Business Grants Explained

Coming up with the capital to start or expand your small business can be a frustrating task. If you’ve ever heard of business grants, they may seem like a silver lining. However, these grants may not be used by regular business owners to start or expand. Only businesses that use the money for education or research purposes are allowed to apply.

Get the Truth About Grants

Because government business grants are funded by tax dollars, they have strict rules about what types of businesses qualify and how the funds can be used. Government grants are only given to non-commercial organizations, like nonprofits and educational institutions, that are involved in medicine, education, and scientific research and development.

If you are a non-commercial organization and believe you may qualify for a government business grant, you can get all the facts and application forms from the Small Business Administration.

What About the Rest of Us?

So, if you are NOT a non-profit organization or an educational institution, how are you supposed to pay for your business? The answer is through a business loan. Entrepreneurs and seasoned business owners alike can benefit from business loans. Whether you are just starting out or need capital to expand your current business, a business loan can help you get there.

There are different types of loans available to business owners depending on their specific needs. At First Bank,* we offer a variety of different business loans,** including:

  • Business credit cards
  • Lines of credit
  • Long-term loans
  • Commercial mortgages
  • Construction loans

At First Bank, we make borrowing for your business simple. When you’re ready to apply for a loan, visit your local branch to speak with one of our loan experts. While we do not have an SBA associated program, we can help you customize a loan that meets your needs and send you on your way to growing a successful business.

If you aren’t sure where to start, First Bank can help with that too. Check out our online Financial Education Center for articles, tips, and tricks on starting, managing, and growing your business.


*Member FDIC
**Loans subject to credit approval.

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Sources:
https://www.sba.gov/content/grants-0
https://www.sba.gov/content/facts-about-government-grants
https://localfirstbank.com/business/business-loans/
http://locations.localfirstbank.com/locations
https://localfirstbank.com/article_cat/start-your-business/?term_id=37