Microloan Program Benefits
Program DescriptionThe MicroLoan Program provides very small loans to start-up, newly established, or growing small business concerns and certain not-for-profit childcare centers. Under this program, SBA makes funds available to nonprofit community based lenders (Microlender Intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $50,000. The average loan size is about $13,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level.
General Program RequirementsEach intermediary lender has its own lending and credit requirements. However, business owners contemplating application for a microloan should be aware that intermediaries will generally require some type of collateral, and the personal guarantee of the business owner.
Your Next StepsThe following information will lead you to the next steps to apply for this program.
Application ProcessSmall businesses interested in the Microloan Program should contact a Intermediary Microlender in their area. A Microlender is a non profit organization that receives a loan from SBA. In turn, the Microlender makes small loans to very small businesses in the community. The Microlender also provides technical assistance to the small business. All credit decisions are made by the Microlender. The application process may vary depending on the Intermediary Microlender.
Program Contact Information
For more information about this program, please visit: