where is the best place to apply for a small business grant and loan with less complications in detroit mi?

Question

a small bussiness grant or loan between 100.000 and 200.000 to start a non-phrofit org. i am a single mom with a credit rating that is not to good, plus is amd on a fixed income with 3 teen-age kids. my business will help with-in the community such as purchasing bank owned homes, then i would lease or sell them to a broad band of clients allong with helping them clean up and or establish credit along with free support information to assist with keeping their homes and utilizing their income to become and or stay self sufficient by establishing a solid budget to fit their family needs through support programs assistance.

Answer 1

The first step is to decide whether you want to be a for-profit business or a non-profit. You stand to receive more grants if you become a non-profit organization.

If you are planning on a loan, consider getting a low-cost loan guarantee from the Small Business Administration. Read the following documents

What Will I Need to be Considered for SBA Loan Assistance? http://www.sba.gov/financing/preparation/requirements.html
CREDIT FACTORS A POTENTIAL BORROWER SHOULD KNOW 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.

Answer 2

I have information about loans, starting a non-profit & doing business in MI. I'd check with imisidro about grants -- she's the #1 Answerer in the Business & Finance section and has great info about grants.

LOANS:

The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler

There are plenty of free informational resources out there. Check the source box for links to articles.

NON-PROFIT BUSINESS

Here are some book titles that are relevant:

* Starting and Running a Non-Profit Made Easy by Entrepreneur Press, David H. Bangs
* Starting and Running a Nonprofit Organization by Joan M. Hummel
* The Nonprofit Handbook: Everything You Need to Know to Start and Run Your Nonprofit Organization by Gary M. Grobman
* Starting & Building A Nonprofit: A Practical Guide by Peri Pakroo

Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

There are plenty of free informational resources out there. Check the source box for links to articles.

DOING BUSINESS IN MI:

I posted links for you in the source box pertaining to starting a business in your state.

Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:

* How to Start a Business in Michigan by Edward A. Haman, Mark Warda
* How to Start a Business in Michigan by Entrepreneur Press
* Smartstart Your Michigan Business by PSI Research

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

YOu can go to sba.gov and search for local office in your area . I never try it but heard people said that you'd need a great business plan to convince them for the loan . Good luck on your new venture.

Answer 4

http://interfaithtrust.org


specializes in loans to non-profits for low-income housing.