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What is a Microloan?
Microloans are loans granted
to small and home-based businesses who are unable to obtain funding through
regular channels (such as bank loans or investors).
These types of business loans
are called microloans because they are usually only available up to about
$40,000, but are often in amounts ranging from a few hundred dollars to
$25,000.
Microloans are usually funded,
at least in part, by the Small Business Association, and are available
to those living within certain counties and states.
Some banks are now getting
into the business of microloans. Many banks feel it is not worth the time
and effort for these kinds of smaller sized loans, so if you feel you
can qualify for a smaller-sized loan, try finding banks in your area that
offer microloans.
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