SBA MicroLoan

Greene County businesses are eligible for SBA MicroLoan funding, which can be utilized as an avenue to expand your business.

The MicroLoan Program

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.

Eligibility Requirements

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.

Use of MicroLoan Proceeds

MicroLoans can be used for:

  1. Working capital
  2. Inventory or supplies
  3. Furniture or fixtures
  4. Machinery or equipment

Proceeds from an SBA MicroLoan cannot be used to pay existing debts or to purchase real estate.

Repayment Terms, Interest Rates, and Fees

Loan repayment terms vary according to several factors:

  1. Loan amount
  2. Planned use of funds
  3. Requirements determined by the intermediary lender
  4. Needs of the small business borrower

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.

Application Process

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.

Live, Work, Love, Local.
SBA MicroLoan
Join Our Participating Businesses

Your FREE ACCOUNT connects you to thousands of customers in Greene County, NY. Our online shopping guide is visited daily by consumers ready to  SHOP, DINE, and GET SERVICES from Local Businesses.

News & Events View All
390 Places to Shop 182 Restaurants 1042 Services 49761 Customers Reached this Week