Microloans

Description
A Microloan is specifically designed for start-up and newly established businesses. A Microloan can be obtained from credit card providers or through intermediaries. Designed for small companies with few or no employees, Microloans are for small amounts of money ($100 to $25,000). They're not based on your credit history or collateral, but on good character, management ability and a commitment to making your business work.

What Is Needed

Personal guarantee
Business plan for intermediaries
Personal and/or business tax returns for intermediaries
Personal financial statement for intermediaries
Trade References, personal references

Who Should Apply
Individuals that are starting a business or have a newly established business. Individuals that are looking for business credit cards or loans from SBA banks that may require collateral and a good personal credit history. Small home-based businesses, businesses with 5 or less employees and start-ups are good candidates for a microloan.