MicroLoan Program
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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, SBA makes funds available to non-profit community based lenders (intermediaries) that 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. The maximum term allowed for a microloan is six years. Loan terms, however, 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.
References
- Adapted from CRS Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition - Order Code 97-905, a document in the public domain.