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SBA Microloan Program The SBA Microloan Program

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 (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $25,000. The average loan size is about $10,500. Applications are submitted to the local intermediary and all credit decisions are made on the local level.

Terms, Interest Rates and Fees
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. Treasury.

Collateral
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.

To apply, contact the intermediary lender nearest you.


Source: The U.S. Small Business Administration

 
 
 
 


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