While we hope to help everyone that comes to us for small business resources, unfortunately, it doesn’t always work that way. You may find that starting out with your small business you need something more like the government resources that are available to fund your idea. There are many small business loans, programs, and resources that can help you get your dream off the ground.
The Small Business Administration is a sector of the government that assist small business owners like yourself get the funding you deserve. Whether you want to start a new construction business or a new flower shop, this is a great location to research for your funding. Check out the different options below that can help you get the government funding you need to start seeing your business grow.
SBA offers a variety of loan programs that can help you find the funding you need. Here are a few you can take a look at when it comes to starting your business.
General Small Business Loans
The 7(a) Loan Program through the SBA is a small business loan that has a few stipulations. Before applying for this loan you must have already financed using your personal means, or alternative resources before you can be funded for this loan. Your business must be a “for profit” business operating inside the US, and be considered small by the SBA regulations. You cannot be delinquent on any debts owed to the government already and you must use the money for your business purposes. There are no minimums of how much you could request but there is a maximum of $5 million. The rates and fees are reasonable to help you get your business going.
If you’re looking for $50,000 or less, you may qualify for a microloan. This is set up to help some small businesses and non-profit childcare establishments get a start. These loans can be used for things such as inventory, updating machinery or furnishing your business location. The fees are again fairly reasonable for the loan and the repayment depends on factors such as amount of the loan, its use, and the needs of the business. Typically it has to be repaid within six years.
Real Estate CDC/504 Loan
If you have exhausted all your other avenues, have a business operated for profit, and a sound business plan, then the CDC/504 Loan might be for you. This loan is used for items such as purchasing new land or buildings, improving your current location, or purchasing equipment to help you do the job. You can also use it for new construction.
Are you a contractor looking to get your start in federal or state work? If so this is the place you need to research. Surety bonds done through the SBA will help you to land those construction jobs. Most companies that are in this line of work need to be bonded to bid on the jobs or after their bid is accepted. The SBA offers bonds to help you guarantee the work is completed. This can help you land the job and the fees associated with the bonds are relatively low.
The Small Business Investment Company helps to get capital to the small businesses who are in need. These are professionally managed funds that are privately owned to help the businesses in their day-to-day operations, building improvements or inventory needs. There is a strenuous process for those who become investors or managers of these investments. You can rest assured that if you’re using these funds for your business, they are well taken care of and managed properly.
While our company strives to help everyone in their new business endeavors, it is not always possible. There are many factors that go into the business loan process and the government offers ways for your loan to fund, when others do not come through. If you feel that you have exhausted all of your possible funding, be sure to check out these government funded resources. The US Government and the SBA strive to help new small businesses get off the ground. They want to help you succeed. Don’t give up on your dreams!
- Loans from $5,000 - $250,000
- Fast Approval Decision
- No Complicated Paperwork
- Bad Credit OK
- Funds Direct Deposited
- Quick Online Application
- Term: 4 Months to 10 Years