What are some grant programs for first time business owners?
February 5th, 2011 | Author: financereferences.com
Question by Pickle~Head~Lova: What are some grant programs for first time business owners?
I am interested in starting my own business. Are there any grant programs and what are they? And for minority business owners?
Thanks.
Best answer:
Answer by imisidro
You stand a greater chance of getting a government-guaranteed loan through the Small Business Administration http://www.sba.gov/financing than a government grant. Read the SBA Financing page to learn about criteria needed for borrowing. SBA has different loan programs for minority business owners, as well as certification programs such as 8A that will allow you to compete better in the government contracting process.
It is hard to find grants to start a business — whether you are a minority or not, or whether you are a first time business owner or not. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business.
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov – these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/mostrequesteditems/CON_FAQ2.html
“The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business — THERE’S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs
I suggest you read the following books to get ideas of how to finance your business:
Financing Your Small Business http://www.amazon.com/exec/obidos/ASIN/1572484500/powerhomebizguid
Small Business Financing: How and Where To Get It http://www.amazon.com/exec/obidos/ASIN/0808007386/powerhomebizguid
Financing the Small Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing http://www.amazon.com/exec/obidos/ASIN/1580626815/powerhomebizguid
The SBA Loan Book http://www.amazon.com/exec/obidos/ASIN/158062202X/powerhomebizguid
Angel Capital : How to Raise Early-Stage Private Equity Financing http://www.amazon.com/exec/obidos/ASIN/0471690635/powerhomebizguid
Financing Your Small Business (Barron’s Business Library Series) http://www.amazon.com/exec/obidos/ASIN/0764124897/powerhomebizguid
For private grants, you may want to check the Foundation Center’s Foundation Grants for Individuals Online http://gtionline.fdncenter.org . It’s a subscription based website ($ 9.95 per month) but their opening blurb only says that the database is ideal for “students, artists, academic researchers, libraries and financial aid offices.” Entrepreneurs are apparently not one of them, so I take it they also don’t have listings of private foundations who give grants to would-be entrepreneurs.
Give your answer to this question below!
Each day millions of dollars in Free Government Grants are given away to people just like you for a wide variety of Business and Personal Needs. Grants Can Be Secured By Any US Citizen. In 2008 Grants were given away in the amounts: Small Business Start Up – 0000000 Home Renovation – 00000 Heath Care Cost Recovery – 50000 Student Loans and Education Grants – 00000 Minority Grants – 000000 Womens Grants – 00000 Research Grants – 0000000 Community and Social Development Grants – 000000 You can apply for as many grants as you want.
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