Anyone know about government grants?

L

LedZep

New member
We are having a tough time making the transition from a startup low budget mobile detailing company, to a higher end succesful company. Its just a matter of lack of funds. Better equipment, advertising, and products cost money. I have heard the government issues business grants, and was wondering how this works. Anyone familiar with this?
 
Your local branch of a major bank is the place to start. Do you have some semblance of a business plan, and how much capital/money will be required to fund it?



I would guess that you require $10,000, or less.



Take this information to your banker, along with a clear and concise explanation of why you think your idea "has legs"! They will also need a personal financial statement (use their form). This is just a summary of what you have (assets/equity), and what you owe (liabilities), resulting in your "net worth".



If they like what they see, they'll loan you the money. Pretty simple.

But, If they like what they HEAR, but still have question about your ability to repay, they will take your proposal to the Small Business Administration and request that the Government (SBA) guarantee 85% of the loan.



If you can find a sympathetic banker who wants to help, this could be a simple process for you.



Remember, the SBA is not giving you anything. You will still owe all of the money borrowed, and maybe at a little higher rate, but it will put you in business!



Hope this helps.
 
Well I am really not looking to take out a loan. I was referring to the government grants that are given out every year to businesses. The kind you dont have to pay back.
 
Whoops! I thought I was speaking with an entreprenuer. My Bad!



Good Luck... let us know how it works out for you.



Jim
 
Im an entrepreneur, I own a business that I started. In fact Im not exactly sure what you mean by saying Im not. But why the hell not look into getting free money towards it? My business is not at the point where I can make a respectable approach to a bank, loans are hard as crap to get.
 
You can always going with angel investors



LedZep, I think he is talking about you not wanting to take out a loan. Entrepreneur's need to understand the difference between good debt and bad debt. In fact, if you look most companies around have loans out and owe people money. It is just part of the game. Borrow money before you need to.
 
Perhaps. However, an entrepreneur is defined as anyone owning a business. As for the loan.....I just dont need that much money. I mean 1k would put me in a good place. I was just investigating other options. I cant believe how much this forum has opened my eyes in 3 days, even after owning a business for over 6 months. So now its time to make some changes. Turn things around, and step it up. Funny how things can be put in perspective and become clear as day when you look back.
 
I know a few loan sharks if you want. They will give you the money cash within a few days. Better watch out though, they mean business. :)

If not i was looking into gov grants as well. I want to explode my business but still keep it where i am professional and the work quality does not change.

I want New York's Perfect Detailing to be a household name.

NYD
 
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