Government Grants Available

Do you need cash to help jump start your small business? Well, you are in luck, because help is on the way! Bank of America Corp. just issued 40 grants worth more than $3.7 million (part of a $10-million plan they announced in July) to organizations that lend to small businesses. The bank said that their plan, over the next year, should release about $100 million in low-cost, long-term capital for small business micro loans over the next year.

Through Fractional-Reserve Banking, the nonprofit lenders are able to release an average of 10 times the amount they receive. The money is expected to make 2,000 loans to small businesses and start-ups through December 2011. With an average size of $13,000, the loans are expected to help roughly 8,000 small and rural businesses.

Find out more about the SBA loans and grants by visiting SBA.gov. Also, for specific information on microloans and to see if your business qualifies, visit their micro loans page.

(Image: Some rights reserved,  Andrew Magill.)