When Turned Down For A Business Loan, Turn To A Business Grant

If you've applied for a business loan in the last six months, its a strong possibility that you were denied - even if you have good credit. This is because the current economic times have forced banks to be super cautious towards all loan applicants, even if you appear to be responsible.

This is even worse news for minorities who have always found it difficult to obtain business and personal loans from financial institutions. In this regard, many have turned to business grants as a solution. In 2008 alone, $360 billion dollars in grant money was awarded and more than 25% of that was given to individuals who wanted to start or expand a business.

Though many grant programs have been eliminated or reduced by corporations and government agencies, there are still plenty of opportunities available.

For instance, business grants continue to be awarded from the Small Business Administration, the Department of Commerce, the U.S. Agency for International Development, the U.S. Business and Cooperative Programs, and many more. Even companies such as Miller Brewing Company, Ford Motors, and others are offering business grants through various competitions and contests.

The National Institute of Business Grants (www.Business-Grants.com) is encouraging entrepreneurs and small business owners to not give up in their efforts to seek financial support, but just to redirect their search towards business grants.

Helpful Resources Include:

www.Grants.gov - a central storehouse for information on over 1,000 grant programs that provides access to billions in annual awards.

www.Business-Grants.com - a useful reference to learn about frequently asked questions pertaining to business grants.

www.Business.gov/guides/finance/financing/ - a directory of local and national business financing programs.