Eligibility criteria
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.
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 $10,500. Applications are submitted to the local intermediary and all credit decisions are made on the local level.
Managing organization
U.S. Small Business Administration http://www.sba.gov/
Program contact information & web resources
For more information about this program, please visit:
http://www.sba.gov/financing/sbaloan/microloans.html
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