IS there a grant or loan available for starting an adult foster care business in a home?
My sister-in-law is wanting to start an adult foster care business with less than 6 residents in her home, in Michigan. Is there a grant or loan that she can apply for to assist her in starting this?
It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK - lots and lots of it, that is why a cottage industry of grant writers was born.
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) and Grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business — THERE’S NONE.
Even SBA does NOT give out grants. From the SBA website
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“The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”
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However, you can try to get a government guaranteed loan from the SBA. Read the SBA Financing page to learn about criteria needed for borrowing
If your sister in law is looking for loans up to $35,000, then she can explore the microloan program which provides loans up to $35,000 from the SBA