Take a look at this before you apply for a small business grant in the US Grants help fuel the growth of a business. As a business owner, you may be looking for funding opportunities where you get the money without going through any of the overwhelming repayment plans. That is to say, you’re looking for funding outlets that help you unlock new revenue streams without having to repay the money. With the help of these newly found revenue channels, you’ll find it easier and faster to make your business bigger and better. So, in this explainer, we’re going to take a deep dive into how you can get your hands on such grant options. But before we let you know exactly how you can get these small business grants, we’ll want to explain the difference between a grant and run-of-the-mill loans.
Loans versus grants: Know the difference Both loans and grants will help in injecting the capital that your business deserves. But there’s a big difference between both of these financing options. Let us explain in detail. First of all, when you apply for a loan, you have to repay the money back within a specific period. Which is exactly why, more and more business people don’t want to go with this option. But the same isn’t true with grants. When you get a grant, you don’t have to pay the money back. That’s basically why grants have become the number-1 option when it comes to injecting much-needed capital in your enterprise. But just because grants provide free money, they’re not so easy to get your hands on. The competition to secure grants is highly intense every time. And the competition has become even more cut-throat especially with the outbreak of the