what is a good site to find info about business loans , grants , and any other government .?

Question

my husband and i were looking to start a small business and we would like to know if anyone has an idea on a website that could help us out on getting some assistance on business loans and anything else . . . any information will help . ( were new at this ) thanx :)

Answer 1

I suggest you check out Small Business Administration's financing page http://www.sba.gov/financing -- read their financing requirements and factors borrowers should know.

When looking for loans, SBA (and banks) may consider these factors aside from your personal credit history:

- A business plan explaining what the business is

- Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you

- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application

- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you

- Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.

Aside from the traditional SBA loan guarantees, I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program http://www.sba.gov/financing/sbaloan/microloans.html.

If you will require a smaller amount, it may be easier to get the amount from banks. Some banks extend what they call "small business lines of credit" often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000. For example, Wachovia's has various business lines of credits http://www.wachovia.com/small_biz/page/0,,446_612_1399,00.html Their business line of credit can even be approved overnight

As for grants, there's no grants for starting a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for 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."

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.

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

Answer 2

The Small Business Administration will underwrite some business loans. They usually go through local banks. You will need capital to put into the business, yourself. Personal assets, such as a home or other real estate would help. I don't know their website, but you could probably do a search for the SBA and find their website. You may also check with local banks to see who may participate in these types of programs and if there is other assistance available from them, such as grants. Grant for business start ups is usually restricted to minorities.

Answer 3

check your local university for their Small Business Development Center. They are funded by SBA to assist people located in their areas. They offer a wide variety of classes and seminars on most aspects of business. Also, your local Chamber of Commerce is a good place to get contacts.

Answer 4

the best and most complete site is www.sba.gov

Answer 5

http://www.entrepreneur.com/startingabusiness/gettingfinancing/index115674.html

Answer 6

Try these.