Available Free Money, Government Programs, Grants, Funds, and Loans for Small Businesses in the USA and Territories
Starting and running a small business can be a challenging and expensive venture, but there are numerous resources available to help. The government, through various agencies and programs, provides financial support to small businesses in the form of grants, funds, loans, and other forms of assistance. In this article, we’ll take a look at some of the most popular government programs, grants, funds, and loans available to small businesses in the USA and its territories.
- Small Business Administration (SBA) Loans
The Small Business Administration (SBA) is a federal agency that provides support and resources to small businesses. One of the ways it does this is through its loan program. SBA loans are designed to help small businesses get the financing they need to start or expand their businesses. These loans can be used for a variety of purposes, including working capital, equipment, real estate, and more. The SBA guarantees a portion of the loan, making it easier for small businesses to secure financing.
- Community Advantage Loans
Community Advantage Loans are a type of SBA loan designed for businesses that are unable to secure traditional financing. These loans are designed to help businesses in underserved communities and can be used for a variety of purposes. They are available through participating SBA-approved lenders and can provide up to $250,000 in financing.
- 7(a) Loan Program
The 7(a) Loan Program is the most popular SBA loan program. It provides financing for a variety of purposes, including working capital, equipment, real estate, and more. The loan amount can range from $50,000 to $5 million, depending on the business’s needs. The SBA guarantees a portion of the loan, making it easier for small businesses to secure financing.
- Microloan Program
The SBA’s Microloan Program provides small business owners with loans up to $50,000. These loans are designed to help businesses that are unable to secure traditional financing and can be used for a variety of purposes, including working capital, equipment, and more. The SBA works with intermediaries, such as nonprofit organizations, to provide the loans.
- Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) is a federal loan program designed to help small businesses during the COVID-19 pandemic. The program provides businesses with forgivable loans that can be used to pay for expenses such as payroll, rent, and utilities. To be eligible for a PPP loan, businesses must have fewer than 500 employees and be affected by the pandemic. The program has been extended several times and is currently available until March 31, 2023.
- Economic Injury Disaster Loans (EIDL)
The Economic Injury Disaster Loan (EIDL) program is designed to help small businesses that have suffered economic injury due to a disaster, such as the COVID-19 pandemic. These loans can be used to pay for expenses such as payroll, rent, and utilities and can be up to $2 million. The loan terms can be up to 30 years and are based on the creditworthiness of the business.
- Small Business Innovation Research (SBIR)
The Small Business Innovation Research (SBIR) program is a federal program that provides funding to small businesses for research and development. The program provides grants to businesses to help them develop new products and services. The funding can be used for a variety of purposes, including research and development, prototypes, and more.
- Small Business Technology Transfer (STTR) Program
The Small Business Technology Transfer (STTR) Program is similar to the SBIR program but requires a small business to partner with a research institution. The program provides funding to small businesses to help them develop new technology and bring it to market. The funding can be used for a variety of purposes, including research and development, prototypes, and more.
- Minority Business Development Agency (MBDA)
The Minority Business Development Agency (MBDA) is a federal agency that provides support to minority-owned businesses. The agency provides a variety of services, including access to capital, contracts, and technical assistance. The MBDA works with businesses to help them grow and succeed.
- State and Local Grants and Funds
In addition to federal programs, there are also state and local programs that provide funding to small businesses. These programs can provide grants, loans, and other forms of assistance. Some states have programs specifically designed to help small businesses affected by the COVID-19 pandemic. Small business owners should check with their local government to see what programs are available in their area.
In conclusion, small business owners have a variety of resources available to help them start and grow their businesses. From SBA loans to state and local programs, there is a range of financial support available. It’s important for small business owners to take advantage of these resources and seek out the support they need to succeed. By doing so, they can build strong, sustainable businesses that contribute to the economy and create jobs.
It’s important to note that these websites and the programs they offer may change over time. Small business owners should check the websites regularly to see what programs and services are available to them. Additionally, small business owners should research the terms and conditions of these programs to ensure that they meet their needs and requirements.
- Accion – https://www.accion.org/
- Kiva – https://www.kiva.org/
- Opportunity Fund – https://www.opportunityfund.org/
- Grameen America – https://www.grameenamerica.org/
- LiftFund – https://liftfund.com/
- National Association for the Self-Employed (NASE) – https://www.nase.org/
- Score – https://www.score.org/
- National Association of Small Businesses (NASB) – https://nasb.org/
- National Small Business Association (NSBA) – https://www.nsba.biz/