Recent political speeches have called upon small businesses repeatedly to resolve many of the issues currently facing our economy. Small businesses will bear the heavy burden of financing economic stimulus packages and will help stimulate the economy with new growth and new production.
Small businesses represent the heart of the American people, and the government is fully aware of this relationship business and entrepreneurs have with the rest of the county. Because small business plays such a critical role in the success of the country, the government works hard to help promote and support small business.
Helping Small Businesses
There are many ways the government reaches out to help small businesses. Small businesses need help getting established and staying compliant with governmental regulations and rules. The small businessman is often protected under government legislation and offered perks over the larger businesses and corporations functioning in the same marketplace.
The government works hard to stimulate new businesses and to cultivate the growth of existing ones – especially those founded by minorities and women. To reach out to these often private endeavors by its citizens, the United States offers different programs including small business grants, loans, and programs.
Small Business Grants
Grant programs available for small businesses are awarded through various government agencies. For example, a grant available to a woman or minority business leader might be available through the Department of Commerce or the Small Business Administration, or any other agency of the United States government.
Often these grants have moderately specific criteria regarding the use of the funds, but many are available as a means to expand or support the small business as it grows to new levels or reaches out to a new customer base.
Other small business grants can be found through departments that work specifically within your industry. As new grant programs are announced daily, there are always new opportunities available to finance or expand your business through government money.
There is no limit to the number of small business grants you can apply for. Submitting multiple grant proposals to the various agencies as applicable grants become available is the best way to stay abreast of what opportunities are available as well as increasing your likelihood of earning large sums of free money to do with as you please in your business.
Small Business Loans
Small business loans are most often offered through the Small Business Administration. These are termed SBA loans and are government-backed loans available through commercial lenders to expand or start businesses.
There are other small business loans available through commercial banks, but the majority of small business loans come through the government and these loans have very favorable terms for repayment.
Special Government Programs
In addition to the loans made available to all small business owners, there are also programs available to isolated groups of business owners. For example, the government offers loan programs to veterans specifically and also offers relief loans to businesses affected by natural disasters. Special tax programs also offer tax credits for certain business practices making those an opportunity for financial savings, if not cash in hand.