Recovery Act Expands SBA Microloan Program
Categorized under:
Microlenders use the SBA funding to provide loans of up to $35,000 to entrepreneurs, which can be used for working capital and acquisition of materials, supplies, furniture, fixtures and equipment.
SBA also provides grant funding to microlenders to finance technical assistance and counseling programs for their borrowers, including staff, classroom training and occupancy costs. SBA’s reimbursement is capped at 25 percent of the microlender’s outstanding SBA loan portfolio.
Organizations interested in becoming SBA microlenders must meet specific criteria in terms of organizational status, microlending experience and matching requirements from non-federal sources. For more information, please visit: www.sba.gov/services/financialassistance/sbapartners/microloan, email microloans@sba.gov, or call 202-205-6485.
Entrepreneurs who wish to learn about the Microloan program can visit: http://www.sba.gov/services/financialassistance/sbaloantopics/microloans/index.html.
You can receive all of the SBA’s News Releases via email. To subscribe, visit http://web.sba.gov/list and select “Press Office
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Sep 03, 2009
