More than 50 percent of small enterprises fail in the very first year, and more than 95 percent of small startups fail within the first five years (Convergehub, 2019). It’s true. And oftentimes, many, not all, of these businesses could still be open if they had a little support. Well, there are hundreds of small business grants, loans, and rental assistance programs available throughout the year. And yes, self-employed, sole proprietorships, and independent contractors, may also qualify for some of these solutions. So hopefully, you and your business can also benefit from these small business and self-employed grants and loans when you need help.
Self-Employed Grants and Loans
Free Money, Mico-Loans, Small Business Loans, and Rental Assistance Programs
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Grants are non-repayable funds or products disbursed or given by a government department, corporation, foundation or trust, to a recipient, a nonprofit entity, educational institution, business, or an individual. Yes, basically free money for your business!
A loan is the lending of money by one or more individuals or organizations, to other individuals, organizations, etc. The recipient incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.
Emergency rental assistance programs provide financial support to those in need during struggling or difficult times. Generally, this aid goes directly towards unpaid rent or mortgage.