The US Small Business Administration’s Microloan Program provides loans up to $50,000 to help small businesses and certain nonprofits launch and expand. According to the SBA, the average microloan granted under the program is about $13,000.
The program aims to help businesses that are unable to access capital from traditional sources, sometimes due to a lack of credit history or the amount of money needed is small.
As with most SBA loans, borrowers apply through an intermediary lender. SBA Microloan lenders also offer technical assistance to help borrowers set and reach their financial goals.
>Small loans are this program’s specialty
The Loan Fund is a nonprofit lender that partners with the SBA on its Microloan Program, but it also offers larger loans for real estate, equipment purchases, and other business needs.
Loans from The Loan Fund come with technical assistance to help business owners set and reach their financial goals.
>Learn more about The Loan Fund
