The process of starting a business is exciting and daunting at the same time. There are many questions you will need to answer such as “What kind of business should I start?”, “How much money will I need to get started?”, “Can I get financial assistance for my small business?” and “Where can I find a small business development fund near me?”. While there aren’t any one-size-fits-all answers, we believe that we can help point you in the right direction. The Small Business Administration (SBA) provides information on loans and grants available for people who want to start or expand their businesses.
Does Your Business Fit the Criteria for A Financial Assistance?
The U.S Small Business Administration provides assistance to small business development fund through various programs and agencies including SBA loans and grants. These programs can provide a solution for a variety of situations such as start-up capital, education, disaster relief, or growth capital among others. You will need to figure out which program would work best for your situation and industry.
Does Your Project Qualify for A Small Business Loan or Grant?
The SBA provides a range of programs including 7(a), microloans, 504 loans, and grants; each targeting specific situations such as working capital, real estate, or equipment among others. The following is a list of current federally sponsored loan and grant programs:
– Disaster loans (7(a))
– Microloans (Microloan program)
– Community Advantage -Business financing program allowing local organizations to access federal funds to provide small Business loans Brooklyn. Loans can be used for working capital or fixed assets such as equipment, furniture and vehicles. Loans may be up to $5 million with interest rates determined by the agency.
– Real Estate Loans (504 Program)
– Export Working Capital Program (EWCP)-provides working capital for companies who need to purchase inventory or supplies abroad. The program provides a 50% guarantee on loans of up to $1.5 million for periods not exceeding six years at an interest rate not less than one half of the prime rate charged from time to time by the largest New York City bank as published in “The Wall Street Journal.”
All these programs have different eligibility requirements. You should speak with an SBA representative as well as a financial professional to determine which program is right for you.
Starting or expanding your business is easier than you think, especially if you know where to look.
Here are some ways that can help get capital for your small business.
1) Take advantage of small business loans Brooklyn. If your business falls within the guidelines established by Small Business Administration (SBA), you might qualify for an SBA loan; the criteria are stringent, but it’s worth a try.
2) Go for government grants. You can get small business opportunity fund from different federal and state agencies to help you with the costs of starting a business. Starting or expanding your business is easier than you think, especially if you know where to look.
In Conclusion
There are a variety of assistance programs available to small business owners in the U.S. There may be additional small business opportunity funding sources that can help as well so please continue your research!
