Micro Loans

What is a microloan?

The microloan program provides loans up to $50,000 to help small businesses start up and expand. The average microloan is about $13,000.

We provide funds to specially designated intermediary lenders, with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.

Am I eligible?

Each intermediary lender has its own lending and credit requirements. Generally, intermediaries require some type of collateral as well as the personal guarantee of the business owner.

How do I use a microloan?

Microloans can be used for a variety of purposes that help small businesses expand. Use them when you need under $50,000 to rebuild, re-open, repair, enhance, or improve your small business.

Examples include: 

o   Working capital 

o   Inventory 

o   Supplies 

o   Furniture 

o   Fixtures 

o   Machinery 

o   Equipment 

What do I need to apply?

Microloans are available to Individuals and businesses and the requirements will vary.

How do I pay back my microloan?

Repayment Terms, Interest Rates, and Fees 

Loan repayment terms vary according to several factors: 

Repayment terms 

o  Amount, planned use, lender requirements, needs of the small business owner 

Interest rates 

o  Interest rates vary depending on the intermediary lender