Government Grants for small business

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Government Grants for small business

Postby JuanM on Tue May 13, 2008 6:17 pm

Does anyone know anything about government grants (or other grants) that a person with an idea for a small business can apply for?
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Re: Government Grants for small business

Postby Interloper on Tue May 13, 2008 7:52 pm

I went to a seminar held by the SBA (Small Business Administration), which is the govenment agency that supports small businesses and entrepreneurs. http://www.sba.gov

It was really informative, the main point being that before you can get a loan (low interest) via the SBA, you have to have a very detailed, rational and solid business plan. You can arrange to get counsel on how to prepare your plan (there is a formula to it, like preparing a thesis proposal in academe) through the SBA but also through a great non-profit organization called S.C.O.R.E. (Service Corps of Retired Executives), which is made of volunteer who themselves are retired from successful careers in business and industry. http://www.score.org

SCORE volunteers help you frame your business plan, and I think they also can get you the application forms and paperwork for SBA loans.

Good luck.
Last edited by Interloper on Tue May 13, 2008 7:53 pm, edited 1 time in total.
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Re: Government Grants for small business

Postby ilove_thistuff on Wed May 14, 2008 3:24 am

Hey thanks for the info, I'm an upstart acupuncturist and wanted to buy a retiring practitioners practice but didnt know how to get the loan and create a plan. This info will help alot, do you know what the sba max for loans are if there any?
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Re: Government Grants for small business

Postby JuanM on Wed May 14, 2008 10:34 am

Interloper,

Thanks for the info. Really appreciate it.
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Re: Government Grants for small business

Postby Interloper on Wed May 14, 2008 4:23 pm

ilove_thistuff wrote:Hey thanks for the info, I'm an upstart acupuncturist and wanted to buy a retiring practitioners practice but didnt know how to get the loan and create a plan. This info will help alot, do you know what the sba max for loans are if there any?


According to the website, $1.5 - $2 Million is the max. Is that enough for your business? ;)
I recommend reading the SBA's website. It's really informative.

Intro to their funding program:
http://www.sba.gov/services/financialas ... index.html

Here's the basic intro to loans:
http://www.sba.gov/services/financialas ... index.html

On that page, click on the link to Basic 7(a) Loan Program for an overview and criteria for applicants. Note that they say that it's not the SBA itself that gives loans (or grants). They direct the applicant to the most appropriate lender. But they do all the prep stuff with you. A great resource.
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