are also public and private organizations that offer small business funding.
Can anyone apply there?
To be a qualified applicant, you must meet the size requirement for a small business. These size requirements are: 28.5 million for heavy construction industry or other general industries, 0.75 million for agricultural companies, 100 employees for the whole sale trades, and 6 million for retail industries and service industries.
So, what is your homework now?
There are 4 main funding options available, which are the microloan, basic 7(a) loan guaranty, 8(a) program, and the CDC or certified development company program. These options are actually provided through companies, institutions, and lenders that are partnered with the SBA as the SBA does not award the money directly.
A very flexible loan that can be used for many general purposes is the Basic 7(a). This program is the first one you should try to apply for a small business funding. It can be tailored specifically to your needs as there are many different variations in this choice.
A CDC loan was made for developing the economy within a community and is provided to the community by nonprofit organizations. You need to apply to your regional CDC office as there are specific CDC's depending on your location. A microloan has a maximum cap of $35,000 and it is dedicated only for small businesses and non-profit-child-care centers. This micro loan is supposed to be used specifically for inventory, fixtures, equipment, furniture and other business supplies. - 29904
How should you have a good starting point?
The first organization you should approach is your state government as they will be able to direct you to the different agencies and organizations that partner with the US small business association. You can find various funding options from your special district governments, the city or town government, and your state government. There are also public and private organizations that offer small business funding.
Can anyone apply there?
To be a qualified applicant, you must meet the size requirement for a small business. These size requirements are: 28.5 million for heavy construction industry or other general industries, 0.75 million for agricultural companies, 100 employees for the whole sale trades, and 6 million for retail industries and service industries.
So, what is your homework now?
There are 4 main funding options available, which are the microloan, basic 7(a) loan guaranty, 8(a) program, and the CDC or certified development company program. These options are actually provided through companies, institutions, and lenders that are partnered with the SBA as the SBA does not award the money directly.
A very flexible loan that can be used for many general purposes is the Basic 7(a). This program is the first one you should try to apply for a small business funding. It can be tailored specifically to your needs as there are many different variations in this choice.
A CDC loan was made for developing the economy within a community and is provided to the community by nonprofit organizations. You need to apply to your regional CDC office as there are specific CDC's depending on your location. A microloan has a maximum cap of $35,000 and it is dedicated only for small businesses and non-profit-child-care centers. This micro loan is supposed to be used specifically for inventory, fixtures, equipment, furniture and other business supplies. - 29904
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