Business owners are not always aware of the various loans and programs offered by the government to provide business funding. While not every business will qualify for these programs, it is worth your time to investigate the potential opportunities for your business, regardless of the size.
Here are some of the most common opportunities you should be aware of if you are searching for funds for your business or if you are looking to buy one.
Small Business Administration (SBA) – whether you are starting a business for the first time, your business is in a designated disaster area, you are considering expanding or you need help with exporting, the SBA is a good option.
S. Treasury Department — if your business is promoting economic growth and providing the opportunity for new jobs, there is a program called the Small Business Lending Fund (SBLF). This program is administered by community banks and community development loan funds.
U.S. Department of Agriculture (USDA) — businesses which are located in rural and urban areas where the population is less than 50,000 people may qualify for loan guarantees under this program. Funds may be used to refinance debt, purchase equipment or real estate, or acquire another business entity. There are restrictions on this program, but the program is worth looking into.
Technology Funding — these programs are designed to partner small and large businesses and help launch new, innovative products. The specific programs are known as Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR). These funds are often awarded in the form of grants and/or contracts with NIH and other government agencies including DoD.
General Federal Government Programs — every business should remain abreast of the offerings of the federal government in terms of financing. In some instances, there are loan guarantee programs which make it easier for you to secure a loan through a local bank. In other cases, there may be grants available which would give your business the opportunity to test new products.
State Level Programs — nearly every state offers business owners opportunities. Whether these opportunities are in the form of tax incentives, opportunities for contracts with the state, or special financing opportunities, you should check the programs offered by your state. Keep in mind, there are several states which also offer incentives for businesses who intend to provide a certain number of jobs. In most cases, you need not have your primary business located in a specific state to take advantage of these programs.
Business Funding Solutions for Companies
For many business owners, there are limited opportunities to take advantage of government funds. For example, construction companies, franchisees, and licensees may have business models that are not conducive to government funding programs. This does not mean you are without sources to capital, in fact, this is when you should consider contacting Capstone Capital Group.
At Capstone, we understand every business needs access to capital in order to fund growth. We are also aware that many businesses struggle through seasonal differences in business. This is why we take the time to understand your business, determine your short and long-term funding needs and develop a program that works to meet your growth goals.
We have helped small and medium-sized businesses get access to the funding they need even when they may not qualify for government funding either in the form of direct capital or loan guarantees. We can help with a broad range of financial services including spot factoring, letters of credit, and purchase order financing.
You should never let the lack of immediate capital slow down your growth potential. Contact Capstone Capital Group today at [email protected] or call us at (212) 755-3636 and speak with one of our representatives about designing a financing package that works for your business.