Getting the funding your business needs is possible with accessible government funding. You can use government funding to build your business and leverage capital. There are various government financing programs and opportunities you may qualify for, such as loans and tax incentives.
Loans are frequently awarded to those who qualify based on government program specifications. For example, Small Business Association loans are government loans awarded to small businesses that meet income, ownership, and location guidelines. These requirements include the business’s capability to repay the loan, to have a clear business purpose, and to meet SBA size standards.
Government funding through the federal government is a popular approach for securing business funds. By working with a consultant, you can determine the financial goals you need to reach to qualify for government-back loans. For more information on accessing federal funding with trusted firms like EverGlade Consulting, continue reading.
Build your business credit profile first.
Before applying for federal funding, build your business credit profile. Without an official business name, address, and transaction history, there is nothing to showcase your need for funding. Form your business entity, get your EIN, and link your business transactions to your business bank account.
Work with a federal funding consultant.
Work with a federal funding consultant to gain access to federal funding opportunities and receive help applying. Learn which programs are most applicable to your business. Funding consultants match public sector interests with private sector resources, giving your business the funding it needs to grow and develop.
With consultants, companies can secure funding while ensuring compliance with federal regulations. Some of the programs that consultants can help businesses receive federal funding from include:
- DOE Funding – clean energy and environmental tech
- CHIPS Act Funding – breakthrough tech innovations for treating diseases
- HHS Funding – aimed at improving health and wellness
- DOD Funding – national security, cybersecurity, etc.
Apply for an SBA loan.
Consider applying for federal funding via a bank or credit union that is partnered with the SBA. There are many different government programs offered under the SBA that can support business development.
Here are common SBA government business loan programs:
- MicroLoan Program: for essential business purchases like office furniture, transportation, laptops, etc. This loan rests at a fixed maximum of $50,000.
- 7(a) Loan Guarantee Program: This serves small businesses starting out or expanding their services outreach. The maximum amount for this loan is $5 million.
- 504 Fixed Asset Program: This program is for businesses that create job opportunities or provide necessary services to an underserved region. The maximum for this loan is $5 million. This program features both long-term financing and a fixed rate.
To apply for SBA programs, work with a federal funding consultant to navigate the process successfully.
Grow your business with government funding.
Schedule a consultation with a federal funding consultant and see how easy it is to start your business journey. Apply for funding in just a few simple steps with the guidance of experienced federal funding consultants and government business loan programs.
