- 1 microloans
- 1.1 Dedicated Microloan Specialists Serving Your Community
- 1.2 VEDC Works With A Large Network Of Microlenders Across The US
- 1.3 Get financing on the amount of money you actually need without Credit Checks
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microloan — noun A small loan, especially one extended to a poor person as part of a microcredit program of such lending intended to alleviate poverty. He got a one hundred dollar microloan … Wiktionary
microloan — mi·cro·loan (mīʹkrō lōn ) n. A very small, often short term loan made to an impoverished entrepreneur, as in an underdeveloped country. * * * … Universalium
microloan — /ˈmaɪkroʊloʊn/ (say muykrohlohn) noun a loan made available in a microfinance scheme … Australian English dictionary
Microloan Foundation — The Microloan Foundation (MicroLoan) is a UK based microfinance charity making small business loans to women in Malawi and Zambia in Southern Africa. To date, MicroLoan has provided over 34,000 loans to some 15,000 clients. Contents 1 History of… … Wikipedia
MicroLoan Program — In the United States, the MicroLoan Program is a program administered by the Small Business Administration (SBA). The MicroLoan Program provides microloans to start up, newly established, or growing small business concerns. Under this program,… … Wikipedia
GreenNote — Infobox Company company name = GreenNote | company type = Private company foundation = California, United States of America (2007) company slogan = Get Student Loans From People who believe in You location = Redwood City, California, United… … Wikipedia
Microcredit — This article is specific to small loans. For financial services to the poor, see Microfinance. For small payments, see Micropayment. Microcredit is the extension of very small loans (microloans) to those in poverty designed to spur… … Wikipedia
Jeffrey Sachs — Sachs at Brasilia, Brazil 2005 Born November 5, 1954 (1954 11 05) … Wikipedia
Grameen Bank — infobox company company name = Grameen Bank (GB) company company type = Body Corporate (Bank Ordinance) foundation = 1983 location = Dhaka, Bangladesh origins = Bangladesh key people = Muhammad Yunus, founder area served = Bangladesh industry =… … Wikipedia
Sponsorship of legislation by John Kerry — John Kerry has sponsored or cosponsored hundreds of bills during his time as a Senator. Areas of concern in the bills include small business concerns, education, terrorism, veterans and POW/MIA issues, and marine resource protection. A full list… … Wikipedia
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Everyone knows that capital is critical for starting or growing a business. You need to buy supplies, pay for equipment, lease a building or a fleet of vehicles, and perhaps hire employees or a sales staff. If you don't have the cash on hand, you apply for a loan at a bank, right? But what if your business gets turned down for a loan by conventional banks? What happens when bank credit to small businesses tightens up? What do you do? One option would be to apply for a microloan, a small business loan ranging from $500 to $35,000 (and sometimes more) that is well-suited for small businesses or startups that maybe don't have a credit history, can't secure the funds through a bank loan, don't have collateral, or have other risk factors.
Microloans are ideal for small business owners who operate microenterprises -- businesses with fewer than five employees -- and are unable to access credit from conventional banks. These types of small business loans are frequently used for home-based, office-based, street-based, or storefront businesses, such as restaurants, beauty salons, and taxi operators. "Our requirements are set so that people who wouldn't be able to obtain a loan from a bank can obtain a loan from us," says Laura Kozien, communications director for ACCION USA, a microlender based in New York City. "We make access to capital closer to reach."
- Microloans make capital available in small amounts so that a business doesn't borrow more money than it needs -- and so that it can get accustomed to making the debt payments before it borrows more for expansion.
- Microloans can range from a few months to several years are most often structured as installment loans, consisting of equal monthly payments of interest and principle.
- Microlenders often act as counselors and help nurture small businesses to help them draft business plans, devise marketing strategies, and understand their business before taking on debt.
- Microlenders may make loans to those with less-than-perfect credit (a credit score of under 680), although most will require some credit history. If you have no credit history, you may take out a "credit builder" loan -- a small, short-term loan that allows microlenders to help clients establish and build their credit.
The disadvantages of microloans
- The annual interest rates charged by microlenders tend to be slightly higher than those charged by banks. Depending on the borrower's credit and other factors such as business experience, rates can range between 12 and 18 percent. But Evans points out that these rates aren't as high as another alternative frequently used by small businesses to access capital -- credit card loans.
- The average loan amount is small -- ACCION's average loan is $6,000 -- which is often not enough to fund a business or startup.
- Microloans tend to be capped at $35,000 under the U.S. Small Business Administration guidelines, although the White House has been eager for Congress to raise that cap to $50,000. Some microlenders will lend up to $50,000 or more but the amounts tend to limit the size and type of businesses that apply.
