Wednesday, March 11, 2009

Can I use Government Grants as funding? -

The security company I own won a contract with a government agency. Since I��ll need to hire 10 additional employees, I��ll need money for payroll. My bank can��t help because my credit score is in the mid 600��s and my credit cards are almost maxed out. Is there any solution? Are there any government grants available to help me?

You may want to talk to microlender in the state where you live. They provide small loans to small businesses. Another solution is to factor your government invoices. What this means is you work with a factoring company that will advance money against your invoices as you complete the work. Also known as receivables financing, the creditworthiness shifts from you to the entity paying the invoice.

They don t give grants for this kind of thing. Presumably you worked the additional salaries into your bid on the job. Get a deposit on the contract and use that to pay the staff plus incidentals.

The security company won a government contract, and you want to use government funds to pay the people working on the government contract?

Does not sound to me like you won the bid for the government contract legally?

Small Business Administration loans

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