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Grants to Start a Business : Hidden Trove of Small Business Start Up Capital
Would-be entrepreneurs often ask us: Where can I get find grants to start a business? And, sadly, some of these individuals pay big money to attend business financing seminars that travel from city to city talking enticingly about “free” government money for your business. All you have to do is pay these folks up front and they will fill out some paperwork for you to apply for these “grants.”
Trouble is, the rare few that are available are so highly specialized in research fields that the odds of getting them are astronomical. In practical terms, it is a dead end. Forget about government grants to start a new business. It won’t happen.
The U.S. Small Business Administration (SBA) gets the same question daily at their small business Answer Desk. And their response is always the same: “The SBA does not offer grants to start or expand small businesses.”
But here’s the good news, and one of the best-kept secrets in the cutthroat world of venture financing. It’s called the Small Business Investment Company (SBIC) program, and it has provided nearly $30 billion in financing (both loans and equity investments) to 90,000 small businesses since 1958.
This program is for real. And while it is still going strong, it maintains a low profile by design, so the folks who manage the funds that invest in small companies don’t get totally devoured by cash-hungry entrepreneurs.
SBICs - some 450 of them nationwide - represent a uniquely successful partnership between Uncle Sa...
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