Grants for Seniors Starting a Business
Direct cash grants for seniors who want to start a business don't exist. However, the federal government designates grant money to state governments, local municipalities, certified nonprofit organizations and lending institutions. This grant money serves to build business development programs and technical assistance concepts that assist seniors who are starting business ventures. Through these initiatives, seniors can receive the support needed for developing successful business ventures.
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Process
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In its annual budget, the federal government allocates community development block grants to certified program providers for the purpose of building business development programs. These block grant funds are for business training, technical assistance and lending programs, consulting services, business incubators and specialized business initiatives. Anyone, including seniors, can access these services.
Small Business Development Center
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The U.S. Small Business Administration (SBA), in conjunction with state and local program providers, has developed Small Business Development Centers (SBDC). These centers provide the resources and information you need to start a business and are staffed with research assistants and consultants who provide guidance in formulating business strategies. These centers also house computers and meeting rooms for business development seminars.
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Specialized Lending Programs
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Participating lending institutions receive annual funding from several government organizations, with the SBA as the lead agency. The SBA receives annual funding from Congress to create and maintain lending programs with banks. An example of such a program is the SBA Express Loan Program, which depends on a credit analysis. Through this program, you can borrow money from a participating lending institution, and the SBA guarantees a portion of the loan.
Other Programs
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There are other, much smaller programs that receive funding via federal initiatives. If you need a small loan to start your business, your local chamber of commerce or SBA office has information on micro-loan programs. Micro-loan programs are comprehensive business development programs that involve training, credit restoration and analysis, and group loans from participating lenders.
Business Incubator Programs
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Don't have an office to work out of or can't afford the high rental or lease space to run your business? A local business incubator concept, funded through grants, may help you establish a location for your business. The incubator provides office space and administrative services for a reduced fee. One example is the City of Denver, Colorado and its initiative that created a community kitchen for startup caterers, complete with ovens, freezers, office space and storage space. Your local business development agency or chamber of commerce can inform you of any business incubators currently operating in your area.
Conclusion
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As a senior starting a business, you may not find free grant money. Instead, you may take advantage of grant-funded programs that provide valuable information and services. All of these efforts stem from federal initiatives to provide programs through the annual allocation of grant funding to participating organizations. Contact the SBA and learn about the various business development programs and initiatives available for starting a business.
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- Photo Credit Image by Flickr.com, courtesy of Jo Guldi
