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The Difference Between Small Business Loans and Small Business Grants
Manage episode 454983050 series 3461774
Konten disediakan oleh Micheal & Tatiana Parker and Tatiana Parker. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Micheal & Tatiana Parker and Tatiana Parker atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang diuraikan di sini https://id.player.fm/legal.
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A small business loan is money that can be borrowed from a prospective lender that will have to be paid back with interest. While a small business grant can be free money awarded to a small business that does not have to be paid back. The key from those last two sentences is that a loan requires repayment, whereas a grant does not.
There a key points about a small business loan and grants:
Application process:
Loan applications usually focus on creditworthiness and the ability to repay. We have talked about in an earlier episode about fixing your personal credit first. We continue to preach that after you become 18 your credit score number means more to you than your SS#.
Eligibility Criteria:
Both loans and grants may have certain criteria eligibility requirements based on certain business factors such as: size of the business, industry, location of the business, and financial health of the business. Sometimes grant eligibility can be more restrictive.
Just be aware of the financial stipulations can also can be associated with getting a loan or a grant. Tune in to this episode to see if your business can benefit from some financial stimulation.
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