Small business grant
Are you a United States citizen hoping to go into business within the next few months Do you need startup capital with few strings attached and fair terms for repayment If so, you should investigate the progams available through the Small Business Administration. This organization was established by the United States government in the 1930s to help America get out of the depression. Since then, the federal grants and loan for Small Business has expanded its services to include financing for minority owned and operated businesses, those run by the handicapped or disabled, and many other types of people.
It is the first place to look for help when establishing a new business. However, there are a few steps you need to take before contacting them. You should first meet with a consultant to form a business plan and get it in writing. The federal grants and loan for small business has consultants available to help you do this. It also has a list of paid consultants in your area. Be prepared to pay for services if they are unavailable to you online. Include in your plan an accurate estimate of the funds you will need, your estimated time until you turn a profit, and the type of assets you will need to be successful. Also needed are an estimated time frame for repayment of your loan, a list of your physical assets, and a credit report so they will be able to determine their risk. Tell the truth about your time frame, since you do not want to shorten it and thus overextend yourself financially.
Once you have submitted your application, be patient; the process takes a while. Depending on the business you wish to establish, you may wait for approximately a year. It may feel like an eternity, but patience will eventually pay off for you. After a few months,if you feel it isn't going as fast as you think it should, call your assigned representative and have him check the status of your loan. It may be that they need further information to continue the process. There are many fine resources to get that information, both online and at your local library.
Provide your agent with your email address and cell number so she can reach you if further information is necessary for your process to continue. The sooner she contacts you, the better. Check your email daily, establishing a unique account just for it if need be. That way, you will be able to access it wherever you might be to check the status of your application.
After you have fulfilled these requirements and the grant or loan still is not forthcoming, contact your representative and ask for an update via email when your request has been answered. Again, be prepared to wait for awhile. Remember, it is a beauracracy and it moves very slowly. It was designed this way to assure that it properly dispenses the funds granted to it by the Congress. If you have requests for further information, do not hesitate to call your rep, as she has access to information not usually made available to the online community. Do not make the SBA your sole source of revenue; get out and work to bring in a revenue stream while you are waiting for a response from them. This will do a couple of things: it will prove to them that you are serious about being in business for yourself; and it will also bring in an income to sustain the business through the waiting period of the loan. A word of wisdom, before you apply for the loan or grant, ask your representative approximately how long your wait for an answer will be; then you will know how much money you will need to sustain you and your enterprise until the necessary funds arrive.
Be prepared to work an outside job if you need to, just to survive until the loan or grant comes through. You will not receive something for nothing. You are not entitled to a loan or grant just because you live and work in the United States. Part of your preparations should be researching the income limits for the SBA to issue your grant or loan in the first place. The limits will differ according to your business, its anticipated niche in the economy, and your own income stream before the loan or grant.
Do not be swayed by advertisements in your email into paying reference services for this information. You can access this information for free from the federal grants and loan for Small Business Administration's website at http://www.sba.gov. The website is well organized and easy to navigate. You will have to dig it out and process it with help from your SBA rep, but the reward is worth the effort. Above all, be persistent. As with any worthwhile ambition, it takes time, effort, and patience to receive the funds you need to start your new business. You will learn much through this experience that will help you once you have opened your business. The main lesson is to persevere throughout a process until it is completed; whether you achieve a desired end result or not.
Be prepared for rejection. Seek other sources of revenue as a hedge if the Small Business Administration does not issue you federal grants and loan for small business. Their rejections are few, but they do occur. If you are rejected, ask them why they rejected you and be prepared to file an appeal of that rejection, stating specifically why you are entitled to the money. Again, the key is persistence and patience. A few other keys to success are remaining polite and professional in all communications with your rep or his immediate supervisors, being prepared to provide key information when it is requested, and keeping in contact with your rep. These are busy people; they will not remember you if you do not give them a reason to remember you.
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