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A small business loan is money that can be borrowed from a prospective lender that will have to be paid back with interest. While a small business grant can be free money awarded to a small business that does not have to be paid back. The key from those last two sentences is that a loan requires repayment, whereas a grant does not.

There a key points about a small business loan and grants:

Application process:

Loan applications usually focus on creditworthiness and the ability to repay. We have talked about in an earlier episode about fixing your personal credit first. We continue to preach that after you become 18 your credit score number means more to you than your SS#.

Eligibility Criteria:

Both loans and ...