Business Assistance Programs

There are three main ways to access money in the capital marketplace for business use. The first place is to apply for financial aid is through the federal government. There are a wide range of grants and loans to help expand your business. You also have state grants and loans that can help you with your business. Some states use these funds to start up business centers that give financial and business advice to new entrepreneurs. Other states use this money and pass it along directly to the entrepreneur. The last place to check for capital is through the private sector. The private sector includes a wide variety of businesses, non profits, institutions, organizations, and other private foundations that donate money. They give money for a variety of reasons. Some of theses reasons include tax breaks, legal, and philanthropic reasons. Each charitable organization can give away this money in any form they wish and to whoever they wish. This can include grants, and venture capital. We have included a list of some of the sources we could find within the private sector. We hope you take full advantage of them.

State Grants and Loans - Directory of where to go to find business grants and loans offered through state economic development agencies.

Small Business Financing - Tutorial on how the SBA works and what they offer.

State and Local Government Agencies - Access information on state financial aid through a portal that will connect you to all your local state websites.

State Business Grants, Loans, and Business Assistance Programs - State economic development resources for the small business.

State Economic Development Agencies - State Economic Development Agencies.

Federal Business Grants, Loans, and Business Assistance Programs - Be sure to check out the complete guide to federal programs within this guide before you get started with searching for federal business assistance. When you visit the link above, be sure to type "business" into the search box.

Women's Business Assistance Programs - If you are a female entrepreneur you are in luck!

Venture Capital Firms - These firms are backed by the Small Business Investment Companies program offered through the federal government.

Angel Capital Electronic Network - For a small fee you can sit back and let angel investors and other venture capital firms find you!

If you are in search of a grant to help start your business then there are a few places you can check to see if you qualify. Every year the federal government gives state development agencies grants that the development agency then redistributes to businesses in the form of direct grants. However, not all state development agencies redistribute the funds in the form of grants. Some offer only loans and others offer free help that will be discussed later in this guide. Some states see that offering direct grants to businesses offers a competitive advantage over other states since businesses will want to move to the states offering the best business support.

Below is a quick link list of local state economic development agencies. This would be the first place to check for a business grant. Feel free to contact your local agency to see how they can help you with your business or soon to be new business. Also, keep in mind that these business grants are highly competitive. They are usually for large operations that promote community business growth through the creation of jobs and tourism. The federal government offers through the SBA a variety of loans to start or expand a small business. Despite the fact that over 90% of businesses fail federal funds are allocated every year for these loans. This money is your money here for the taking. We will show you how to access these small business loans later in our guide.

Alabama Development Office - Financing

Alaska Commercial Development - Financing

Arizona Dept. of Commerce - Small Business Services

Arkansas Economic Development - Business Financing and Grants

California Trade & Commerce - Financial Assistance and Grants

Colorado Business Resources Guide - Financial Aid

Connecticut Economic Development - Financing Your Business

Delaware Economic Development - Financial Assistance

Florida: Enterprise Florida - Small Business Resources

Georgia Economic Development - Financial Aid

Hawaii Economic Development - Starting a Small Business

Idaho Dept. of Commerce - Business Resources

Illinois Dept. of Commerce - Business Grants and Loans

Indiana Dept. of Commerce - Business Incentive Programs

Iowa Economic Development - Business Assistance Programs

Kansas Dept. of Commerce - Grants and Loans

Kentucky Economic Development - Business Startup - Financing

Louisiana Economic Development - Incentives

Maine Economic Development - Small Business Development

Maryland - Business Assistance - Financing

Massachusetts Economic Development - Financing

Michigan Economic Development - Getting Started - Financing

Minnesota Economic Development - Financial Assistance

Mississippi Development Authority - Financial Assistance

Missouri Economic Development - Starting a Business

Montana Dept. of Commerce - Financing

Nebraska Business Toolkit - Financing Options

Nevada Economic Development - Business Assistance - Financial Assistance Programs

