21 Jan Microloan Program
Program Name: Microloan Program
Resource Type: Federal
Agency: Program Source: Loan
Description: These loans (up to $50,000) are designed for small businesses and childcare facilities. Funds are made available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers. Microloans may be used for the following purposes: working capital, the purchase of inventory or supplies, the purchase of furniture or fixtures, or the purchase of machinery or equipment. Interest rates vary but are generally 8-13 %.