The recent financial crises rocking the world has left many American businesses on the ropes. And the solution are small business loan grants.
The Covid-19 pandemic brought about hardship on a scale the modern world has never seen since the end of the world wars! It shut down many American businesses and crippled many others, and there are many who hold the opinion that they may never recover from the effects.
In its wake, many US businesses are still trying to make a comeback. However, this is proving to be a daunting task!
For small business owners, who find themselves in this category, there are grants that could help you make the comeback you desperately want.
Others Who need Small Business Loan Grants
For other small business owners in the US, the problem is not an offshoot of the Covid-19 pandemic. On the contrary, their concerns lie in other areas.
Maybe you belong to the other category. Your own concern may be that, you have always wanted to expand.
But then, you might have seen yourself stunted by the same barrier as many. Funding! So, how can small business loan grants help you?
No matter where your issues stem from, one thing unifies you with Americans whose needs come from other concerns. And that is the fact that you are all small business owners in the US. And more importantly, you are all in need of funding for your businesses!
Thankfully, there are tons of small business loan grants (including some that the federal government sponsors) that help small businesses invest in growth. These grants can also help you simplify purchasing efforts, or help ensure access to a conducive and friendly working environment.
Keep reading to find out more about how you, too, could use these government-backed loans to get small business!
Why Borrow Money?
As a business owner, you may wonder what’s the best way to get your business funded. In view of this, we want to inform you that there are numerous small business loan grants for entrepreneurs.
One of those options include borrowing from friends and family. You could achieve this through crowdfunding.
Alternately, you can secure a business loans that lets you put a down payment and pledge collateral.
However, where some may feel comfortable to settle for a business loan, other do not. There are some who may not feel comfortable giving up control of their personal assets to secure financing.
If you belong to this category, the solution for you, if you have cash in the bank that you can use as collateral, may be to take out a “blanket” loan. This will make it possible for you to borrow all what you need without having to give up your valuable assets.
But, if you consider your options, and you are convinced that getting a loan is not the best option for you, then you may apply for a grant.
However, if a loan is an option that will work for you, then you may consider the following ones:
Some Small Businesses Loans
The Small Business Administration’s (SBA) disaster loans are a form of primary Federal assistance for the rebuilding and recovery of private sector based disaster losses. This disaster loan program is however not limited to small businesses, as large businesses can also apply.
This program seeks to help Indian-owned businesses get commercially-reasonable funding from private sources.
7(a) loans are the most basic, but most utilized loan of all loans offered by the Small Business Administration’s (SBA) business loan programs. The program derives its name from section 7(a) of the Small Business Act. This section authorizes the SBA to provide business funding to small American businesses.
When looking for long-term funding for economic funding in your community, the CDC/504 loan program is your solution. This program gives long-term, fixed-rate financing to growing businesses in respect of major fixed assets.
The Microloan Program provides very small loans to new startups, or growing small businesses. It also caters to the needs of some nonprofits. Under the program, the Small Business Administration provides funds to nonprofit lenders who caters to the needs of communities,who , in turn, give the loans to eligible businesses.
The Military Reservist Economic Injury Disaster Loan program (MREIDL) has one primary purpose, and that is, to give funds to small businesses. Such business concerns must be looking to meet their ordinary and necessary operating expenses. The reason for their inability to meet the need, must be because an important employee of thebusiness receive a call-up to active service duty, as a military reservist.
The Small Business Investment Company (SBIC) program of the Small Business Administration is looking to provide long-term loans to small businesses. Such loans are for small business concerns in need of financing for their business operations and growth.
The Business & Industrial (B&I) Guaranteed Loan Program aims to improve, grow, or fund business, commerce, and employment. Also, it will improve the economic and environmental climate in rural communities. The program aims to achieve this purpose by improving on the structure of quality loans in the US.
The Fisheries Finance Program (FFP) is for you if your business is in the aquatic sector. This government loan program provides long term funding for the cost of constructing or reconstructing fishing vessels,
Sources For Free Funding
While there are many benefits of getting a business loan, the financial requirements often keep small business owners from applying.
Luckily, there are other places you can get money that aren’t in need of personal information, such as offers or rewards points.
You can also use your credit card to cover some shortfall, and it’s quicker than trying to find a bank. Even charities might be an option if they’re granting money for charitable purposes.
For a full list of available grants for small businesses, check:
How to Get Small Business Loan Grants
There are many grant programs worldwide that small business owners can apply for to help build up their finances. This can help during the launch pad of a company, as you do not to repay any of the money.
Find grant programs that interests you and submit an application for funding evaluation.
Finding the Right Company For Small Business Loan Grants
You can find unsecured business grants, loans and funding from the SBA.
These are great resources, but it’s important to work with a company that is knowledgeable about these kinds of programs. There are many companies out there that can help you find small business loan grants.
So, it’s essential that you find the one that best needs your needs.
At this point, we hope you now have enough resources for a successful application.
Small business loan grants are the way forward for American businesses hoping to survive.
We just hope you find the right one!