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How can I get a grant or loan to start up my business?

There is no federal grant money for individual business owners. Even though many publications and talk shows publicize grants to small businesses, the only grants available are for non-profit women’s business centers that provide training for women who want to start or expand their businesses. The other grant program is for research and development for technology-based products and services for the government. However, the SBA has an excellent financial assistance program, which encourages bankers to help small businesses. This "loan guaranty" program is the agency's priority. Apply for a business loan at your bank. If financing is unavailable on reasonable terms from the lender, ask the bank to submit your loan application to the SBA for consideration. In partnership with your local bank, the SBA may offer a government guaranty of a loan to be made by that lender. SBA programs are especially valuable for new business start-ups and in instances where collateral is weak and/or a longer repayment term is needed. The SBA loan application package can be as simple as a one-page form, and the SBA can approve an application in 1-7 days.

Credit-worthy potential small business owners and existing small business owners who require capital to start or expand their business may find that SBA's financial assistance programs can help them secure the financing that they need. SBA has no funding for direct loans.

For information on SBA loan programs contact the SBA office closest to you or call the SBA Answer Desk at 1-800-8-ASK-SBA. Information is also available on the SBA Website at: www.sba.gov. Once you choose a loan program, you will see how the program works and whom to contact for more information about that specific loan program.