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Microloan

The Microloan Program provides small, short-term loans to small businesses. It acts as a bridge between the smaller loans and the larger loans. The maximum loan amount of a microloan is $35,000.

Fund Usage:
Microloan proceeds may be used for a variety of business needs. Some of these are working capital or the purchase of inventory, supplies, furniture, fixtures, machinery and equipment. Proceeds cannot be used to pay existing debts or to purchase real property.

Rates, Terms and Fees:
In most cases, the size of the loan and use of funds will determine the term of the loan. The maximum term allowed by the SBA is six years. Interest rates will vary from lender to lender.

Collateral:
Generally due to lenders requirements, a Microloan must be secured either with a UCC filing against the business assets or by real estate.

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