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Small Business Loans |
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Recently Added to the Microloans Category:
Ohio Law Would Establish Micro-lending For Small Business
Other state incentive programs provide financing involving hundreds of thousands or millions of dollars. The new one would focus on smaller loans -- potentially in the $20,000 to $50,000 range -- for established businesses wanting to expand. "(We're) trying to fill a gap that we're seeing at some level in the market to help support small businesses that we think have an opportunity to grow in this environment," Schoeny said.
Kiva Now Allows You to Invest in US Small Businesses
Today, the much-lauded microlender Kiva announced it will begin a pilot program of loans to U.S. small enterprise. Kiva began in Africa, and after four years has since expanded to 44 countries, mostly in the developing world.
Missouri launches $2 million micro loan program for small businesses
Gov. Jay Nixon's administration has $2 million to loan to small businesses in need of low-interest capital — that some state officials doubt will ever be paid back.
D.C.’s microloan program fails to get attention of small business owners
A total of $233,000 is available, through low interest loans of up to $15,000 for all city-registered small businesses and up to $25,000 for those operating in commercial corridors designated by the Neighborhood Investment Program or with established Main Streets programs. The program was announced at the beginning of the year but to this point, only about 15 companies have applied, according to Donna Grigsby, executive director of the Washington Area Community Investment Fund Inc., a Northeast D.C. nonprofit that operates the program through a contract with the city.
Microlenders Widen Their Client Base
With many banks continuing to put a hold on lending, more small-business owners and would-be entrepreneurs are turning to microlenders, organizations that dole out smaller loans typically ranging from as little as $500 to $35,000. Microlenders, most of whom are nonprofits, have traditionally focused on helping small-business owners, particularly minorities and women, in lower-income communities as well as entrepreneurs in developing countries who need a few dollars to buy, say, a sewing machine. They tend to charge higher interest rates than banks because their borrowers are often first-time entrepreneurs or have weaker credit profiles.
Microloans Filling Gap for Small Firms in Detroit
Catherine Franklin wanted to expand her vending machine business in Detroit, but she couldn't obtain a loan to get the money because of the financial crisis that has frozen private lending. But she turned to the City of Detroit's small business microloan program, which provided her with the money to purchase another vending company and grow her business, Vending R' Us, which provides vending machines to businesses and services them. |
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