Providing financial assistance for launching small businesses and stay afloat is puts a government in an advantageous position. Local businesses are helping to support tax base via business taxes and also, through wages that are provided by employees. The probability of workforce expansion as well as economic growth has prompt federal government, states, counties and municipalities in offering different types of assistance. These include but not limited to the following:
- Research Opportunities
- Worker Training Programs
- Beneficial Legislation and;
In order to figure out the services available near you, better get in touch either with your local and state economic development offices. After doing so, inquire about the business incentives that are available in your area.
Loans that are Prioritized
There are many benefits that small businesses can provide to the economy as a whole.
For one, there are government programs that are helping businesses to properly run their operations, grow and to relocate to other areas. In some methods, county, state and local governments are competing with one another for jobs. They are doing this by means of offering a start-up incentive and by taking steps in creating business-friendly environment.
These steps consist of:
- Worker Training
- Tax Credits
- Free Land
- Zoning changes
- Infrastructure Improvements
- Loans w/ Low Interests and;
- Assistance with fast tracking licensing
Loan Guarantee Programs
Believe it or not, government agencies similar to US Small Business Administration is providing loan guarantees to SME and encouraging local banks and private lenders like Zebra loans to approve loans of those who are applying for a business loan.
In this regard, if you are applying for such a loan, it will be wise to contact your banker or a financial institution and inquire about federal or state loan programs that are offering low interests rates.
If you’re a minority or operating a business in selected industries, then additional loan options might apply.
The only way that you can learn about this is by contacting the economic development office of your state.
Federal Government is providing grants to the academic institutions that are working on the development and invention of new technologies. This is true especially on those that would benefit the industry. In some cases, the government is providing grants among private companies to create new service or product that’ll further improve vital aspects of the economy similar to agriculture, energy, communications or transportations.