SBA Microloan Program
SBA Microloans offer up
to $50,000 to help small businesses start and expand their operations. You can
use proceeds to rebuild, re-open, repair, enhance, or improve small businesses
with working capital, inventory, supplies, furniture, fixtures, machinery and
equipment. You cannot use proceeds to
pay existing debts or to purchase real estate.
SBA Microloan Terms
- Loan amount: Up to $50,000
- Average loan amount is between $10k-$14k
- Interest rates: Vary by lender but are usually between 8% and 13%
- Repayment terms: Up to six years
SBA Microloan Qualification Requirements
Intermediary lenders, including not-for-profit community-based lending organizations, administer this program. Microloan lenders each have their own requirements and will usually require some type of collateral, as well as a business owners’ personal guarantee.
SBA Microloans are issued by CDFI lenders. To apply, simply click on the button below, and follow the prompts. We will find an appropriate lender in your area.