Government Small Business Loans
If you are one of those people looking to find financial assistance for opening up a small business; then getting to know what assistance is available for you & your business is important. Having a great idea for a business is just the first step, getting it into action is what takes time; & getting the financial back-up is what get’s ‘getting it into action’ on its track.
Let’s face it; an idea is nothing without the means to back it all up. And using up all your savings might not be enough to support that idea in your head. This is where the different funding sources come in.
Funding sources include self financing (as mentioned above), investment capital, grants, & loans which include bank loans, credit card debts, & private lending’s. Grants are ideal but hard to get when it comes to small business, so the best option would probably be government SB loans.
Government SB loans are those which you can get from banks or bank loans. The good thing about this is that although it is still a loan, you can avail for it from banks & pay it back at low rates of interest as compared to commercial loans.
Although you get it from the bank, it is still considered a government SB loan because the process of availing for the loan together with the period with which the loan is needed to be paid is decided for by the government.
Unlike when availing for a government grant, availing for government SB loans take more time & more paperwork. There are instances wherein you are required to give information about both personal & business accounts—just like when applying for a loan with any establishment.
The upside with availing for a government loan lies with the fact that your repay them with low interest compared to commercial entities.