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Business Grants and Loans - Meeting the CriteriaTip! Before approving any business loans most banks and financial institutions will do a credit check on the owners or principals of the business to see if there is a pattern or repaying your personal debts. This check is often called the creditworthy check and almost all lenders will carry out this activity before issuing any business loans. One of the best places to research the availability of business grants and loans is the Small Business Administration, an agency of the federal government with a mandate to help business, especially small business succeed. The Small Business Administration which has local offices in all major metropolitan areas has three different loan programs, each one designed to help various segments of the business market get access to business grants and loans. They deliver these loans through their banking and other lending institutional partners and while they provide the money and information an individual business must apply directly to a lending institution to get business grants and loans. They suggest that you go to the meeting with the lenders well prepared, with a copy of a business plan, personal and business financial statements and projections, as well as any collateral that may be available to secure the financing. The most popular form of business grants and loans made available through the Small Business Administration are called 7 (a) loans. These business loans are so named after the section in the Small Business Act that offers the provision of these loans. In order to be eligible for this type of business loan a business must have good character, quality management capabilities, and a good business plan. If a business meets this criteria it becomes eligible under the Act and then can apply to the bank, credit union or other lender for a business loan that is guaranteed by the Small Business Administration in the case of default or bankruptcy. Applications for business loans and grants from the Small Business Administration are available on their website, from banks and other approved lenders, and from local Small Business Administration offices across the country. If you visit the local office an agent from the agency will be happy to provide you with information and assistance to applying for business grants and loans that are available under their auspices. While the Small Business Administration does not have any monies to provide directly for business grants and loans they can direct businesses to a number of government agencies and departments that do provide this type of assistance. These include particular programs that offer business grants and loans to military veterans, persons with disabilities, minority groups, and special provisions for business activities related to disaster relief and faith based initiatives.
There are also special programs that offer business grants and loans to assist welfare recipients to get back into the workforce, improve the environment, and support the work of the military both at home and abroad. For a full listing of these business grants and loans visit the local office of the Small Business Administration or contact the office of business development at your nearest city hall. David Gass is President of Business Credit Services, Inc. His company publishes a weekly e-newsletter on Starting and Growing a Small Business at http://www.smallbusinessconsulting.com You can sign up for their free newsletter by visiting http://www.smallbusinessconsulting.com
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