CONGRATULATIONS!
On
the exciting journey you have taken.
Welcome
to the Entrepreneurial Community!
Microloans,
as far as the United States go, isn't just a $25 loan but anything up
to $35,000.00 for a variety of purposes. And, serious borrowers don't
have to stop there. There's more to small business loans or microloans
than meets the eye. Read on.
Micro Loans
The small business administration is one of the largest guarantors of business funding around.
Somewhat similar to the Fannie Mae and Freddy Mac, or HUD for residential housing, the SBA are
instrumental in helping many start up businesses find the financing they need to get their
businesses off the ground.
There are a number of programs available through the SBA and it will be worth your while to
check them out.
The one that I would recommend you consider before any other is the microloan program.
The SBA Micro Loan Program
This program allows you to borrow up to US $35,000 and the funds can be used to purchase
inventory, supplies, furniture, fixtures, machinery and/or equipment. However, if you need
a place to put all these in you will have to rent it as this loan cannot be used to finance
real estate.
Check the SBA website for more information and definitely contact them about this.
Contrary
to popular belief, the SBA is very willing to work with viable businesses and it will be
worth your time to spend time finding out more about this program.
Contact the SBA for more information.
The main thing about this type of loan is that it is a program that requires you to work with a special team and you may have different hurdles to get through before you get an approval but it will be worth your while, in the long run, as you will gain the experience for when you will need to deal with commercial loan officers.
If you would like more information on this or any other items here send me an email
loans@start-business-loans.com with your questions
Other Business Loan Options
Other Buyer Loan Options
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