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The governments of both the United States and Canada provide financial assistance to small business.

In the United States, the Small Business Administration (SBA) exists to help small business educationally and financially. You should check your phone book for the office nearest you and see a counselor for current information on funding. You can also call the SBA’s Small Business Answer Desk at 1-800-827-5722.

In Canada, money for small business comes from a variety of government departments both provincial and federal. Check the small-business development department of your provincial government.

It should be noted that most government lending is done as “last resort” lending. It often takes the form of loan guarantees rather than direct loans. You may have to prove you were unable to obtain money from other sources. Generally, the government will expect that you have some of your own money invested in the enterprise. There may also be restrictions on the type of businesses that receive funding. Learn what programs are available through the various levels of government.

Before approaching any government lending department for funds, prepare proper documentation on your business. The rules of preparation and professionalism apply any time you seek either commercial or government financial assistance.

Many government programs give loans or loan guarantees to incorporated businesses only. Small proprietorships often find themselves ineligible for certain types of government funding. Even if you do strike out, the process of learning what is available is worthwhile. You may not be eligible now, but there may be a time later in your business cycle when your business will qualify, and the time spent will not have been wasted.