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Monday, October 6, 2008

How To Get Small Business Grants & Loans

Getting funding for your small business is always nerve racking. Not everyone has a Sugar Daddy .... and Angel Investors don't grow on trees (and usually are more interested in bigger fish anyway). Plus in today's economy bank loans are tough to come by.

So what do you do for start-up or expansion funds?

Government grants and loans are an option worth considering. So start there.

Of course where to apply and submit for a small business grant would largely depend on what type of small business you have.

Your best opportunity is to focus on Government grant applications to the Small Business Innovation Research (SBIR) Program and the Small Business Technology Transfer (STTR) Program. Primarily because if it's not Tech Transfer or Innovation Research, the grants for small businesses are few and far between. Reserved only/mostly for tech transfer and innovation.

Financial Assistance - Grants

The only exception being some available grants designed to expand and enhance organizations that provide small business management, technical, or financial assistance. But these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. (See the Federal and State Technology Partnership Program)

You may be better off getting a small business loan if you want funding. A loan of course isn't as ideal as a grant, but you're's in a highly competitive arena. Even the SBIT/STTR grants are extremely competitive. Here's a link to back this up:

Most Requested Items

there is no such thing as submitting a grant application to the Federal Government as a whole. And there is no one main "grant receiving" office. So if you are thinking that there is, that's why you probably can't find that address. You could probably get a better result by sending your application to Santa Claus at the North Pole.

Instead, if you have created a grant application for a specific program, where ever you got the application information should also have contact information provided.

It is a long process, and the competition is impressive. But if your company's R&D is aimed at a specific and narrow governmental need, it can be a great program to launch or expand a business. But there should always be a Plan B.

Here a few more links for information about government grants. However, you should know that unlike the hype on the Internet, there are NO grants that just give you money to start a "for-profit" business. But if you are starting a business that offers something to help the community, then there are several grants.

Government Grants
Small Business Association Grants
CFDA
SCORE

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