Monday, August 10, 2009

SBA Loans for Micro Business

The U.S. Small Business Administration's Microloan Program offers small loans to start-up, new or growing micro/small businesses. Loans can be up to $35,000 but the average loan is about $13,000.

The SBA does not loan you the money directly. Instead they loan the money to a local nonprofit lending institution which then lends it to you. You are required to apply for the loan and they will make their decision based on your credit-worthiness. Loan terms are never more than 6 years.

Click here to download a PDF file list of local nonprofit lending institutions.

So go get a loan and start your business! Let me know how it works out for you.

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