Can a Stafford school government loan affect your credit report?

Oct 04, 2008 by **A** | Posted in Financial Aid

I am currently using my GI Bill education benefits and I got a Stafford government loan as well. My question is this: does a Stafford government loan, which requires no credit check, go on your credit report and affect it positively or negatively?

It shows up on your credit report as outstanding credit, meaning its something that you owe money on. as to whether or not its a positive or negative, I think its pretty neutral until you start paying it back, as far as your credit score goes. BUT, when your credit is being evaluated for something, chances are whoever is checking it is also looking at your debt to income ratio. In this way it can negatively affect your ability to get a loan for something because it increases your total amount of debt.
If you dont pay it back when you're supposed to it will negatively affect your credit report, and if you do pay it back like you're supposed to, it will be a positive. Also, if you don't pay it back the government can garnish it from your wages and withhold your income tax returns until you're caught up.

Where can I go in GA to get a small business loan not exceeding 250k . Preferably a government loan or grant?

Oct 07, 2008 by wes m | Posted in Small Business

I have horrible credit I am a white male and everywhere I read I do not fit the qualifications . However, I know there has to be some agency that will give me a loan or grant especially in the recession. Kinda why I'm looking toward the government and not the banks ( but main reason is I have bad credit).Someone please help.

Your problem is your horrible credit -- even small business loans given through SBA will not give you a loan with bad credit.

http://www.sba.gov/services/financialassistance/sbaloantopics/index.html

It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business.

One possible exception is for companies developing or exporting agricultural goods, including food and forest product. Another exception could be the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs http://www.sba.gov/aboutsba/sbaprograms/sbir/index.html , which fund the research and development of technological innovation that meets specific government needs.

Your best bet actually will be from the states if they offer grant programs for women (or any other special interest groups -- minorities, women, disabled, veterans, etc). Or check with non profit organizations, particularly women organizations if they offer grants. Examples include

Iowa Women's Foundation http://www.iawf.org/
New Mexico Women's Foundation http://www.nmwf.org/guidelines.html

Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/mostrequesteditems/CON_FAQ2.html

"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."

Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.

Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show

Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs

Has anyone out there ever received a government loan as a first time home buyer?

Jul 02, 2007 by 52donnie | Posted in Renting & Real Estate

My wife and I have a combined income of $50,000.00. We want to buy a manufactured home as well as a piece of land with utility hookups available to put it on. We are looking for one loan to cover two purchases. Since I've never bought a home before can I get a loan from the government and if so how do I go about getting it?

I recieved a chfa loan from the state when I purchased my home, I was a first time home buyer. You should check with your state to see what they have. I know that most of them are strict when it comes to a manufactured home. I suggest checking into it. It does't hurt to just talk.

how do I get a government small business loan?

Dec 15, 2008 by lex H | Posted in Small Business

i am a single female. i am a minority. i am very young, i currently do not have a job, but i own my home 100%.

because i am not working i want to open up my own small business.

i keep hearing about how their are government small business loan for minority women.

how do i find more information about one, and how do i get one?

is it better if i get a government loan, or just try to get a home equity loan from a bank even though i am not working?

Some of the richest and most successful business people I see running around London are 20 year old internet entrepreneurs - while the bankers all turn grey and loose their jobs - times are changing don't let age hold u back.

Who ever you approach for the loan you need a business case or to be able to prove you have a profitable business model.

If it is a start up they will normally want to see you put in an equal amount of money to show commitment.

The bank or government won't lend if they are not convinced or think they will get their money back.

If you have time on your hands I'd suggest an internet business or something that can be done with very little set up costs.

How do you go about seeing about getting a government loan?

