Tag: microloan

Small business in the U.S. are responsible for the creation of two-thirds of the new jobs added to the economy each year. And yet, for these small businesses to continue hiring and growing, finding the business funding can be a challenge. Many big banks and lenders have no interest in making business loans under $250,000 – the cost of underwriting small loans is barely worth the profits on them. In these situations, microloans can be the best solution. A microloan, according to the Small Business […]

Among the more recent additions to the business financing scene is the microloan. Microloans are small loans –typically ranging between $500 and $35,000 – that require less paperwork and have less stringent underwriting standards than traditional small business loans. They do charge slightly higher rates and fees but when only a small amount of cash is required, they can be just the thing to keep a business going. Most microloans are made by nonprofit companies who are interested in helping […]

The U.S. Department of Agriculture announced earlier this month plans to extend loan help to even more small business farmers, most notably by increasing the loan limits on its microloan program. Farmers with small to medium sized operations will now be able to apply for microloans up to $50,000, a $15,000 increase from the current limit. Microloans are small amount loans typically made to underserved populations, especially those that have a hard time obtaining financing with traditional lenders […]