Beyond grants, there are times when communities and organizations offer forgivable loans. Although similar to grants, these forgivable loans have a stricter set of rules and metrics in order for the loan to be forgiven. These loans often come as part of a program designed to address a specific issue affecting a community, group, or industry.
If you are ready to follow their stringent requirements, applying for money from a forgivable loan is a great way to help you overcome some of the challenges you might be facing as a small business. Remember, if you don’t meet these requirements you might have to pay the loan at whatever rate you agreed upon when you signed the contract. This varies, so make sure to read the contract thoroughly before you sign.
These grants include a $1 million fund from the singer Beyonce, as well as forgivable loans of up to $250K to help businesses across a range of issues. This includes helping restaurants recover, accelerator programs to help businesses grow, American Rescue Plan Act (ARPA) related programs, economic recovery, and more.
Small Business News April 28, 2023
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