The SBA Micro-Loan Program
The SBA micro loan program was created to provide limited funding vehicles for small businesses. This type of loan has distinct terms and is only available from certain lenders.
SBA Micro Loan Terms
Small Business Association (SBA) micro loan terms can vary depending on a number of different reasons. They include:
SBA micro loans are generally written by nonprofit, community-based lenders. This means funding is not typically available through standard banking institutions.
Applying For Micro Loans
To apply for a SBA micro loan, borrowers need to contact a designated intermediary in their local area.
For more information on SBA micro loan instruments, visit the Small Business Administration's web site.
SBA Micro Loan Terms
Small Business Association (SBA) micro loan terms can vary depending on a number of different reasons. They include:
- The size of the loan - SBA micro loans can only reach a maximum of $35,000. The amount will impact the terms.
- The designated use of money - SBA micro loans are available for a variety of reasons. Start-up, newly established and even growing businesses may qualify.
- The lender in question - The Small Business Administration does not write loans; it backs them. With this in mind, the lender might have a specific set of terms. Loans of this nature can only be written for a maximum of six years.
SBA micro loans are generally written by nonprofit, community-based lenders. This means funding is not typically available through standard banking institutions.
Applying For Micro Loans
To apply for a SBA micro loan, borrowers need to contact a designated intermediary in their local area.
For more information on SBA micro loan instruments, visit the Small Business Administration's web site.
