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  1. #1
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    Funding for new Shop

    I haven''t gotten to the funding phase yet but I''m trying to get some ideas. One way was to apply for a government grant. Has anyone else here ever done that to start a small business? Do you repay the grant? Are interest rates lower? Is a Grant hard to qualify for? Am I better of with private investors?

    thanks

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  2. #2
    Var
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    By definition a grant is not a loan, therefore not to be repaid.

    If the US government is calling their loans "grants" then that is just doublespeak.

  3. #3
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    Are you referring to an SBA loan, a loan through a qualifying lender that is backed by the government?

    Govt. "grants" are reserved for special circumstances and if you qualify for one, it is not something you have to pay back.

  4. #4
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    You will find alot of good and helpful information here.
    http://www.sba.gov/services/financialas ... index.html

    and just an FYI the goverment does not give grants to business that are for profit.

  5. #5
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    Quote Originally Posted by coffee_addicted
    ....and just an FYI the goverment does not give grants to business that are for profit.
    The SBA doesn't, you're right.

    Unless I'm mistaken, agricultural loans as well as "grants" are available to farmers (at least in the U.S.), who meet certain growing requirements.

    Also see: http://www.usagovernmentgrants.org/business_grants.html
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  6. #6
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    Unless I'm mistaken, agricultural loans as well as "grants" are available to farmers (at least in the U.S.), who meet certain growing requirements.
    Yes they do offer this type of grant for help with agriculture, I was refering to a Coffee Shop. Below is a quote from the SBA

    Please Note that the U.S. Small Business Administration does not offer grants to start or expand small businesses, though it does offer a wide variety of loan programs. While the 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. (See Federal and State Technology Partnership Program)

  7. #7
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    There are dozens of government funding agencies and other programs to apply to. SBA is just one and they don't offer small business grants. But there are other federal, state and local grants available.

    Low interest loans are available for such things as historical structures and special loans for businesses operated by women and minorities. You can call your local city and county development offices to ask if loans, grants or tax benefits are available.

    My sister has some distant Native American relatives on her Dad's side and received government grants to help pay her way through her doctorate in psychotherapy.

    In the US, we throw away tons of fresh unused food every day, it's too bad. In the same way, much of our tax dollars go unused in the applications for which they were intended. Find my tax dollars out there and use them!

    You can also apply as an individual, versus applying a business owner.

    If that doesn't work out, call your uncles and cousins, they might chip in a few grand to be a part of something cool like a coffee shop.

    Good luck!!
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  8. #8
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    SBA loan is typically what people use to start a business. i have been looking into this as i am about to open a diff kind of business. Another good idea is always to buy an existing one. it shows its been opened but also it has been making money. banks are more likely to finance an existing shop, if its making money.

  9. #9
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    Good point about buying an existing business.

    In my experience, SBA backed loans should be your last resort though, unless your credit isn't up to par with what banks like to see. The interest rate is generally a little higher than what the bank would charge and you'll be carrying Uncle Sam on your back until the loan is paid off.

    On the bright side, I almost accepted an SBA loan once and was surprised at how quick and easy the application process was.
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  10. #10
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    Well, I am a permanent resident here in the U.S and I would like to expand our business. My husband and I have a small business but I want to develop into a large business but we donít have the money. I heard that there is free govt. grant money but canít seem to find someone for applying for this money. How do I get a free govt. grant to start or increase a business? Any reference will be appreciated.

 

 
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