Microloan programs are designed for businesses that need a smaller amount of cash to either cover daily operations, hire a new employee, or buy a small piece of equipment. They are a great for business owners that have never had a loan before, to learn the process of applying for one. Microloans can be a tool to build credit and financial history to eventually qualify for larger loan amounts.
Some programs have limited funds. If you come across a program that fits your needs, you should apply as soon as possible as the funding might run out. However, there are also a few programs like the SBA Microloan that are always available.
Microloans are typically less than $50,000 but can start with as little as $500.
Ideal for businesses that:
Could benefit from a smaller amount of cash.
These lenders are known for:
Supporting minority or underserved entrepreneurs to start or expand their business.