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From the time when you first develop the concept for your new business and all through its operations and growth, you’re going to need funding. Most entrepreneurs typically have only a limited amount of personal sources to get together the finance they need. As you grow and run your business, in many cases you’re going to need a business loan. Of the many sources of small business loans and business funding out there, you need to choose the one that will fit in well with your requirements. You can look to business grants and small business loans as potential sources for the loan products you need. However, before you begin your search, you’ll want to understand what these sources are and how they work.
The federal government issues grants to small businesses that are working on innovations and technologies in an effort to assist them in developing and producing their products and services. The government gives out these grants in a series of stages and requires businesses to fulfill certain criteria before they can qualify for these grants. For instance, you need to be located within the US and employ less than 500 personnel. Citizens and permanent residents of the US must own more than 50% of your enterprise. The industry you work in and the income your company earns per year are other factors that the government takes into consideration. You can also access grants from other organizations that work to support specific causes like, for instance, assisting enterprises run by women.
You can avail of small business loans from a large number of sources. To begin with, the Small Business Administration or SBA oversees and guarantees loan products. The SBA has different types of small business loan programs in place which are intended for enterprises with various requirements. For instance, you could apply for a loan to start your company or for purchasing new equipment and real estate. You could also apply for specific loans for short-term operational needs. Conventional banks and alternative lenders also have a range of finance options you can choose from with varying terms and conditions.
When choosing the small business loans you need, you must match them to the requirements of your enterprise. Here are some of the factors to keep in mind.
Small business loans and business grants are both great sources of finance for the funding requirements of your enterprise. However, both sources have their terms and conditions on the basis of which you may or may not qualify for them. Weigh their terms carefully when making the final decision for applying to either of them. For more assistance and information, you can always work with the expert consultants at Lendio who can guide you in the right direction.
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Tyler is a member of the Lendio marketing team. He is passionate about digital marketing, small business, and helping small business owners succeed. Tyler is an outdoorsman and loves spending time with his family.
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9 min read • Aug 15, 2022