Grants and Loans

Definition: Grants and loans are financial resources provided to businesses or individuals to support operations, growth, or specific projects. Grants are typically non-repayable funds awarded based on eligibility, while loans must be repaid with interest over time.

Example: A handmade crafts business owner might apply for a small business grant to fund new equipment or take out a loan to cover initial inventory costs.

Resources:

• Small Business Grants: Explore opportunities like Grants.gov for federal funding or local economic development grants.
• Small Business Loans: Programs like the SBA 7(a) Loan Program provide low-interest loans for small businesses.
• Crowdfunding Platforms: Websites like Kiva offer community-based microloans to entrepreneurs.

Learn More: Visit our guide to discover how grants and loans can support your handmade crafts business.