Micro Loan
DESCRIPTION
Credit and technical assistance to new or expanding small enterprises.
USE OF FUNDS
Inventory, accounts receivable, machinery and equipment leasehold improvements, and working capital.
QUALIFICATION
The Micro loan Program lends to owners of new or expanding small and micro enterprises to finance business start-up and expansion.
MINIMUM & MAXIMUM AMOUNTS
$5,000 to $50,000.
Subject to change by SBA.
MATURITY
Loan terms are from one to six years.
INTEREST RATE
Loan is fixed for its term based on funding rate of prime plus 4%. Maximum regulatory rate is 7.75%.
COLLATERAL
Available business and personal assets including machinery and equipment, accounts receivables, inventory and real property.
FEES
Up to 3.00% of loan amount plus $250 documentation fee
