Grants and Money for a New Business Start-Up
Your business start-up needs financing before you can get started ushering your vision to life, but finding the money can be tricky. Government funding is available for those involved in research and development of new technologies, but, as a small business owner, you'll also need to look at other alternatives, including bank and government loans, money from friends and family, and even angel investors in your community.
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Small Business Loans
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The U.S. Small Business Administration (SBA) is a go-to resource for many start-ups looking for counseling and funding. Although the SBA does not offer grants, you can find a number of loan opportunities through the SBA, including such options as micro-loans, long-term loans encouraging community economic development through the CDC/504 loan programs, and 7(a) loans helping small businesses with special requirements, such as exporting or businesses operating in rural areas.
Government Funding
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Although the U.S. Small Business Administration does not provide grant funding for start-ups and small business, if you are involved in scientific and research, you can tap into funding from The National Institute of Standards and Technology (NIST). The NIST offers opportunities for start-ups to fund operations in research, technology and measurement. NIST funding supports such programs as construction, laboratory work in diverse areas, such as fire research, information technology and research, as well as small businesses that deal with research and the development of scientific and technological products and services.
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Family and Friends
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According to Inc.com, one way for start-ups to find capital resources is by looking toward family and friends. Family and close friends may be able to help your start-up by providing money as either gifts or no-interest loans. Although you may be skittish about asking your parents, siblings or best friends, those closest to you want to see you succeed, and if they have the resources available, you shouldn't shy away from taking gifts and loans from your friends and family.
Angel Investors
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According to "Business Insider," angel investors can provide start-ups with money, but the process isn't easy. Even if you have a great idea suitable for an eager market, you'll have to sell both your business and yourself. Angel investors are drawn to people more than projects and are more likely to invest if they see a trustworthy, dynamic individual willing to drive a business idea to succeed. Also, when looking for angel investors, "Business Insider" recommends you look for local funding since angel investors typically are interested in helping communities in their own regions.
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References
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