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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 business owners not only get the working capital they seek but also counsel and mentoring on how to use that cash. The Association for Entreprise Opportunity (AEO) represents the interest of microlending in the U.S. and they have listings of all microlenders by state on their website. The following is a list of some of the largest microlenders in the country. Many can lend money to people anywhere in the nation via online applications.

1. Accion
Accion USA has been around since 1961 serving the needs of small business owners in many countries. In the U.S. it specializes in microloans for firms within a few categories: food & beverage, spa & salon, child care, nonprofits, and businesses trying to be environmentally-friendly.

2. Justine PETERSEN
This foundation focuses on helping low-income small business owners build credit. By offering small loans and helping firms repay them on time, those companies slowly build up their business credit report so they can qualify for larger loans. Justine PETERSEN offers budgeting and financial management courses to its loan recipients.

3. KIVA Zip
Kiva Zip provides borrowers with interest-free microloans provided they can first get their friends and family to invest in their company. This provides KIVA with some sign of the borrowers’ credibility. KIVA has a huge network of lenders throughout the U.S. and the world that it contracts with to offer small business funding.

This is just a small list of lenders who serve small business owners nationwide. Each state has many more options that cater specifically to the local population. If you are interested in finding out more about the lenders in your area you can visit the AEO website or check with our local chapter of the Small Business Administration.


Search for Small Business Loan Sources and receive your matched lender list
AND received FOUR free Business eBooks worth $39.95!
Search for Small Business Loan Sources