Small business owner grants to help credit card debt?
Don’t get blindsided by debt
If you’re a small business owner and have managed to survive the economic downturn of 2008 for this long, then you’re already a survivor. Of course, many small businesses have survived by using credit cards to improve cash flow and take care of expenses. That debt can build up very quickly, and can become unmanageable if, for instance, you are unable to meet minimum monthly payments on your credit card.
Options To Get Back On Track
While this article is not legal advice, it presents some options for getting your small business back on track even if it is heavily burdened with credit card debt. If you have a credit card for your business, but the business’s credit history is tied up with your own (a very common scenario), then you should be doubly tenacious in eliminating that credit card debt because it can affect your personal credit history severely.
Government Help Is Available
The government has a Seed and Venture Capital Finance page, which contains a wealth of information on how to obtain government grants for small businesses and how to approach private investment firms that invest in small businesses on behalf of the government. The government’s Loans, Grants, and Taxes page is another site where small businesses can easily find not only grants open to them, but also private “angel” investors who provide venture capital for small businesses.
The National Association of Small Business Investment Companies (NASBIC) is the professional association for the Small Business Investment Company industry and is the oldest venture capitalist organization in the world, having operated since 1958. You can find out the specific steps to take to obtain financing from Small Business Investment Companies by visiting their web page that lays it all out, step by step. Though microfinancing is mostly thought of as a program for developing countries, there is microfinancing available in the U.S. as well. Grameen America provides small loans to low-income individuals for investing in income generating activities. It also helps small businesses build credit by reporting to Experian, which is one of the three main credit rating bureaus in the US. A wealth of information is available on their website, www.grameenamerica.com.
Research Is Key To Sucess
The common thread for obtaining help from any of these institutions is that you must have clear and adequate records, including a well thought-out business plan to approach them for assistance. The Small Business Administration has instructions for how to write a business plan to help you create a business plan to get the financial help your business needs.