Online Government Startup Grants For Small Business - Apply Free Grants Money Online-Approved

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July 20, 2020

Online Government Startup Grants For Small Business

Online Government Startup Grants For Small Business-Start Your Own Business With Free Startup Grants Assistance For Small Business

The U.S. Federal Government has set aside funds and resources for small business enthusiasts seeking to start up their business. Initiating a business can be an exciting experience but requires a stable financial condition to venture into the world. The government realizes your needs and hence has initiated funds for low income people or those with financial constrains to help accomplish their endeavor and dream.

So, are you looking to start your small business? If yes, then there are certain facts that require attention. The U.S. government only offers small business startup grants to 501C3 non-profitable agency setup for charity work and not to private businessmen for profit purpose. However, the government offers certain federal resources for qualified small businesses under the U.S. Small Business Administration (SBA). Initiated in 1953, it is the federal agency facilitating American citizens to build, start and expand businesses. Nevertheless, you can acquire low interest loan, venture capital programs and surety bond through the private sector lenders as there are no startup grants for private businesses.

Online Startup Grants For Small Business

Loans Programs by the Small Business Administration

Through the government does not offer any small business startup grants, it offers assistance in planning a business and also ways to secure small business startup loans certified by SBA. Some of the loans that can be availed are:
Basic 7(angel) Loan Guaranty Program: For start-ups and small businesses the loan can be used for purchasing machinery and equipment, purchase, furniture, renovation and construction of building and land, leasehold improvements or even debt refinancing under certain conditions. Maturity for such loan is usually up to 25 years in case of fixed assets and 10 years in case of working.

504 Loan Program: small businesses can acquire fixed-rate financing for a long term to attain machinery, equipment for development or real estate. Certified Development Company (CDC) offers these loans.

Disaster Recovery Loans: the U.S. Small Business Administration offers financial aid for recovery if you are a declared victim of disaster. You can apply for these small business loans as a renter, homeowner and also owner of personal property.

Check it out- Apply Free Government Grants To Pay Off Debts Online

Microloan 7(m) Loan Program: it is allocated to non-profitable childcare organizations and small businesses requiring modest financial aid to startup or to expand their work. Up to $35,000 short term loan amount is offered for inventory, working capital, fixtures, equipment, furniture, machinery or supplies. Though not directly given by SBA to individuals, the loan is offered by nonprofit community based intermediary agencies to qualified small businesses.

Surety Bond Guarantee Program (SBG): the SBA offers surety bonds to small businesses that cannot be obtained otherwise. These surety bonds acts as insurance, safeguarding the project owner against in-completion of a project by a contractor. Surety bond is necessary for state, federal and city construction grants in advance to avail the grant money. Here too, the SBA does not directly offer the surety bonds but offer through surety companies.

You may also opt for: Small Business Startup Grants Online For Disabled Veterans

Venture Capital: Another good option for small businesses along with loan and surety bonds is obtaining venture capital. The SBA's New Markets Venture Capital program (NMVC) helps small businesses with cash investment in exchange for a percentage ownership of the business. The investment funds received from the capital funding can be used by the businesses to employ local residents within the low income region.

There are certain criteria to qualify for the venture capital:
  • The value of the business must be less than $6 million
  • As per previous 2 years’ record the profit from the business must be less than $2 million
  • Poverty rate of the country where the business is must be minimum 20%
  • Low Income Housing Tax Credit must be received by 50% or above residents in a metro location
  • In comparison to state's median household income, a rural area’s median household income must be less than 80% 

Loan Pre-qualification: this program facilitates SBA to analyze and approve loan applications amounting to $250,000 or less before approaching lenders for sanctioning it.

The federal government, instead of paying all these loans directly, guarantees them that are given by lending institutions to qualified businesses. This in turn helps businesses to qualify with ease for the loans. If you too dream of starting up your business, apply for these small business startup loans today through online procedures.

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