In the US, the government established the Small Business Administration or most commonly known as SBA, this is an agency who aims to provide financial support or assistance for aspiring entrepreneurs or small business owners. This agency offers business loans that you can use for a start-up. The loans that they offer are made through banks, partner lenders and credit unions that are associated with Small Business Administration.
The good thing about the grants that you can find in Small Business Administration is that the loans are government-backed; it means that the loan is partially subsidized by the government which protects lenders against defaults on payments. This will allow lenders to offer lower interest rates to those who will apply for the loan. Some loan types that are available are listed below.
- Federal and State Technology (FAST) Partnership Program
This type of grant offers a one-year funding opportunity for small business owners, aspiring entrepreneurs, and organizations to execute state or regional programs that would increase the number of Small Business Innovation Research or SBIR proposals and awards for commercial success.
- Boots to Business (B2B) Funding Opportunity
This grant is for a longer span of assistance. If you are aiming to start-up a business and you need assistance for a longer period of time, this is perfect for you. This grant offers a five-year funding opportunity for Boots to Business type of grantees.
- Veterans Business Outreach Centers
This grant is particularly for the veteran and immediate relative of the veteran. The Veteran Business Outreach Centers Cooperative Agreement gives out appropriate counseling assistance and training events for the grantees to help them on their business, especially for B2B grantees.
There are a lot more grants that you can find on the Small Business Administration’s Website. There are even grants for women veterans, you can check out their website for more information.