As a business owner, it’s important to know the resources available that best support your business. In the wake of the pandemic, loans and grants have been a lifeline for businesses more than ever. For small businesses, the competition for resources and relief programs can be challenging, so it’s critical to be prepared to apply for loans and grants as soon as they are available.
Whether you’re looking for funds to keep your business afloat or you’re ready to take your operations to the next level, here’s how you can stay up-to-date on available loans and grants.
U.S Small Business Administration
Small businesses and the main street economy took a massive hit during the pandemic. For struggling businesses, there are a growing number of funding options for companies to consider; knowing where to search is the challenging part. The U.S. Small Business Administration is a helpful resource to get an overview of the general market landscape and detailed product offerings for the small business owner or entrepreneur. The SBA website provides updated information on government-based funding programs like the Paycheck Protection Program, COVID-19 EIDL, and the Restaurant Revitalization Fund, in addition to a summary of the criteria needed to qualify for these programs.
From loans and grants to investment capital, the SBA isa one-stop-shop for finding the support you need for your business. Periodically checking the website or subscribing to the SBA newsletter can keep you informed about grants and COVID-19 relief programs.
GovLoans.gov
GovLoans.gov provides business owners with access to information on a variety of loan programs. It collects information about loan programs offered by various federal agencies and stores it in one place, providing a central location for business owners to find the information from organizations such as the:
- U.S. Department of Veterans Affairs
- U.S. Department of Agriculture
- U.S. Department of Education
- U.S. Department of Housing and Urban Development
- U.S. Department of Commerce
- U.S. Small Business Administration
The website’s Loan Finder feature allows business owners to take a questionnaire to find additional information on loans they may be qualified to receive, and it’s a great start. Loan Mantra’s online app, Blue, provides a more detailed, comprehensive look at which funding options (government and private) are best matched to a business’ needs.
U.S. Chamber of Commerce
The U.S. Chamber of Commerce offers many specialized resources to guide you in starting, operating, and growing your business. The Chamber’s website lists 44 grants, loans, and programs that may benefit your small business. The list includes:
- Federal stimulus aid
- Government grants
- Government contract assistance
- The Natural Resource Sales Assistance Program
- General small business grants
- Industry-specific small business grants
Additionally, the Chamber’s Save Small Business Initiative aims to provide businesses with useful information on resources, financial assistance programs, and advice to overcome financial hurdles, especially during the pandemic. The options available are the Debt Relief Program, Express Bridge Loans, and the Economic Injury Disaster Loan. Additionally, the Chamber of Commerce breaks down programs and assistance options by state and sector. Since Loan Mantra’s mission is to pair businesses with the right funding, the team is well-versed in what the Chamber of Commerce provides and assists business owners in applying for any of its programs when one is a good fit.
Periodic check-ins on the website are the best way to learn more about available funding and deadlines. Another option is to sign up for a U.S. Chamber of Commerce membership—you’ll get access to resources to assist you in finding funds and receive regular email updates on opportunities for small businesses.
Grants.gov
Free money may sound like a scam, but it is possible for some small businesses to acquire grants, which they don’t have to pay back. Whether you’re in the startup phase or ready to expand your business, it is worthwhile to research various grants that may be available to you. Government agencies are one of the biggest resources for business grants across a variety of industries. Grants.gov‘s database is a valuable resource for finding government-administered options based on your industry and location, while Loan Mantra’s Blue online platform more specifically pairs a business to all the funding options aligning with its unique attributes.
While the process can be time-consuming and the requirements may be strict, grants don’t need to be repaid, making them an excellent option for your growing business. Additionally, corporations also provide small business grants that may have fewer application requirements than government options. Competition is steep, so it’s important to find a natural fit for your business before investing too much time into the application process.
Find your match
While it takes much time and effort to find the funding options that best suit your business, staying informed pays off … literally. Take the time to regularly check your resources and compile a list of loans and grants that can benefit you and your strategic plan.
The team at Loan Mantra is here to guide you through the process. Our team is used to working side-by-side with business owners to find the best options, prepare application documentation, and get through the entire application process. Blue uses an advanced smart platform and a thorough, detailed process to determine the best loan or grant option for you. Get in touch with us today to get the ball rolling on your funding process.