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The federal and state governments provide financial assistance to the eligible US citizens for starting up small and large business enterprises. While some assistance is offered as free grants, others are low or zero interest loan programs at various levels. Some of the business grants are as follows.
1. Grant for Small Business Innovation and Research:-
This grant is given to business houses carrying out research and development to the advancement of technology. This is given at both federal and state levels.
2. Foundation/Non Profit Grants:-
The establishments undertaking social welfare projects are given grants by federal, state and some private foundations. These grants are mainly given to non profit institutions and also for a few organizations that make profit. Generally the grants are given to non profit organizations working in social, medical, educational, defence, music, arts, religious or other sector of public interest. To make effective use of these grants, the performance of the grantee organisization is closely monitored.
3. Small Business Micro financing:-
These grants are given to small businesses for business expansion. For availing this grant there is no need of strong credits as in banks and other financial institutions. Therefore minorities, diasabled people, women and other eligible people are selected as beneficiaries. The government provides assistance in marketing and administrative support to the business houses. Similarly some business loans are converted to deferred payments or zero interest loans so that the borrower can save a significant amount of money.
4. Government Backed Large Business Programs:-
The US Small Business Administration (SBA) provides two government supported business financing programs. The assistance is given to large business projects. In SBA 7A program, finance is provided up to $700,000 and in SBA 504 up to $2,000,000. The money is provided for acquisition of land, building, machinery, working capital, raw material and other business needs. Collateral security is required to avail the loan amount.
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