Uncle Sam's Money and How to Get a Micro Loan by: Rebecca Game
The US Governement has a MicroLoan Program that provides small loans to new start-up companies, newly established businesses, or loans to help small business growth concerns.
Under this government loan program the Small Business Administration, (SBA) will make funds available to nonprofit community based lenders (also known as intermediaries) which, in turn will make loans available to eligible borrowers in amounts of up to $35,000.
You will submit your application to a local intermediary and then all the credit decisions are made at a local level.
Terms:
You can get a micro loan for a maximum term of 6 years. The loan terms will vary according to how much you are borrowing, what you are using the loan for, and your needs as a small business owner.
Interest Rates:
The interest rates on your loan will vary according to the intermediary lender and also the costs involved from the US Treasury.
Collateral:
Although collateral is not always required, each intermediary will have its own credit requirements. If you are a business owner in need of a loan, be prepared to offer some sort of callateral as a personal guarantee from you as the business owner.
(continued...)
Uncle Sam's Money and How to Get a Micro Loan
Page 2
About The Author
Rebecca Game is the founder of Digital Women, an online community for women in business. A 30 year entrepreneur and dedicated to helping other women find grants and loans. Visit her site: http://www.digital-women.com Grants for Women.
|
Additional Government Grants Resources
Homeownership Program for First Time Homebuyers in ConnecticutThe Connecticut Housing Finance Agency has established the Homeownership Program wherein it intends to provide reasonable home loans with below-market interest rates to tenants occupying publicly assisted housing who wish to transition from renting into homeownership.
Frequently Asked Questions about Buying Your First HomeThe idea of buying a new home for the first time can be overwhelming for most people. It is probably the largest investment they have ever made, and the process itself seems downright intimidating. ...
Human Health and Heredity in Africa: Research Grants ProgramThe Human Health and Heredity in Africa: Research Grants Program wherein they intend to invite applications from foreign institutions that are based in African countries who have the desire to conduct scientific studies regarding the genomic/genetic/environmental contributors of human health and diseases which are common in Africa.
US Environmental Protection Agency: Russian Arctic Black Carbon, Reduction of Black Carbon from Diesel SourcesThe Artic Black Carbon: Reduction of Black Carbon from Diesel Sources project offers a funding opportunity to interested applicants as they work towards assessing primary black carbon sources in the Russian Arctic.
Financial Aid for Students - The Role of the Federal Student Aid OfficeThe Federal Student Aid Office makes sure that eligible students get to benefit from financial assistance to complete an education beyond high school. The Office plays a vital role in the entire financial aid process and has an active role in ensuring that students have access to all the information they need when requesting federal assistance to attend college.
Small Business Administration's Recovery Capital LoansThe Recovery Capital Loans Program provides financial assistance to small business with less than 500 employees to obtain a deferred payment loan from the agency, in order to meet existing debt payments, thereby giving the business the opportunity to refocus their business strategy.
California Homebuyer's Downpayment Assistance Program for First Time Home BuyersThe California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.