Grants, Small Biz Loans, SBA Loans

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SBA LogoMost people thing the SBA (Small Business Association) gives gives money (grants) to small businesses — they don’t...normally. The SBA “guarantees” business loans through approved lenders, at (usually) around a 3% interest rate.

Right now, due to the pandemic, they DO have a couple of programs where they’re providing grant funding for which some small businesses might qualify.

Please note, however, that in order to find out more information about these SBA loans, you must speak to one of the local, SBA-approved lenders in your area. The lender will discuss any options available to you, and help you determine the best one that provides for your needs. Nothing is formalized until you decide you want to proceed, so it would make sense to discuss your options with a lender!

The 504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.

The SBA Microloan program was designed to provide loans through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery & equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

Go here to find a matching lender: SBA Matching Lenders.

The Opportunity Fund Small Business GrantsThe Opportunity Fund is committed to supporting small businesses who are financially struggling amidst the COVID-19 outbreak. If you are a small business owner whose business has been impacted, you can contact them directly and request assistance.

From the Opportunity Fund: Please keep in mind that our ability to provide financial assistance is based on eligibility guidelines and funding availability. Day by day, we are working with partners, investors, and the government to secure additional funds so that we can support more business owners during this time.

To request assistance, please complete and submit a COVID-19 Assistance Request Form