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The Microloan program provides small loans ranging from under $500 to $50,000 to women, low-income, minority, veteran, and other small business owners through a network of approximately 160 intermediaries nationwide. Under this program, the SBA makes funds available to nonprofit intermediaries that, in turn, make the small loans directly to entrepreneurs. Proceeds can be used for typical business purposes such as working capital, or the purchase of furniture, fixtures, machinery, supplies, equipment, and inventory. Microloans may not be used for the purchase of real estate. Interest rates are negotiated between the borrower and the intermediary. The maximum term for a microloan is 7 years. The program also provides business based training and technical assistance to microborrowers and potential microborrowers to help them be successful at starting or growing their businesses. Such training and technical assistance may include general business education, assistance with business planning industry-specific training, and other types of training support. Entrepreneurs and small business owners interested in small amounts of business financing should contact the nearest SBA District Office for information about the nearest Microloan Program Intermediary Lender or go to www.sba.gov/microloans.
Learn More: http://www.sba.gov/microloans
Tags: Minority, Socially or economically disadvantaged, Veteran, Woman, Counseling, Financing, Sales, Training or Mentoring, Pre-Startup, Startup, Established, No Employees, Small/Medium (1-500 employees)