The Federal Government has set aside funds for small business grants and loans. Even though the process for receiving a grant is a long complicated one, one has to fraught with competition and lots of bureaucratic hoops. Also a small business must fit in to definition to qualify. The government requires extensive business planning, reporting and compliance to specifically measure your growth before the loan is given.
To get a grant in Florida for the small business, one has to go through economic development programs of Florida state. Federal money is given to all states to develop small business in specific areas where they see a need. Another issue to consider is that the government grants take time. One must understand that these funds are awarded only annually. You have to write a grant proposal that follows specific guide lines. Any deviation can make your proposal turn down. These grants are not necessarily free money, and usually require the recipient to match funds or combine the grant with other forms of financing such as a loan.
U.S. Small Business Administration provides loans to small business entrepreneurs through the following programs.-America’s Recovery Capital Loan Program, Basic 7(a) Loan Program, CAPLines, Certified Development Company Loan Program, Community Express, Microloan Program and Accion USA loan programs. The America’s Recovery Capital Loan Program provides up to $35,000 in short-term relief for viable small businesses in Florida facing immediate financial hardship. Each small business is limited to one ARC loan. The Basic 7(a) Loan Program starts, acquires and expands a small business. These loans are the most basic and most used type loan of Small Business Administration SBA business loan programs. Borrowers can apply through a participating lender institution.
The CAPLines is an umbrella program under which the SBA helps small businesses meet their short-term and cyclical working-capital needs and the Certified Development Company Loan Program is a long-term financing tool for economic development within a community. This program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.
Community Express is a Small Business Administration pilot, loan program for small businesses in low and moderate income areas. The Microloan Program provides very small loans to start-up, newly established, or growing small business concerns. SBA makes funds available to nonprofit community based lenders which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level. Accion USA gives Small Business Loans that are flexible up to $50,000 to small business owners who have limited or no access to traditional business credit.
Financing for Small Businesses and Non-Profits Loans for small companies and nonprofits whose financing needs are not met by traditional lenders are done by Self Help. If you cannot find a grant available from the state financial resources, there are plenty of low-interest loan programs backed by the U.S. Small Business Administration. These grants are not necessarily free money and usually require the recipient to match funds or combine the grant with other forms of financing such as a loan.
Small Business Grant Source:
Learn the application procedures, various funding sources for specific types of businesses and eligibility criteria for small business grants. You can find the most comprehensive information on availing of small business grants by visiting this online guide on grants here
Apart from the Government, there are several foundations that liberally offer grants for several purposes. Visit this Grant Foundation Guide to know how to avail of free grants from private foundations. Also, check out the Education Grants Guide to find the best sources for all types of education grants.