How can I get U.S. bailout money for my new business?
April 24, 2009 5:52 PM   Subscribe

How can I get U.S. bailout money for my new business?

I saw this infomercial last night about a conference on how to get money from the government stimulus/bailout package. They talked about getting money for new businesses as well as getting free money for new home purchases. I know they were probably talking about the tax credit for new home purchases.

I obviously know its just a scam, but I was wondering what they would talking about for new businesses? Any ideas?
posted by msoffab to Work & Money (8 answers total) 3 users marked this as a favorite
Everything the conference will talk about probably comes from the Small Business Administration website. They are the gov agency in charge of providing loans, and sometimes grants, to small businesses.
posted by nomisxid at 6:00 PM on April 24, 2009

I believe, although I can provide no evidence, that if you are in one of a handful of industries, you can get grant money and assistance. These industries would be the ones President Obama has targeted for expansion in his "new economy": high-tech batteries, green energy, green remodeling, green pretty-much-anything, healthcare modernization, and perhaps a couple others.

I don't, however, think you can get money for a florist shop or a chocolate factory or whatever. It's not bailout money you'd be targeting; it's the stimulus package. So, research the stimulus package, and the new grant and assistance programs, and see if you're in an industry that qualifies. From there, you can figure out to whom you should address your requests and inquiry.
posted by Netzapper at 6:02 PM on April 24, 2009

Response by poster: thanks for your help
posted by msoffab at 6:26 PM on April 24, 2009

Response by poster: From here

it looks like the most is going towards Department of Health and Human Services (HHS)

@netzapper This pdf makes it look like 5.5 billion (the total for green stuff) is 100% going towards Public Buildings Service Federal Buildings fund....where else is it being spent on green tech, etc?
posted by msoffab at 6:31 PM on April 24, 2009

I doubt you'll qualify for any funding unless you're involved with a PPP or are providing services under a government contract.

Traditionally, public funding for new tech is provided until the technology is sufficiently matured to be feasible for private investment and capitalization. I'd venture the "green stuff" takes approximately ten years before the technology is financially rewarding for private development.
posted by torquemaniac at 7:11 PM on April 24, 2009

Well, the fed is buying up SBA loans from smaller banks, so if you want to start a business, that will make it easier to get a loan then it would be without the program, but it's probably still more difficult then before the crash.

But basically you'd go to your bank and get an SBA loan to start your business. You'd need to have good credit, a solid business plan and be willing to front some of the money yourself.
posted by delmoi at 10:45 PM on April 24, 2009

There is also stimulus money going to what are called "shovel ready" construction projects through the Department of Transportation. My local community got money for one such project, and I know of at least six others in Maine. If you're in construction or landscaping or some such business you should look to the municipalities around you and see if there are other such projects that are being put out to bid.
posted by anastasiav at 9:10 AM on April 25, 2009

You need to ask people besides Metafilter for this. It is really going to depend on what your company does. You're going to need to talk to some people who are well-connected to find the link between what you do and the stimulus money. Don't try to do it yourself through a website.
posted by salvia at 12:37 AM on April 26, 2009

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