Qualifications for a microloan
Every microlender has its own criteria to determine eligibility, Evans says. In general, applicants must be 21 years or older, although ACCION sets the qualification age at 18. You must also be the sole business owner or apply with co-owners as co-borrowers. You must apply for a loan for business purposes.
Find a microlender in your area
Once you locate a microlender, you will to start the application process. You will need need to provide your microlender with some basic information. Here's a checklist:
- A government ID -- such as a social security number or Individual Taxpayer Identification Number (ITIN).
- Proof of income or something to demonstrate a cash flow in the business.
- Financial statements. For established businesses, financial statements such as profit and loss statements or your QuickBooks statements. In some cases, tax returns or professional financial statements may be required.
- What the loan will be used for. A carefully thought out description of what the loan will be used for -- detailed plans to increase business operations and profits are more likely to be approved.
- A business plan. For startups, a detailed business plan and cash-flow projections will be required. Writing a business plan can also help pinpoint your professional goals and strategies for success.
- Investment. The business owner will need to demonstrate his or her investment in the business; this can include cash expenditures and "sweat equity."
- Collateral. Personal and business assets may be used to secure a loan; this can include equipment, automobiles or other assets.
- References. You may need a list of personal and professional references.
After the loan officer has received your application, s/he will contact you to review the request. The loan officer may also conduct a site visit to verify the business location and the nature of the business. In the case of a home office, the loan officer may visit to verify that a home office exists, and how it is organized. Finally, the loan officer will assess any business or personal items pledged as collateral.
After your loan has been approved, you will receive a set of closing documents from your loan officer. Be sure that you fully understand the closing documents, especially the promissory note, which details the amount of the loan, interest rate and maturity date. It's also a good idea to ask for an amortization schedule, which lists all the payments that are due over the life of the loan. Confirm the best way to reach your loan officer or other staff person should you have questions.
Many microlenders will deposit your loan directly into your bank account (and will debit loan payments from the same account). If not, you will receive a check with your loan disbursement.
Remember, microlenders regularly report repayments to the three personal credit agencies (Experian, Equifax, TransUnion). Late payments will appear as blemishes on your credit report, so be sure to pay on time. Most microlenders will allow you to choose your own payment date, or at least will give you several options. Checks often take several days to clear, so don't wait until the last minute to deposit funds into your account. One of the benefits of a microloan is that they give individuals with a less-than-perfect credit the opportunity to build and improve their credit scores. Often, prompt payments will also qualify you for lower interest rates on subsequent loans.
This financing option shouldn't be overlooked as a resource for smaller capital infusions.
Microloans for all.
An Insider's Guide: Microloans Very small businesses, often in-home and held by low income or minority owners, can borrow up to $35,000 for general business purposes.
A non-profit organization that offers small business loans up to $25,000.
A non-profit organization that offers small business loans up to $25,000.
An association that works to advance the field of microenterprise development.
This federal government agency provides assistance to help start, build, and grow businesses. It also helps make capital available for microloans to microlenders. A list of certified microlenders is maintained on the agency's website.
Dedicated Microloan Specialists Serving Your Community
Specializing in microloans, online loans and small business loans.
VEDC Works With A Large Network Of Microlenders Across The US
VEDC works with banks and other non-profit business organizations to offer our clients the best borrowing options to help their businesses grow.
With support from Sam’s Club, VEDC launched www.microloan.org to serve as a one-stop online portal for business owners seeking information on microloans from anywhere in the United States.
Entrepreneurs can not only find information regarding eligibility and loan terms, but can also join online forums, live chat with VEDC microloan specialists, and read case studies. Interested borrowers can also apply for loans online through the creation of a secure user account, and can upload all required forms and documents and check on the status of their application.
Our goal is to not only support the efforts of microloan organizations in markets VEDC currently serves, but to also improve the economic impact of non-profit, mission driven lenders across the county. These newfound connections will greatly support a large number of new and existing entrepreneurs across diverse industries in achieving business growth through access to capital and financing.
VEDC is a leading non-profit small business lender that is changing the way small business lending is done by making it more available and impactful. A national small business lender, VEDC has lent $380 million in direct and guaranteed loans to over 100,000 small businesses and created more than 28,000 new jobs. As a certified Community Development Financial Institution (CDFI), VEDC’s mission is to help create jobs and promote economic development in under-served communities. The organization provides loans and micro-financing options to small businesses, particularly those owned by women and minorities, that don’t qualify for traditional bank financing.
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Get financing on the amount of money you actually need without Credit Checks
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