New Hampshire Economic Development - Grants and Assistance

New Jersey Commerce & Growth - Financial Assistance

New Mexico Economic Development - Incentives

New York Economic Development - Financial Incentives

North Carolina Dept. of Commerce - Assistance - Incentives 

North Dakota Economic Development - Financing

Ohio Dept. of Development - Ohio Government Grants Directory

Oklahoma Dept. of Commerce - Business Start-Up Grants

Oregon Business Resources - Financial Resources

Pennsylvania Business in PA - Funding Programs

Rhode Island Economic Development - Business Services - Business Assistance

South Carolina Dept. of Commerce - Business Financing

South Dakota Economic Development - Financing & Incentives

Tennessee Economic Development - Business Support - Financing

Texas Economic Development - Small Business Assistance

Utah Economic Development - Grants and Funding

Vermont Business in VT - Financial Assistance - Small Business Development Center

Virginia Economic Development - Financing

Washington Economic Development - Financing

West Virginia Business Development - Business Financing

Wisconsin Dept. of Commerce - Business Resources - Financing

Wyoming Business Council - Small Business - Grants

Overview

Currently the federal government does not provide business grants directly to businesses for start up costs or operating costs. Instead the federal government distributes funds to local state agencies. It is up to the state whether or not a portion of these funds will be used to directly fund businesses. Some states do offer business grants for startup or expansion expenses, others do not. To find out if your state offers any grants to businesses or new businesses please view our state economic development agencies directory.

This tutorial will introduce you to the SBA and how they function. There are SBA offices located in every state. The SBA is the Small Business Administration. The SBA can assist you with planning, financing, training and advocacy for starting or expanding a small business. If your business is or will be independently owned and operated, not dominant in its field, and meets the SBA business size requirements then the SBA is definitely going to be able to help you.

SBA small business loans are a great way to raise capital for starting or expanding a business. The SBA helps back up the collateral on bank loans and loans offered through other financial institutions. They can help back up to 85% collateral on a business loan. Despite the fact that 90% of businesses fail these funds are here for the taking. It is only in your best interest to take advantage of them considering the fact that your taxes are funding them.


Developing a Business Plan

The first thing you will need before you can request a loan from a lender is a business plan. Your business plan will include the description of the business, the marketing plan, the financial management plan, and the management plan. You will also need to include the executive summary, supporting documents, and financial projections. Your business plan needs to be a well formatted outline describing how you will be operating your business. To find out how to write a well formatted business plan check out the SBA's business plan outline.

Need help with writing a business plan, getting a loan, marketing, licenses and laws, selling to the government, patents and copyrights, selling abroad, hiring employees, or buying the right equipment? If so then you should check out your local SBA Small Business Development Center (SBDC). These services are free of charge to anyone interested in starting, improving, and or expanding a business who cannot afford the services of a private consultant. SBDC's develop services in cooperation with SBA offices to ensure statewide coordination with other available resources. Not only can you get free help from the SBDC staff, but they can also connect you to private sector consultants, engineers, and testing laboratories if needed. It has been estimated that the value of the services entrepreneurs have received from SBDC's is over $10,000 per business owner!


SBA Loans

The SBA offers loans to small businesses that cannot find funding through traditional channels. The SBA guarantees loans through private sector lenders. These private lenders include banks and credit unions. The SBA does not provide loans directly to businesses. If you are interested in receiving a SBA loan then you should contact your local lenders.

Below you will see what loan programs the SBA offers. For complete details including qualifications, allowable uses of funds and interest rates check on the "complete details" link provided.

Loan Guaranty Program - Loans offered up to $2 million.
Complete Details

ExportExpress - Offers assistance for small businesses seeking export aid.
Complete Details

SBAExpress Loans - Allows lenders to use their own application forms and methods to approve loans guaranteed by the SBA. Loans are offered up to $250,000 that can be made within a guaranteed 36 hour approval time period. Lenders have the ability to process these applications online making the process extremely fast.
Complete Details

Microloan Program - Loans offered as high as $35,000 to qualified start-up, newly established, or growing small businesses. Loans are offered through local nonprofit lenders. To apply you must go through your local intermediary.
Complete Details

These are the biggest loan programs the SBA has to offer. For complete details on SBA financing visit their website: Business Financing.


Local SBA Approved Lenders

For a complete list of local lenders that can help you get a SBA loan please visit the certified and preferred lenders section of the SBA website. First, click on your state, city, the link titled "financing," then use "ctrl+f" to search for "preferred lender."

Business Grants and Loans Resources: Business Grant Programs Venture Capital for Small Businesses Womens Business Centers