Government loans are especially popular in the United States, but the governments of some other countries such as the UK, Australia and Canada have also developed convenient and easily accessible loan programs for housing, disaster, relief, housing, education, small business development, as well as financial programs available to war veterans.
These is a common myth and namely: applying for a government loan is as easy as picking a carton of milk off the shelf in the supermarket, if not a little more so. Truly, the governments of the post-industrial economies have developed their loan programs, making sure that state funding will reach the final beneficiaries, i.e. the public. However, it is equally true that these programs are so devised as to ultimately benefit the governments themselves. For example, the money for all loan programs of the US government comes from the Federal Reserve. After being circulated in the economy, it ultimately gets back to the government in the form of revenues from taxation. Government loans help the developed economies in the world become more productive and thus, it is in the governments’ interest to develop a vast variety of loan programs in as many social spheres as possible.
As to the process of application for government loans, it boils down to a few simple steps to be followed. First and foremost, it should be emphasized that applicants are not supposed to pay for any application forms or other documents related to the application process, as these could be downloaded from the official website of the particular government. Having made this clear, you can now get down to application business. For a start, you will need a computer with internet connection, as most application packages could be downloaded online. If you are unsure of you internet skills, have your teenager or some friend help you with that. Once you have downloaded and filled in all the required fields in the application form, you should have it reviewed by an expert, making sure that no important information is missing. Instructions as to the completion of every particular application form could be found on the government’s website. Next, you should submit your application by logging in the government’s website or uploading it by using adobe reader. Finally, you should be able to track the status of your application package through its funding opportunity number or its competition ID. Tracking and identification numbers are usually provided upon submitting your application package. Finally, it should be mentioned that depending on their purpose, government loans may range from fifty thousand up to half a million US dollars.