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How to Get Free Government Financial Assistance for Your Small Business

by Contributor ; Updated September 26, 2017

The American Recovery and Reinvestment Act of 2009, also known as the Stimulus Plan, has provisions for small businesses to obtain financial assistance. Your small business may or may not qualify for assistance under this plan; however, there are still billions of dollars available to small-business owners and entrepreneurs. Finding government financial aid can be tricky and difficult, as the programs are not widely publicized and the eligibility requirements can be complicated. Learn how you can get government financial assistance for your small business.

Determine if your business qualifies as a small disadvantaged business. Small businesses owned by veterans, women or minorities fall under this category. The government earmarks funds for disadvantaged businesses so that they can compete for federally funded projects. If your business qualifies as a small disadvantaged business, you may be able to get funding under The American Recovery and Reinvestment Act of 2009.

Contact the Small Business Administration (SBA). The SBA is a government agency whose purpose is to help small businesses thrive. The SBA has partnerships with public and private organizations and can offer many resources to small-business owners, including information about government grants and federal assistance programs. The SBA does not itself lend or grant money, but it is a vehicle to help small businesses find financial assistance and free money.

Contact your local Chamber of Commerce. The purpose of the Chamber of Commerce is to support and strengthen the local community by providing a network of members who share information. It is not fee to join, but you will encounter numerous networking and educational opportunities that can connect you with financial assistance for your small business. Typical members of a chamber of commerce include county personnel, bankers, Realtors, accountants, attorneys, insurance agents and medical professionals. All of these people have access to information or business experience that could help you find financial assistance for your small business.

Contact the Office of the Governor in your state to find information on economic development initiatives in your area.

Tips

  • Patience and determination is the key. Keep asking questions and networking until you find a program that will work for your small business.

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