MicroLoan Program

The SBA MicroLoan Program provides working capital to smaller businesses.

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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

  • 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

  • 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 Loan Program, please contact us. We’ll be happy to help.

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