Small Business Grants and Loans for Felons. Most ex-convicts, not all of them because few among them still possess that criminal gene in them despite they have left prison, but they still want to commit crimes.
Felons like everyone else, want to change their levels, status, and lives for the better by starting a business, furthering their education, and searching for a better job that pays higher, immediately after they have left incarceration or served their time in prison.
However, challenges may occur or barriers will set in due to their history as a felon.
Thoughts begin to step in wondering whether I can start my own business. Will I be eligible for grants or loans? Is it worth the trier?
Let’s look into different ways as a convicted felon searching to be a changed person.
Can you own a business if you have a past criminal history?
Before we jump into discussing small business grants and loans for felons, let’s know whether a convicted felon is eligible to start up a business.
Be informed that there are no pronouncements or laws stating that felons are not allowed to establish their own private business! Meaning you are only hunted by your guilt when it comes to starting a business.
So much of a talk, establishing a business no matter the size, needs money to make it happen, and you might not have much money needed to actualize your aim.
Worry not! Hope is there for you to assist you obtained the capital you need to start up your business.
Small business grants for ex-convicts
The first step for actualizing your dream to secure cash as capital for your heart desire is a peek into small business grants.
Grants are free money, not business loans when issued out to anyone, they are not to be repaid as in the case of business loans that are granted.
Grants are given by the city, some charitable organizations, state governments, and also federal government, non profit organization (NGO), as well as some foundations all issues grant to people, but not all people.
Each grant package focuses on a particular purpose audience.
Few of them are meant for small business purposes, while others might station on some type of already existing business owners, such as disabled folks, women, minorities, or veterans.
We also have some well-established firms and industries.
Be informed that grants mostly have great competition, so if you are applying, you must look at the requirements tenaciously before seeking for loan and make sure to tick all the boxes in the application form.
Listed below is some grant you might love to apply for: Â Â Â
Nav’s Grant for Small Business
Every fourth month of the year, Nav’s grant for small businesses makes available $10,000 to businesses nose-diving due to the challenges they face.
FedEx Contest Grant for Small Business
FedEx gives out $25,000 grants to various small businesses yearly. Before you apply, you need to record or film your business story through video before application.
Growth Grants for the National Association for Self-Employed (NASE)
NASE growth grantsorganization provides for members of the National Association for Self-Employed seeking to advance their business to another stage.
These grants are worth up to $4,000 which can be used for all things, such as buying brand-new equipment, recruiting assistance, and inventing promotional material.
Can Felons be Eligible for Federal Grants?
Apart from grants given by the private sector or organizations like the ones listed above, local and federal governments also issue grant programs, and your past record as a felon, it will not be a stumbling block to your qualification.
You can browse for federal government grants on their website, grants.gov. You might also want to look in your local government office to see if they still have such programs you will be eligible for.
Can Small Business Loans be Giving to Felons?
If you’re doubtful about small business loans, bear in mind that your felony history will not form a limitation between you and the cash you want.
There are several options of small business loans you can fit in and be eligible for, whether you are kickstarting a brand new business or looking to boost your already established business.
Don’t bother about your low or zero credit scores, we still have lenders you might be eligible to secure a loan from.
Small Business Loans for Felons
Securing a loan to meet your financial needs can help you secure the essential funds you need to run your business.
If you possess a wonderful credit record, you may look into acquiring a loan from the Small Business Administration (like the SBA microloan scheme).
There are no qualifications hindering possessing a felony history, and most of the loans carry minimal interest rates of any financing choices available.
Below are some loans to consider:
Small Business Administration (SBA) Microloans
Eligible businesses can borrow up to $50,000 from the SBA Microloan Scheme. Most of them might ask for background checks from felons.
Short-Term Loans from Kapitus
Kapitus possesses different methods of lending choices, loans are given for financing of equipment to revenue-based financing. You can borrow up to the tune of $500,000.
Newtek Long-Term Loans
This long-term loan program by Newtek is tailored to suit all kinds of businesses, whether small or big businesses.
In this scheme, you are allowed to ask for a loan to the tune of $1,000 up to $15,000,000 million, depending on what you’re using it for.
Other Resources for Felony Small Business Owners can get
Beyond the avenues/programs we listed above that give small business owners loans and grants that felons are eligible to have, we also have other means made available that will assist you in growing your business.
Some of them are:-
From Inmates to Entrepreneurs
Inmates to Entrepreneur renders entrepreneurship programs to individuals with a felony history.
This program provides various in-person and online courses, like GED Classes, the inmate to the entrepreneur will give you assistance in the area of what kind of business you want and also teach you how to locate customers.
FELONHOME.COM
Felonhome.com renders choices of avenues to provide ex-convicts another opportunity, including re-entry programs and selections of vital avenues and loans, coupled with grants.
In which way do you prefer, either you want to further your education or start up a business of your own, or be hired?
We also have choices to pick from in the area of financial assistance options, housing for felons, and government jobs.
Small Business Development Centers
Another powerful means of avenues to assist your business is your local Small Business Development Center (SBDC).
These Small Business Administration (SBA) means joined together to give access to mentoring, workshops, and helping in forming a business plan/idea, expanding your business idea, and encouraging you to start up your own personal business.
Guidance may also be provided on where to locate and find business funding.
Crowd Funding
Another means or avenue for procuring capital for your newly established or yet-to-establish business is via crowdfunding.
It means you form or create a crowdfunding program is to raise funds for your business or a distinctive project or product.
Anyone who buys your aspiration or dream can simple donate towards the success of it. best crowdfunding websites include Facebook. GoFundMe, FUNDLY, and Indiegogo.
How will you turn your entrepreneurial aspiration into reality?
As soon you are set to turn a new leave for a better second chance, by starting your own business it could be your way up to the top.
Have a good deep thought of the business, research widely on choices for funds, and select the perfect match that best suits your needs.
If you have done these, the sky will be your limit, remember anything started and stay on it can be achievable and possible.
Summary
Remember Small business grants and loans for felons are all over the US, and it can also be seen in other countries of the world.
Take advantage of it and be great in life, don’t let your past record as a felon hinder your dream and aspirations, it is done and achievable as you take the first step!