State and Federal Funding Options

Small Business Administration:

7(a) Loan Program – The SBA’s 7(a) Loan Program includes financial help for businesses with special requirements such as exports to foreign countries, rural businesses, or businesses in distressed or underserved communities. You must work with your traditional lender to secure a 7(a) loan, but if awarded, loan proceeds may be used to establish a new business or to assist in the acquisition, operation or expansion of an existing business. For more information go to http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/sba-loan-programs.

SBA CDC/504 Loan Program – The SBA 504 loan program, administered in this region by Lakeshore 504, provides healthy small and medium-sized businesses with long-term, fixed-rate financing for the acquisition or construction of fixed assets (i.e. buildings, equipment). Qualified loan recipients may be eligible to finance up to 90% of fixed assets at or below market interest rates. The administrator for Lakeshore 504 is David Miller. He can be reached at 616-846-3153 or dmiller@grandhavenchamber.org

Other Sites Related to Funding Your Small Business:

Grants.gov – www.grants.gov

Federal Money Retriever – www.idimagic.com

The Federal Marketplace – a “how to” site for gaining government contracts – www.fedmarket.com

Business Capital Search Engine – www.businessfinance.com

The Institute of Business Appraisers – www.go-iba.org