Government Grants & Loans for Small Business

Getting funds for your small business is possible.

Government grants and loans are available to qualifying individuals looking to start or expand their small business. Grants are offered directly through the government grants website, and loans are offered through the Small Business Administration (SBA).

Misconceptions

We have all seen the infomercials that advertise "free money" from the government in the form of grants. The government awards billions of dollars in grant money per year; however, this money normally goes to state and local governments or nonprofit organizations. There are more opportunities to receive a small-business loan than a small-business grant.

Exceptions

If you do come across a small-business government grant, this grant will be offered on a per-need basis. For example, the government might offer a grant to a business that provides shelter for the homeless or child care to low-income families.

Types

All government grants are awards of financial assistance. There are more than 26 federal agencies that supply different types of grants. The SBA offers various loan programs. SBA loans are tailored to meet your business needs.

Applying

To apply for a small-business government grant visit, Grants.gov. You can search through their database of available grants and apply online. To apply for a small-business loan visit, SBA.gov.

Tips

Applying for a grant or loan is simple: getting the money is the challenging part. Before you submit your application for a grant or loan, spend time proofreading and enhancing your business plan.

References

• Small Business Administration
• Government Grants

Resources

• Apply for a Government Grant
• Apply for a Government Loan