| You Can Now Use Government Grants to Pay Off Your Small Business Debt |
The entrepreneurs in US are provided business grants by both federal and state governments for starting an industry or company. Some of the money is paid as free grants and others as business loans with zero or low interest. The citizens are eligible for the following grants and loans.
1. Grant for Small Business Innovation and Research:-
Business houses doing research in the areas of technological advancement are given grants by the federal and state governments.
2. Foundation/Non Profit Grants:-
The organizations engaged in social welfare projects are given government grants. Some private foundations also provide financial assistance to social welfare projects. The non profit institutions engaged in social, educational, medical, defence, music, arts, religious and other public welfare projects are selected to receive the financial assistance. A few of the private organizations in the above fields are also provided grants by the government. For effective utilization of the grant money, the grantee organization is constantly watched by the government.
3. Small Business Micro financing:-
The small businesses in the country are provided financial assistance under this program. No strong credit history is required to avail the money. Usually minorities, disabled, women and low income groups are selected to receive this type of financial assistance.Adminstrative support and product marketing assistance are provided to the entrepreneours.Small business loans are converted to deferred payments or zero interest loans. Thus business people can save their money on interest and loan amount.
4. Government Backed Large Business Programs:-
In this program money is given to entrepreneurs to set up large business projects and industrial enterprises on collateral security. The US Small Business Administration (SBA) is the governmental agency to provide such loans. In SBA7A program money is paid up to $700,000 and in SBA504, up to $2000, 000.The money can be utilized to acquire industrial land, raw material, machinery, working capital and other needs.
***Update***
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Article Source: UnArchived Articles
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