Where should you start?
If you look for free grants for small businesses, then you should approach your state governments, town or city governments and any special district governments. There are also public organizations that can provide you money as well as non-profit and for-profit organizations. A great website for a good start up is www. sba.gov.
When should it be possible to apply there?
To apply for a small business grants and loans, you must meet the standard sizes that include 100 employees for the whole industries, 28.5 million for general and heavy construction industries, 6 million for service and retail industries, and 0.75 million for industries in agriculture. Almost all governments use these size standards for small businesses.
So, what to do next?
The main federal grants and loans are only available in the form of loans as currently there are no grants available. The state governments offer 4 main loan programs, which are different from each other depending on your business needs. The main programs include the 8(a) program, microloan program, certified development company (CDC) program, and the basic 7(a) loan guaranty. The Small business associate will put you in contact with organizations that provide these loans such as financial institutions, organizations, and other SBA partners.
The first option is the Basic 7(a). This program is the most flexible one and can be used for many different general businesses. It has many different variations as they are tailored for specific business needs.
If your work can help with the community development, then the CDC is a specialized option for economic developments and is provided specifically from nonprofit organizations. There are special CDC offices in the different regions of the US and that is why you need to find your local CDC office. If your work needs furniture, supplies, inventory, equipment or fixtures, then a micro loan is specifically set up for these needs. However, you should be informed that there is a maximum amount of $35,000 available through this option.
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