Business Loans and Assistance from the Government

Discussion in 'Securing A Business Loan' started by Shobir, Jan 13, 2014.

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  1. Shobir

    Shobir Administrator Staff Member

    Admin Post
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    I visited the GovLoans.gov website today and found some really useful information that other people might find beneficial. There are three programs in particular that businesses can look into if they want to find some extra money, these include business and industrial loans, energy efficient mortgage insurance loans and FHA PowerSaver Home Energy Retrofit loan which is a pilot program. If you're thinking about starting a business or want to find some extra money then it's worth checking the programs out below.

    Business and Industrial Loans
    This loan is given by the Government to improve and develop businesses, industry and lower unemployment. This loan encourages business start-up which the Government hopes will help with economic stimulation.

    Energy Efficient Mortgage Insurance
    This loan helps businesses and home buyers to save money on their utility bill by helping them take out a loan to cover the cost of installing energy efficient equipment such as heat pumps or solar panels, this loan is part of the Federal Housing Administration initiative and is worth looking into if you want to save money in the long run.

    FHA PowerSaver Home Energy Loan Pilot Program
    This is still a pilot program which was introduced in 2011. This initiative offers low cost loans to install energy efficient equipment into businesses and homes. Again this is backed by the Federal Housing Administration and is well worth looking into.

    If anyone has applied for these programs please share your experiences.
  2. David

    David Newbie

    Thanks, @Shobir! This looks like it'll be helpful for business owners in the US who are looking for funding and don't want to pay the rates they might have to through a typical bank.

    As a business owner I know it is something that I have grappled with- going this route and trying to take out a loan versus bringing on an investor in something. The more I deal with investors, the more a low interest loan appeals to me :) because you don't have to give up equity but the downside, of course, is that you're on the hook to pay the money back. If I got a good rate on financing from the government, I'd definitely be more inclined to borrow from them than from a bank...
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