business i want to purchase is up and running already, doing well
2006-08-15 05:31:38 · 8 answers · asked by ster 1 in Business & Finance ➔ Small Business
Go to the SBA and then they will guarantee a loan through a bank . Youwill need a credit score of mid 700s or better to qualify and it is not a grant but a loan . Getting a grant for a profit making business - zero , none , nix , nine , slimmer than none , and none
2006-08-15 05:37:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It doesn't matter if you're a 200 year old cactus. Federal grants aren't based on age, sex or color. They are based on having a well thought out business plan which includes marketing your product, having experience (or failing that, an educational equivalent), whether the business you are contemplating is unique in the area or faces competition from already-established businesses, plans for growth etc.etc.etc.
Bottom line is, they want you to demonstrate that you have the capability to make a success of the business, and that it isn't just something dreamed up on the spur of the moment to get some federal funding.
Yours sounds like a pretty solid proposition. One of the axioms in the business world is that the less you need a grant/loan, the easier it is to get one. And ain't it the truth! If Bill Gates were trying to start up today, he'd likely run into real problems because his project was so visionary, and so far ahead of where the world of business was at the time, that it would be dismissed as a pipe dream. After all, other than Bill Gates, who could have foreseen how computers would revolutionize not only the business world but all aspects of western culture as well.
Good luck on your application, and think positive!
2006-08-15 05:45:35 · answer #2 · answered by old lady 7 · 0⤊ 0⤋
I'd say about zero percent. Technically there is not such thing as free money when it comes to grants. Especially for a white male age 38...you are in your prime.
However, if the business is up and running and doing well and you believe in it, you should go to a bank and apply for a business loan. Do your homework beforehand though. You'll need a marketing proposal and projections to show them you are serious. You'll also need to have money down and/or collateral. They won't give you money if you don't have a vested interest in it. If you don't have the collateral or cash on hand, try finding some partners and/or investors.
Good luck.
2006-08-15 05:39:00 · answer #3 · answered by THP 3 · 0⤊ 0⤋
It is hard to find grants to start a business -- whether male or female. 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.
2006-08-15 07:18:36 · answer #4 · answered by imisidro 7 · 0⤊ 0⤋
It's pretty good. Just get the paper work complete. It also helps if the company is a needed service in the area. You'll be able to add that to the app.
2006-08-15 05:37:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
grants are only for business that want to get started
business doing well.. so why do you need a grant?
just want a hand out?
2006-08-15 05:37:27 · answer #6 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
A grant? Probably not suited for your situation... you need an SBA loan. Good luck.
2006-08-15 05:38:42 · answer #7 · answered by hrh_gracee 5 · 0⤊ 0⤋
slim to none unless you have matching funds
2006-08-15 05:47:14 · answer #8 · answered by jyd9999 6 · 0⤊ 0⤋