While looking for business loans for felons, you should check out options available in the Department of Labor and Employment and Training Administration. These institutions have some programs for felons as well as for ex-felons. In the case, if you aren’t a felon but want to qualify for the certain program, you can qualify for small business loans for ex-felons.
This resource Grants.gov contains possibilities for different financing starting with housing and transportation and ending with small businesses and community development.
Small business loans for felons sometimes hold educational purposes. Pell Grants are almost the only available grants for educational purposes. Drug-addicted felons can’t qualify for this program but they can change situation after completing drug rehabilitation program.
Among loans for felons to start a business, offers from the US Small Business Administration deserve particular attention. SBA isn’t available for all felons! You won’t qualify for them only because you are a felon. If traditional SBA loans aren’t suitable, you can consider SBA Microloans that offer less than $50,000. They also offer grants for felons. All felons can also qualify for payday loans. Still, the interest rates are very high and you should be ready to unprofitable loan terms.