• Olga

Grants vs Loans

If we're connected on LinkedIn, you may have seen some of my recent posts promoting grants.


I love grants because they are infused cash without having to be paid back.


These days, there are grants out there that also have a mentorship aspect. This means when you're awarded the grant you'll have access to monetary and non-monetary resources to take your business to the next level.


Now don't get the wrong idea, there's nothing wrong with loans. If you're qualified to receive loans and will be relying on this money to get through a tough spot, you should absolutely keep loans on the table as an option.


However, if you have the opportunity, think twice before dipping into loan options.


Why?


You will need to pay it back. Whether you're giving it the weight it has in your life, having to pay back money borrowed adds invisible stress to your day-to-day.


More cash allows for more options, no doubt about it. But think about the price and if it's worth it for you.


If you or your business are already in debt, will you just be shuffling debt around or are you going to invest so that this money can improve your position?


Taking out a loan to repay another loan shifts focus but doesn't address the root of the issue.


If you've got analysis paralysis, let's have a 15-minute chat and see what the right path is for you. You can schedule a call here.


#Entrepreneurship #FinancialCoach #FinancialIndependence #MoneySmart #FinancialLiteracy #MoneyWhisperer #Freelance

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