I wantto know if I can apply for a government grant/loan to start a small business in the state of Ohio?
I am thinking of going in with my husband to start a small business which would require us to purchase some equiptment. Is there any government grants/loans in Ohio that I can apply for? I have fair credit(no bankruptcy) and am a minority. If I can, how do I start the process? Also, is there any grants/scholarships for minority women to go back to college? Useful reply would help me. Thanks.
- imisidroLv 71 decade agoBest Answer
You stand a greater chance of getting a government-guaranteed loan through the Small Business Administration http://www.sba.gov than a government grant. Read the SBA Financing page to learn about criteria needed for borrowing
It is hard to find grants to start a business. And for women-owned businesses, you need to get certification first that your business is indeed women-owned
Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business.
One possible exception is for companies developing or exporting agricultural goods, including food and forest product. Another exception could be the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs http://www.sba.gov/aboutsba/sbaprograms/sbir/index... , which fund the research and development of technological innovation that meets specific government needs.
Your best bet actually will be from the states if they offer grant programs for women (or any other special interest groups -- minorities, women, disabled, veterans, etc). Or check with non profit organizations, particularly women organizations if they offer grants. Examples include
Iowa Women's Foundation http://www.iawf.org/
New Mexico Women's Foundation http://www.nmwf.org/guidelines.html
Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/mostrequesteditems/CON_FAQ2.htm...
"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneursSource(s): How To Get Government Grants for a Small Business http://www.powerhomebiz.com/guide/cases/shirleyisa...
- 4 years ago
Check out www.cfda.gov.