Small Business Grant Loan

Small Business Grant Loan

It is undeniable that the American economy is comprised of millions of small businesses, from the self-employed, Internet-based to the home-based employees. However, these solo-entrepreneurs find it difficult to initiate or expand their businesses due to the absence of a reasonable small business grant loan.

They usually depend on commercial banks for business loans, which they find difficult to obtain because more than half of these banks rely on a business owner’s credit scores and loans. As employers try to find more sources for their businesses, they are introduced to sb grant loan or government-backed grants and loans.

ARC LOANS

Even though loans generally need to be repaid with interest and collateral, and are based on credit scores, the United States government recently declared the availability of America’s Recovery Capital (ARC) loan, which is a sb grant loan that offers a maximum of $35,000 (one time only) of cash without interest to aid small business owners in paying debt acquired from other loans.

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BUSINESS GRANTS

Grants differ from loans in that they do not need to be repaid. This sb grant loan is usually government grants or ‘special purpose grants’ that only provide free money to non-profits, local and state, public housing organizations, educational businesses and are not usually given to start-ups.

There are, however, other business grants available for other self-employed businesses. Aside from local government agencies, sb grant loans are also offered by private organizations and corporations like Kipling Foundation and Lilly Endowment. Each fund sources has its own criteria or guidelines before it could grant money for business owners.

For as small as $500 to as large as $5 million, small business owners may process their application just as long as they can provide a solid business plan. Though there are no guarantees that an applicant may be granted money, those who qualify and are eager enough may be willing to undergo the long and tedious process just to acquire free money for their business.

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