Greene County businesses are eligible for SBA MicroLoan funding, which can be utilized as an avenue to expand your business.
The program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand.
The U.S. Small Business Administration provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the MicroLoan program for eligible borrowers.
Each intermediary lender has its own lending and credit requirements. Generally, intermediaries require some type of collateral as well as the personal guarantee of the business owner.
MicroLoans can be used for:
Proceeds from an SBA MicroLoan cannot be used to pay existing debts or to purchase real estate.
Loan repayment terms vary according to several factors:
The maximum repayment term allowed for an SBA MicroLoan is six years.
Interest rates vary, depending on the intermediary lender and costs to the intermediary from the U.S. Treasury. Generally, these rates will be between 8 and 13 percent.
MicroLoans are available through certain nonprofit, community-based organizations that are experienced in lending and business management assistance.
If you apply for SBA MicroLoan financing, you may be required to fulfill training or planning requirements before your loan application is considered. This business training is designed to help you launch or expand your business.
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