Video:Are There Government Loans for Small Businesses?with Robert Longley
If you're wondering if there are government loans for small businesses available, this video will explain the basics. From SBA to other aid with funding, see this video for information on government loans for small businesses.See Transcript
Transcript:Are There Government Loans for Small Businesses?The U.S. government does not currently provide grants for starting or expanding a small business. However, the government does offer plenty of free help in planning how to start or improve your business and in securing low-interest SBA-backed small business loans. In addition, many states DO offer small business grants to individuals.
Small Business AdministrationThe "SBA" is the U.S. Small Business Administration. Since 1953, the SBA has helped thousands of Americans form small businesses.
Function of the SBASBA's grant programs generally support non-profit organizations, intermediary lending institutions, and state and local governments in an effort to expand and enhance small business, technical and financial assistance.
Can the SBA Help You?If your business is or will be independently owned and operated, not dominant in its field, and meets the maximum business size standards required, then yes, the SBA can help you with
- Business Planning
- Small Business Loan Programs
- Loan Checklist
- Establishing Business Size Limits
Additional Measures to Help Small BusinessesBesides assistance from the SBA, there are some additional measures in place to help Small Businesses.
Federal Government Contracting ResourcesSmall businesses sell billions of dollars worth of goods and services to the US federal government every year. Many government agencies require that some percentage of their contracts for goods and services be awarded to small businesses.
Government Resources for Women-Owned BusinessesThere are US government programs that help women entrepreneurs start, grow and expand their businesses.
Finding State-Based Small Business Grants and Funding Hot ProspectsSome states offer small business grants. Other incentives include subsidized rates on SBA-backed loans, tax breaks and participation in business "incubator" programs.
State Small Business Credit InitiativeThe new State Small Business Credit Initiative (SSBCI) - a component of the Small Business Jobs Act - will strive to generate at least $15 billion in locally-available small business loan programs intended to help small business grow and create new jobs.
Small Business Health Care Tax CreditThe health care reform law - the Patient Protection and Affordable Care Act - provides an immediate small business tax credit to help small businesses afford health insurance coverage for their employees.
Thanks for watching, to learn more visit About.com