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How to get funded: government funding for small businesses

December 4, 2014 by admin

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Small businesses can rely greatly on government funding to help them with everything from start-ups to repairs. Companies need funding from time to time because they may not be able to make large purchases from their everyday profits. Usually a company would want to take out a loan to purchase things like a new delivery truck, a refrigeration system, a computer software upgrade, etc. These are usually pricey purchases and therefore, businesses look to programs funded by the federal government to get the funding that they need. There are many programs that receive funding from the government and help improve the economy overall by allowing businesses to improve so they can hire more employees, expand, and helping others start. You can receive funding for starting a business, expanding a business, recover from a natural or economic disaster, become more environmentally healthy, or to receive training assistance.

Funding for small businesses

  • Microloan Program: Provides small loans to growing, new, and start-up businesses. Nonprofit and community based lenders receive federal funding to assist businesses that need small loans for various projects. These loans go up to $ 50,000. The decisions are made solely by the lender. Check out this link to learn more: https://www.sba.gov/content/microloan-program.
  • Certified Development Company (CDC) 504 Loan Program: This is a long-term financing tool to help the economic development in various communities. It provides businesses with long-term, fixed-rate financing for their larger assets including buildings and property. Learn more at https://www.sba.gov/content/cdc504-loan-program.
  • Working Capital Guarantee Program: Small and medium companies can receive short-term loans for their exporting needs. It is a guaranteed loan that commercial lenders will provide the funding for such needs. More information can be found at https://www.exim.gov/products/work_cap.cfm.
  • Small and Medium Enterprise Financing Program: If your business makes a yearly revenue of less than $ 40 million, then you may qualify for this program. It provides both medium-term and long-term funding to investment projects in emerging markets and developing countries through direct loans. Get more information on this program at https://www.opic.gov/financing.
  • Basic 7(A) Loan Program: When expanding, acquiring, and starting a new business, the 7(A) loans are easy loans that can be acquired through participating lenders. Check out this to get more information: https://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/sba-loan-programs/7a-loan-program.
  • Community Development Financial Institutions Program (CDFI): Financial Assistance Awards provide funding for the CDFI to make investments that support community development and economic revitalization projects. More information can be found at https://www.cdfifund.gov/programs-training/Pages/default.aspx.
  • Small Business Lending Fund: Qualified community banks and community development loans funds receive capital so they are able to provide loans to small businesses. More information is available at https://www.treasury.gov/resource-center/sb-programs/Pages/Small-Business-Lending-Fund.aspx.
  • Federal grants for businesses: Though they can be tough to come by, if your firm is involved in activities that support national strategic priorities, there may be federal grants available for your small business. Two of the broadest programs include the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Learn more about these business grants for women in technology by visiting the SBIR website. You can also visit Grants.gov to search for more small business grants. Click “Browse Eligibilities” and then “Small Businesses.” You can also check with your state or local economic development office to see if they offer any grants for small businesses in your community.

These are just a handful of the many different government funding opportunities that may be available to your business. In order to get funded, visit the individual websites and follow the instructions. There are programs for almost every situation and every business. They can help you get the funding that you need for your next project.

Filed Under: Growing Small Businesses, Uncategorized Tagged With: Business Funding, government funding for business, small business funding, Small Business Grants

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