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MicroLoans

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MicroLoans

Home / MicroLoans

Loan Amount

$5,000 – 5.5 M

Term

5 – 25 Years

Time to Funding

As few as 30 Days

Interest Rate

6 – 13%

Loan Amount

$5,000 – 5.5 M

Term

5 – 25 Years

Time to Funding

As few as 30 Days

Interest Rate

6 – 13%

SBA Microloan Program

The SBA MicroLoan Program provides working capital to smaller businesses. Under the MicroLoan program the SBA facilitates loans to intermediary non-profit lenders who in turn make non SBA guaranteed loans to for-profit businesses and non-profit child care centers. In 2016, these intermediary lenders loaned a total of $58 million to small businesses, with the average loan amount just under $15,000.

Examples:

Office equipment for a graphic design company
Operating capital for a non-profit child care center
Promotional costs for a startup

SBA Microloan Program

The SBA MicroLoan Program provides working capital to smaller businesses. Under the MicroLoan program the SBA facilitates loans to intermediary non-profit lenders who in turn make non SBA guaranteed loans to for-profit businesses and non-profit child care centers. In 2016, these intermediary lenders loaned a total of $58 million to small businesses, with the average loan amount just under $15,000.

Examples:

Office equipment for a graphic design company
Operating capital for a non-profit child care center
Promotional costs for a startup

MicroLoan Program In Detail

What you'll need to Qualify

. Credit score above 660

. May require some collateral

SBA MicroLoans are distributed by a number of intermediate non-profit lenders who will each have their own qualifying process, therefore additional criteria may apply.

Benefits and Drawbacks

Benefits

. Set payments at regular intervals

. Can be used for a wide variety of purposes

. Relatively low interest rate

. Long repayment schedule

Drawbacks

. Lengthy application process

. May carry early payment penalty

. Variable interest rates may increase

If you’re confused or need clarification about the qualifying requirements for the SBA 7(a) Loan Program, please contact us. We’ll be happy to help.

MicroLoan Program In Detail

What you'll need to Qualify

. Credit score above 660

. May require some collateral

SBA MicroLoans are distributed by a number of intermediate non-profit lenders who will each have their own qualifying process, therefore additional criteria may apply.