It should be known for you that all of the federal funding options are not available directly from the government. Instead, you will need to approach your state government about the types of funding available. Indeed, small business grants and loans can be used to help you in starting or expanding your work and there are many state agencies that can provide you with the money to achieve this.

Where should you start?

The first organization you should approach is your state government as they will be able to direct you to the different agencies and organizations that partner with the US small business association. You can find various funding options from your special district governments, the city or town government, and your state government. There are also public and private organizations that offer small business funding.

When should it be possible to apply there?

To be a qualified applicant, you must meet the size requirement for a small business. These size requirements are: 28.5 million for heavy construction industry or other general industries, 0.75 million for agricultural companies, 100 employees for the whole sale trades, and 6 million for retail industries and service industries.

So, what to do next?

The main federal grants and loans are only available in the form of loans as currently there are no grants available. The state governments offer 4 main loan programs, which are different from each other depending on your business needs. The main programs include the 8(a) program, microloan program, certified development company (CDC) program, and the basic 7(a) loan guaranty. The Small business associate will put you in contact with organizations that provide these loans such as financial institutions, organizations, and other SBA partners.

A very flexible loan that can be used for many general purposes is the Basic 7(a). This program is the first one you should try to apply for a small business funding. It can be tailored specifically to your needs as there are many different variations in this choice.

A CDC loan was made for developing the economy within a community and is provided to the community by nonprofit organizations. You need to apply to your regional CDC office as there are specific CDC’s depending on your location. A microloan has a maximum cap of $35,000 and it is dedicated only for small businesses and non-profit-child-care centers. This micro loan is supposed to be used specifically for inventory, fixtures, equipment, furniture and other business supplies.

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Tags: Federal grants and loans, finance