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Whether you are a startup company or a small business that is growing, the SBA Microloan Program may be just right for you. The SBA funds nonprofit, community-based lenders to make loans up to a maximum of $35,000.
The SBA reports that the average loan size is about $13,000. To find out if you are eligible, start by going online to www.sba.gov/services/financialassistance/sbaloantopics/microloans/index.html. You can find contact information for your local SBA office, and the SBA will guide you to its microloan partners.
Marilyn J. Holt, CMC
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.