Funding Dictionary

Debt Term

Usury

Usury describes loans with excessive interest rates or fees, benefitting the lender and exploiting the borrower. Sometimes calling loan terms usury or usurious is a moral or ethical statement, sometimes it is a legal...

Debt Term

Credit Union

A credit union provides services similar to a bank, but is different in ownership: a credit union’s customers are also its owners. It is also “not-for-profit” in that any profit earned is used to help sustain and grow...

Grant Term

501(c)(3)

The US Internal Revenue Service (IRS) tax code defines tax-exempt organizations, and IRS code 501(c)(3) defines the rules that charitable tax-exempt organizations must follow. See for lots of gory details! Many grants...

Financial Term

Use of proceeds

If you are applying for a loan or fundraising for equity you will need to describe your use of proceeds: how will you use the money? Funders will be looking for very specific descriptions that match categories on either...

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