Understanding Microloans

Posted on

The Microloan Program was developed by the Small Business Administration, known as the SBA, in 1992 to increase the availability of very small loans to business borrowers. The program uses nonprofit intermediaries to make microloans to new and existing businesses, and since 1992 has accounted for more than 12,500 loans totaling more than 112 million dollars. Currently, the program is administered by 170 nonprofit organizations serving their communities in nearly every state, including Washington, DC. This loan program is sustained through a revolving fund that has been established by the federal government. Microloans are best for startup companies with lower capital requirements and limited operating history.

To learn more about microloans, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.

Tags: , , , , , , , , , , , , , ,