May 02, 2007 by Bonnie B | Posted in Small Business

All the time I am seeing commercials about "government loans". Especially for small first time businesses. Just how does one go about applying for these and is it a huge pain in the butt?? Thanks for any answers

The information Candi gave is correct, I just want to add, make sure you have a business plan even if it is just a rough draft, get your ideas and plans on paper, have something to show the Small Business Administration as well as others that you will seek assistance from.Go to the web sites and be prepared to spend a lot of time on your Venture. I pray that you will enjoy success at the end of you hard work, May the Blessings of God be upon you. Success is yours. Remember" Pursuit is the evidence of desire."

what the best and quickest way to get a government loan?

Aug 24, 2008 by chi town25 | Posted in Personal Finance

i am trying to get a government loan and all i get is scams they are quick to give it to people only in foriegn countries who come to the U S and i dont find that fair so someone please give a ligit site or number that will actually work thank you.

GOODDAY TO YOU ALL!!!!!!

I am Willson Roland by name, i live in U.K. just a few month ago i
was in search for a loan of € 70,000 as my family was running out of money for feeding and my education. i was scammed about € 430 and i decided not to involve my self in such business, finally colleague of my introduced me to a loan firm due to my appearance and doings. I made a trial and i am most grateful am i today, i was given a loan amount of € 45,000 by this great firm Harvey's Loan Inc. managed by Mr,Patrick Harvey.
If you are in need of a ganuine or legit loan or financial assistance
and you can be reliable and trusted of capable of paying back at the due time of the funds i will advice you to, contact him vai email patrickharvey12@yahoo.com and free from scams in the net.

How procure a government loan or funding for my new small business?

Aug 19, 2008 by Pat W | Posted in Small Business

I've recently started a small business and I was wondering if there was any kind of government funding available to help me get off the ground and get some more equipment?

Thanks,
-Pat

You can read the SBA Financing page if you can qualify for an SBA loan http://www.sba.gov/services/financialassistance/loanapplication/index.html -- note that they want collateral, balance sheets from the last three fiscal year-ends, income statements revealing your business profits or losses for the last three years, among others. It is very hard for a startup to get a loan from SBA

It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business.

One possible exception is for companies developing or exporting agricultural goods, including food and forest product. Another exception could be the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs http://www.sba.gov/aboutsba/sbaprograms/sbir/index.html , which fund the research and development of technological innovation that meets specific government needs.

Your best bet actually will be from the states if they offer grant programs for women (or any other special interest groups -- minorities, women, disabled, veterans, etc). Or check with non profit organizations, particularly women organizations if they offer grants. Examples include

Iowa Women's Foundation http://www.iawf.org/
New Mexico Women's Foundation http://www.nmwf.org/guidelines.html

Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/mostrequesteditems/CON_FAQ2.html

"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."

Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.

Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show

Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs

Is there really a government loan that will help me start a real estate buisness asap?

Apr 02, 2006 by a_ron1286 | Posted in Renting & Real Estate

like a nonprofit loan, or a grant I can file for that will get me some big cash to start off with. Please help me find the answer to my question. If you have any questions, just email me right away.Thank You!

I don't have the exact answer, but make sure you know the difference between a loan, grant or nonprofit loan. Start with search engines first: Request information for Government small business Loans, or Government Non-profit Loans. Use Googles, Ask Jeeves, or Meta Crawler.com because you need a listing. Momma.com (another meta crawler) Good Luck.........

Can you get a second government student loan if the first is being paid for by government interest relief?

Feb 18, 2007 by Ebonee | Posted in Financial Aid

Answers from Canadian residences please

I am asking for a friend, I have never had a student loan, so I don’t know. Only the interest on his first loan is being paid and the government is paying it. He wants to go back full-time for a second major.

Yes, your friend should be able to get it as long as your friend has the grades and applies properly.

Check with the financial aid officer at your school.

Where can I go in CA to get a government home loan?

Mar 01, 2007 by glock17 | Posted in Renting & Real Estate

I am looking into buying my first home. Where can I go in California to get a government (or any) home loan with low interest? (less than $1000 every month) My credit score is about 590..... I need help!! Thanks.

California's CALHFA program offers assistance and programs for eligible first time home buyers. They may be able to help you with your first home purchase. Check out the sites below for more info.

Good luck!

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