I want to start a small business in Michigan. How can I apply for a Federal grants or loans?

Question

I have a sort of fixed income and part time job, I want to start a small business but will need extra money to get it started. I have NO revolving credit and 1 neg and three pos on my credit report.

Can anyone point me in the right direction?

Answer 1

First, start with your FAFSA.  While starting this business, are you going to school?  If you are, that is a good way to get some money.  Your FAFSA is your financial aid.

Answer 2

Dottie,

I may be mistaken, but FASFA is completed for university loans and grants.

The Small Business Administration would be my suggestion. They offer financing assistance BUT you must have a business plan. They will help walk you through completing a business plan.

http://www.sba.gov/

Answer 3

May be this site can help you

http://www.thetechnology.net

Answer 4

This is a really hard question to answer,

Someone had send me this website and you'll come to a site that has all the info you need .

Hope this helps out some way :)

sources :

http://the-national-grants.blogspot.com

http://online-financial-aid.blogspot.com

http://scholarship-search-engine.blogspo...

http://the-private-student-loan.blogspot...

http://student-loan-consolidation.fantas...

Answer 5

You stand a greater chance of getting a government-guaranteed loan through the Small Business Administration http://www.sba.gov/financing 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. 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/... , 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/CO...

"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.

http://12.46.245.173/pls/portal30/CATALO...

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 entrepreneurs

Answer 6

Read this article http://free-grants-scholarships.blogspot...

It may help you to apply for grants in order to start own business.