FedAidWeb.com  

Grants

Free Grants For Business, Personal Needs or School.

Microloan Program

Loan/Loan Repayment > Microloan Program

 

Program Description:

The MicroLoan Program provides very small loans to start-up, newly established, or growing small business concerns. 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 $35,000. 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 Requirements:

Each 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.

 

Status

Active

 

Loan Terms:

The maximum term allowed for a microloan is six years. However, loan terms vary according to the size of the loan, the planned use of funds, the requirements of the intermediary lender, and the needs of the small business borrower. Interest rates vary, depending upon the intermediary lender and costs to the intermediary from the U.S. Department of the Treasury.

 

Application Process:

Small 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:
http://www.sba.gov/financialassistance/borrowers/guaranteed/mlp/index....

 

Managing Agency:

U.S. Small Business Administration
http://www.sba.gov




© FedAidWeb.com





  » FedAidWeb

  » Benefits Category

  » State Benefits

  » Fed Agencies

  » Govt Grants

  » Tax Topics

  » Links

  » Add Your Site