BW Online | September 26, 2001 | Fast Track Micro Loans

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SEPTEMBER 26, 2001

FINANCE

Fast Track Micro Loans

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The Micro Loan Program was developed to increase the availability of small loans to prospective small business borrowers. Under this program, the SBA makes funds available to nonprofit intermediaries, who in turn make loans to eligible borrowers in amounts to a maximum of $25,000. The average loan size is $10,000. Completed applications can usually be processed by the intermediary in less than one week. The loan maturity may be as long as six years. Rates are to be no more than four (4) percent over the prime rate. Fees are the same as for 7(a) loan. Almost all types of for-profit businesses that meet SBA eligibility requirements are eligible. The personal guaranties of the business owners are required and any assets bought with the micro loan are taken as collateral.

Find the Micro Loan Intermediaries nearest you by selecting your State and clicking GO!

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