Cord

iTrader: (2)

Way, off topic...

I have a client who is trying to start a new business. He's a military vet who will be laid off from an airline due to 9/11. The "president" of the company is a woman who is hispanic. Does anybody know of any grants that can help them start this business? All the internet searches only turn up companys that are willing to sell you the information.

Fast Shafts

Cord,
I started my business with an SBA (Small Business Administration) backed loan. The banks like these loans because the Government secures them up to 90%. One can only obtain one of these loans in a liftime.
My loan was declined three times-they kept requesting additional information, I continued to "re-submit" the application and furnished EVERYTHING they asked for. They eventually approved the financing!
I would suggest contacting the banks and asking it they have these SBA Secured loans. Don't give up if its declined.
Good luck!

Sydwayz

iTrader: (1)

What type of business is he starting... just curious? Regarding the personnel starting the business, they will well qualify for 8A Status, which is Small Disadvantaged/Minority Owned; which definately helps when it comes to bidding on projects for the government.

Dredgeking

make sure they start it in a HUB Zone. historically underutilized business. it will give them a 10% preference when competing against a large business on federal contracts. combine that with a potential for an additional 10% preference for being an 8a or small disadvantaged business and you could end up with a 20% advantage againast large business. pick a business that you can compete against a large business so you can get the preferences. no sense in competing against other small businesses and not taking FULL advantage of the system. not to mention that there is often small business, hubzone and 8a set aside jobs. sometimes you can even negotiate a sole source contract and name your price.

Cord

iTrader: (2)

I've delt with those government contracts...unfortinatly, he's not going to get any of those here. He's actually starting a car wash. Not just any car wash, this one is really, really nice.

Robert-yep, he's already obtained the SBA loan. Guess he got it done in record time, about 2 months. The only issue was some on site polution (it's a brown field site).

The problem is that inflation is driving the prices up and over the budget. We were hoping to drum up some additional money to help things.