Whether it's a college education, a business start-up, recovering from a natural disaster, or purchasing a home, the US government has several different loan programs available to citizens that can provide them with money they need to accomplish their goals. Various departments within the government oversee the different loans available, depending on the specific need. Read on to learn about which departments provide specific loans to consumers, students, veterans, and business owners.
The US Department of Agriculture specializes in providing loans to farmers who need financial assistance during a drought or other natural disaster. These loans are designed to help farmers and ranchers as well as those who live in rural communities so they have access to money needed to maintain their farms or homes. A feature of these loans that make them significant is that they can help farmers and ranchers who may not have enough financial resources to get a standard, bank-issued loan.
The US Department Of Commerce
In order to promote innovation and entrepreneurship, the US Department of Commerce provides loans to aspiring and current small business owners. These loans can help get businesses off the ground and give them the working capital needed to start their own business. Other financial assistance programs include helping commercial fishermen with loans and giving individuals a financial head start so they can achieve their business goals.
The US Department Of Education
For college students, the US Department of Education provides a variety of loans to help pay for higher education. As long as students meet the criteria, they can receive assistance for things like tuition and room and board. These loans come in several different packages depending on the student and their family's income, school choice, and other factors. All US-issued students loans are deferred until the student leaves college or graduates.
The US Department Of Housing And Urban Development
This department, also known as HUD, gives home mortgages to qualified buyers using a network of approved lenders. The HUD program also allows existing homeowners to refinance their home mortgage through the program. Low down payments and significantly lower mortgage interest rates are some of the benefits to using a HUD-based mortgage program.
The US Department Of Veterans Affairs
This governmental department is geared towards helping military veterans and their families with a wide assortment of financial programs. Loans and grants can range from burial and funeral benefits to special veteran-only home loans and assistance with medical bills. All applicants must be a verified veteran or family member of a veteran who has served in the US military or who has died while serving.
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