Business Starting Grants

I need to know where to go to obtain grants for starting a small business, can anyone help me?

I am looking to start a little grocery store where I live. It would make a killing, because the people around me have to go all the way to town 15 to 20 minute trip to go to a store. It is well needed. I have been looking for grants online and all I can come up with is if you pay this we will tell you where to go, and I am not going there. This should be accessible to anyone for free. Thank you.

Public Comments

1. http://www.operationhope.org/smdev/
2. My partner and I own a mortgage company and we have worked with a few businesses looking for start up money. First they are going to want to know where you will have this business. If you go to a bank they will look at your credit and in most cases will want to see that you have been in business for at least 2 years. Your best bet is to first determine what you think it will cost you and where you intend on doing this business. Then do a search for Hard Money Lenders. This is not the mob. Most of these lenders lend private money. In other words their own money. They charge a higher interest but that is because they may give you a loan when you can't get a traditional loan. I don't recommend the Small Business Administration because they will just send you to a bank. But they may help you with a business plan. You could also check SCORE. These are retired business people who help people with questions about businesses.
3. You're not going to find a grant for opening a small business. Grants are only for non-profit public benefit organizations. You will have to get a loan from a bank or credit union. And they (any lender!) is going to want a business plan. Your business plan will need to show that there really is a market AND support from the community for your business. You will also have to show that there is a location where you can put your store. Before you go any further, I STRONGLY recommend you contact the Small Business Development Center (at your local community college) and talk to them; the counseling is free. Then sign up for the NxLevel Entrepreneurial program... it's a 12 session course that walks you through the ins and outs of starting or growing your business, and as part of that you will write a business plan. At the end of the class your plan will be reviewed by a lending professional, and will be critiqued, telling you the strong points of your plan AND the weak points. Then you can work on the weak points and hopefully get it into shape to actually present to a lender and get the loan you need. There is a cost for the NxLevel program ($375.00 last year at my SBDC), but it’s a lot cheaper than losing your investment. Even if you hire a professional to write your plan, you should still take the NxLevel course. It saved me from going into a business that would have failed within a year or so, taking my investment with it. Business plans may be (are!) a pain in the butt to prepare, but without one, your business is doomed to failure. To start with, you won't know what your startup costs are going to be, what kind of income to expect, what your ongoing expenses are, who your competition is, and even whether or not you can make a profit. Without a GOOD business plan, you will not be able to get a business loan to get your business off the ground.