Small Business Money
While the federal government itself does not provide money to small businesses, it does offer plenty of help in planning how to start a business, improve an existing business, and secure a low interest bad credit small business loan backed by the Small Business Administration. In addition, individual states may provide small business grants to various industries to stimulate growth in areas such as health care and technology.
The SBA has been helping small businesses since its inception in 1953 and sites can be found in every state to help with planning, financing, training and advocacy for small businesses. Additionally, it works with lending, educational, and training institutions all over the world to help small business owners with these aspects of business.
The requirements to be helped by the SBA are that your business be independently owned and operated, not dominant in its field, and meets the maximum business size standards. As long as these standards are met, the SBA cane help with free business planning, small business loan programs, a loan checklist, and business size limits.
In addition, resources exist for small businesses that sell goods and services to the federal government. Additional resources are in place for women-owned businesses, and more.
Aside from the federal government, state governments also have methods in place to help small businesses. Small business financing incentives such as these help stimulate economic growth in each state and some even go so far as to offer small business grants. Other incentives are subsidized rates on SBA loans, tax breaks, and participation in programs like business incubators that will help the business grow and become profitable.
While it’s not likely your business will receive “free” money from the government, it’s worth looking into the ways that the government is helping stimulate small business growth.