I own a towing company and am in need of a loan or grant. How would i go about find the right one for my comp.

Question

I don't have the best credit. I am wondering if i should go to a company that writes grants or if i should just try to research the subject and try to apply on my own but i don't understand a lot of the legal ****.

Answer 1

When you own a towing company it is hard to get a loan believe me i know. i am not shure what you have invested in your trucks or impound or how long the business has been open. Grants take a long time and you are a female so you have a good shot but grants take a while to get done. I would try for a HARD MONEY LOAN, they take what you own and your sales and look at that instead of you credit. you do that through a investor here is a number where you can start.
1-714-596-1710, that is who helped me

Answer 2

Grants are tricky and have a lot of rules on how to spend the money. But the Small Business Administration (SBA) may be what you are looking for, as they guarantee business loans that banks make to small business owners for startup and/or expansion of the business. Since you already own your business, then you probnably have some equity built up in equipment etc. which is helpful in getting an SBA loan. You can get some good advice and procedures and lenders in your area at the SBA site. http://www.sba.gov/

Answer 3

With loans, you can try to avail of the low cost loans provided/guaranteed by the Small Business Administration. Note however their eligibility requirements and credit factors that are looking for their beneficiaries, which includes collateral, equity investment (you need to put some money into the business) http://www.sba.gov/financing/preparation/qualify.html

It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK - lots and lots of it, that is why a cottage industry of grant writers was born.

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 if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same - hardly any grants for starting a for profit business.

Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/expanding/grants.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

For private grants, you may want to check the Foundation Center's Foundation Grants for Individuals Online. 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.

http://www.cfda.gov
http://www.grants.gov
http://gtionline.fdncenter.org
http://www.powerhomebiz.com/vol66/grants.htm
http://www.sba.gov/expanding/grants.html

Answer 4

there are GRANT attys who work on contingencee (no grant no fee) that is best bet