micro-financing

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Micro-Loans - US Government - Small Business Administration (SBA)

The MicroLoan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $10,500. Applications are submitted to the local intermediary and all credit decisions are made on the local level.

TERMS, INTEREST RATES AND FEES:

The maximum term allowed for a microloan is six years. However, loan terms vary according to the size of the loan, the planned use of funds, the requirements of the intermediary lender, and the needs of the small business borrower. Interest rates vary, depending upon the intermediary lender and costs to the intermediary from the U.S. Treasury.

COLLATERAL

Each intermediary lender has its own lending and credit requirements. However, business owners contemplating application for a microloan should be aware that intermediaries will generally require some type of collateral, and the personal guarantee of the business owner.

TECHNICAL ASSISTANCE

Each intermediary is required to provide business based training and technical assistance to its microborrowers. Individuals and small businesses applying for microloan financing may be required to fulfill training and/or planning requirements before a loan application is considered.

See the full up-to-date description of the MicroLoan Program

Browse Participating Intermediary Lenders (by state):

Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

Under the Micro-Loan Program, SBA also gives grants to non-profit organizations, which are not intermediary lenders, to provide marketing, management, and technical assistance to low-income individuals seeking financing for their businesses. See below a list of these organizations.

List of Non-Lending Technical Assistance Providers:
(non-profits funded by a federal government grant program)

Alaska
Juneau Economic Development Council
612 W. Willoughby, Suite A, Juneau, AK 99801-1732
Executive Director: Charles Northrip
Microloan Contact: Kirk Flanders
E-mail: jedc@ptialaska.net kflanders@ptialaska.net
Telephone: (907) 463-3662 Fax: (907) 463-3929
Service Area: Through SBDCs, Alaska Panhandle

California
Women's Initiative for Self Employment
1390 Market Street Suite 113 San Francisco, CA 94102
Executive Director: Barbara Johnson
Microloan Contact: Corinne Florek
E-mail: wi1s@igc.org
Telephone: (415) 247-9473 Fax: (415) 247-9471
Service Area: sectors of San Francisco and Bay Area

Florida
Lee County Employment & Economic Dev. Corp.
2774 First Street , Fort Myers, FL 33916
Executive Director: Roy Kennix
Microloan Contact: Roy Kennix
E-mail:
Telephone: 239-337-2300 Fax: 941-337-4558
Service Area: Community Redevelopment Areas of Lee County including Charleston Park, Dunbar, Harlem Heights, No. Fort Myers, and State Road 80

Illinois
Women's Business Development Center
8 South Michigan Ave., Suite 400, Chicago, IL 60603
Executive Director: Hedy Ratner
Microloan Contact: Carol Dougal
E-mail: WBDC@aol.com
Telephone: 312-853-3477 Fax: 312-853-0145
Service Area: Boone, Cook, DeKalb, DuPage, Kane, Kankakee, Kendall, Lake, McHenry, Will, and Winnebago counties

Indiana
Community Action of Southern Indiana
1613 E 8th St., POB 843, Jeffersonville, IN 47130
Executive Director: Fred Mitchell
Microloan Contact: Leatha Jackson
E-mail:
Telephone: 812-288-6451 x111 Fax: 812-284-8314
Service Area: Clark, Floyd, and Harrison counties

Iowa
Institute for Social and Economic Development
910 23rd Avenue
Coralville, IA 52241
Executive Director: Christine Pigsley
Microloan Contact: Christine Pigsley
E-mail: cpigsley@ised.org
Telephone: 319-338-2331 or800-888-4733 Fax: 319-338-5824
Service Area: Statewide
Website:

Michigan
Cornerstone Alliance
38 W. Wall St., PO Box 428
Benton Harbor, MI 49023-0428
Executive Director: Jeff Noel
Microloan Contact: Gregory Vaughn
E-mail: gvaughn@cstonealliance.org
Telephone: 616-925-6100 Fax: 616-925-4471
Service Area: BerrienCounty and City of Benton Harbor
Website:

Minnesota
Neighborhood Development Center, Inc.
651 1/2 University Avenue
St. Paul, MN 55104
Executive Director: Mihailo Temali
Microloan Contact: Mara O’Neil
E-mail: windndc@mtn.org
Telephone: 651-291-2480 Fax: 651-291-2597
Service Area: Districts 3,5,6,8,9, and 16 of the City of St. Paul
Website:

Missouri
Community Development Corporation of Kansas City
2420 East Linwood Blvd, Suite 110, Kansas City, MO 64109
Executive Director: William Threatt, Jr.
Microloan Contact: Michael Dayton, ext. 119
E-mail:
Telephone: 816-924-5800 Fax: 816-921-3350
Service Area: Cass, Clay, Platte, Ray and Jackson counties

Montana
Montana Department of Commerce- SBDC Division
1424 9th Ave., POB 200505, Helena, MT 59620-0505
Executive Director: Ann Desch
Microloan Contact: Robyn Hampton
E-mail: adesch@state.mt.us
Telephone: 406-444-4325 Fax: 406-444-1872
Service Area: Through SBDCs, Cascade, Chouteau, Fergus, Glacier, Golden Valley, Judity Basin, Musselshell, Petroleum, Pondera, Teton, Toole and Wheatland counties, and the Blackfeet, Flathead, and Fort Peck Reservations, and the Crow, Fort Belknap, Northern Cheyenne and Rocky Boys Reservations and their Trust Lands

New Mexico
New Mexico Community Development Loan Fund
P.O. Box 705, 700 4th St., SW
Albuquerque, NM 87102-0705
Executive Director: Vangie Gabaldon
Microloan Contact: Rockling Todea
E-mail: vgnmcdlf@aol.com
Telephone: 505-243-3196 Fax: 505-243-8803
Service Area: Statewide

New York
Brooklyn Economic Development Corporation
175 Remsen Street, Ste 350
Brooklyn, NY 11201
Executive Director: Joan Bartolomeo
Microloan Contact: Hector Rivera
E-mail: info@bedc.org or mad@bedc.org
Telephone718-522-4600 Fax: 718-797-9286
Service Area: The five boroughs of New York City
Website:

North Carolina
North Carolina Rural Economic Dev. Center, Inc.
4021 Carya Dr., Raliegh, NC 27610
Executive Director: Billy Ray Hall
Microloan Contact: Phil Black
E-mail: pblack@mindspring.com
Telephone: 919-250-4314 Fax: 919-250-4325
Service Area: Statewide
Website:

Pennsylvania
Women’s Opportunities Resource Center
1930 Chestnut Street, Suite 1600, Philadelphia, PA 19103
President: Lynne Cutlter
Microloan Contact: Lynne Cutlter
E-mail: WORC-PA@erols.com
Telephone: 215-564-5500 Fax: 215-564-0933
Service Area: Bucks, Montgomery, Philadelphia, Chester, and Delaware counties
Website:

Texas
Corpus Christi Chamber of Commerce
1201 N Shoreline, Corpus Christi, TX 78401
Executive Director: Tom Niskala
Microloan Contact: Jerry Estell
E-mail: jestell@theccchamber.org
Telephone: 361-881-1850 Fax: 361-888-5627
Service Area: Nueces and San Patricio counties
Website:

Vermont
Champlain Valley Office of Econ. Opportunity, Inc.
431 Pine Street, #2
BWebsiteington,VT 05401
Executive Director:
Microloan Contact: Dale Lane
E-mail: MBDP@together.net
Telephone: 802-860-1417; Fax: 802-860-1387
Service Area: Statewide
Website: