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Government loans are in some
way guaranteed or purchased by government owned corporations or
organizations. Government loans include small business
administration (SBA) loans, student loans and different types of
disaster relief loans.
Government Loans are loans that are given to
deserving small business by the government. Government loans
have set terms and conditions. The same are tobe
followed in order to get loans from the government.
The government loans for small businesses are of many types. SBA assists the nation's small businesses through a number of
programs. The SBA helps new or growing businesses meet their
financial needs.
The SBA offers two types of
loans: Direct Loans and Guaranteed Loans.
Under SBA Direct Loans,
the funds are directly made available to the applicant
with no bank involvement. These loans were popular in the early
stages of the agency. However, due to unsuccessful results
of the program the funding for direct loans has almost dried up.
Direct loans are still made under special circumstances but are
no longer common.
The funds appropriated for
purposes of guaranteed loans are much larger than those
appropriated for direct loans. Guaranteed loans are made by
private lenders
Government Student Loans
There are many types of government student
loans. . These government loans include: Federal PLUS Loans,
Federal Stafford Loans, Federal Perkins Loans, and
state-specific loans (NJ, for example, has its NJCLASS Loan).
The Federal PLUS loan program is for your parents and
allows them to borrow up to the cost of education minus any
financial aid already received. The Federal Stafford Loan is a
guaranteed loan program from the federal government. These
government loans are subsidized or unsubsidized.
Federal Perkins Loans are a little bit different. Federal
Perkin Loans are offered directly by the school itself,
through funds provided by the federal government.
Government Disaster Assistance Loans
The United States government also gives loans to
US citizens
whose homes or businesses have been damaged in a natural
disaster. These Government Disaster Assistance loans are meant to help disaster victims.
The victims can recover
the damage done to their property.
Disaster Assistance Loans are made available by the U.S.
Small Business Administration, but are not exclusively for small
business owners. These loans are available to:
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