With the recent passing of a $2 trillion U.S. stimulus package, small business owners impacted by COVID-19 have been given options for low-interest loans, financial assistance, and other aid that can help them in this uncertain economic time.
Aside from this stimulus package, a number of private, state and local institutions have also stepped up to provide aid, assistance, and loans to small business owners suddenly facing unforeseen challenges.
With a number of different options emerging, small business owners might be asking themselves, “Which options am I eligible for?” and “Which funding option is right for my particular business?”
To help business owners and entrepreneurs looking for financing options, we’ve compiled a list of public and private opportunities for small businesses.
National Funding Resources for Small Businesses
The Small Business Administration is a federally funded organization that provides loans, debt relief, and other financial aid to small businesses with 500 employees or less.
Currently, the Small Business Administration oversees small business loans from SBA-approved lenders, such as banks. While SBA doesn’t lend money directly to small business owners, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions. This process reduces the risk for lenders, which — in turn — enables more small businesses to receive loans.
Here are a…