Small Business Funding through grants & loans (US Citizens & LPR's)

Running a business is expensive, plain and simple. At some point, there is a good chance you’ll need to seek additional funding from an outside source. Among the ways to do that is through a business grant or a business loan. Although the two may seem similar, there are a few key differences that will make one type the better option for your business. Learn about the different financing available to you, how to choose between them and the best funding providers below.

What is a Small business loan?

A small business loan is a sum of money that a financing institution, like a bank or credit union, temporarily gives to a small business with the expectation that it will be paid back over time with interest. Loan repayment periods typically range from five to ten years. A business loan can be used for expenditures like starting or expanding a company, paying employee wages, funding marketing efforts, purchasing new equipment or vehicles, or paying for office space.

What is a small business grant?

A business grant is a sum of free money that a private organization or a federal, state or local government gives to a business to use toward specific business functions. Unlike loans, grants don’t have to be repaid; however, small businesses must meet very particular criteria to receive one, and they must use the money for reasons specified by the granter.

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