The federal government grant program offers assistance to broad swaths of communities across America. These grants serve to better the lives of the disadvantaged, narrow the gap between social classes, and generally provide assistance to struggling citizens and organizations. While individual grants for debt relief are few and far between, there are ways to seek funding from federal grants to eliminate debt.
American Recovery Act
The American Reinvestment and Recovery Act of 2009 was signed into law by President Barack Obama in February 2009. This large-scale stimulus program provides over $700 billion of federal funding to needy recipients. While these grants are doled out mostly to organizations, the Act itself is designed to help individuals find employment and recover from crushing debt.
EDA Recovery Act Funding
This grant is part of the previously mentioned ARRA (American Reinvestment and Recovery Act). The grant specifically offers funding to communities and individuals "that have experienced sudden and severe economic dislocation and job loss due to corporate restructuring." While not specifically for debt reduction per se, an aggressive non-profit organization can have an experienced grant writer ask for funds that will directly reduce individuals' personal debt loads.
Minority Business Enterprise Center
The MBEC grant is funding that helps to subsidize non-profit organizations with minority leadership. This grant, while again not direct debt relief, will support struggling businesses and sole proprietorships. An individual who receives part or all of this grant can use the money to reduce business loans and lines of credit. Such funding frees up businesses to reinvest in research and development.
Aging Citizens and Minorities
The government grant program places importance on subsidizing the welfare of disadvantaged citizens--such as senior citizens, minorities and other marginalized groups. Such individuals have a bevy of grant opportunities. Again, acquiring funding usually means having the weight of an organization behind an individual. Senior citizens struggling to pay debts on fixed incomes can seek advocacy groups to help with grant application proposals.
Warning
The federal government does not reward bad decisions. Individual debtors who seek to eliminate debt--specifically credit card debt--that was incurred for non-essential items will struggle to receive government grants. Instead, the purpose of these debt-relieving grants is to ensure the growth of small businesses and the continued progress of marginalized communities.
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