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.
o Working capital
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:
o Amount, planned use, lender requirements, needs of the small business owner
o Interest rates vary depending on the intermediary lender