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

In the United States, the funding is administered through the Small Business Administration (SBA) which helps small businesses both educationally and financially. You can call the local SBA office at 1-800-U-ASK-SBA or visit their website at www.sba.gov. Since the SBA is a government agency, its policies are liable to change, so make sure your information is current before you apply for funds.

In Canada, money for small business comes through a variety of government departments, both federal and provincial. The best source for information is the small business development department of your provincial government. It can advise you on what is available and what information is required to apply.

Most government lending is done as “last resort” lending. It often takes the form of loan guarantees rather than direct loans. Government is not, nor should it be, in the business of competing with banks, trust companies, or other commercial lending institutions. You will probably be required to prove that you were unable to obtain money from other sources before approaching government sources for money. You will probably also need to have some of your own money invested in the business. Make sure you prepare proper documentation on your business before approaching any government lending department for funds.

Many government programs give loans to, or guarantee loans for, incorporated businesses only. Small proprietorships are often ineligible for certain types of government funding.