Microloans are loans that are usually under $50,000. Microloans can usually be obtained with more ease and in less time than a traditional loan. The U.S. Small Business Administration has a microloan program that lists eligibility requirements as well as the repayment terms, interests rates, and fees. The SBA provides that:

“Use of Microloans Proceeds Microloans can be used for:
Working Capital
Inventory or Supplies
Furniture or Fixtures
Machinery or Equipment

Proceeds from an SBA microloan cannot be used to pay existing debts or to purchase real estate.”

The microloan program operates with intermediary lenders being provided the money for microloans by the SBA, The intermediary lender decides the lending and credit requirements.

If you are a member of Spiegel & Utrera, P.A.鈥檚 General Counsel Club and have questions about microloans, call (800) 734-9900 orclubassist@amerilawyer.com for assistance. Remember, as a member of the 聽General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We聽will assist you with聽Incorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills, Trusts, Agreements & Leases, Corporate & Company

Assistance

Submit details below

Related Posts

Continue Reading

Business

Are Written Contracts Enforceable

In large part, the terms of a written agreement between parties are the sole item considered when interpreting the items...

Read More >>
Business

Worker’s Compensation Fraud Concerns Small Business Owners

A recent study found that one in five small business owners, defined by this sample as having under 100 employees,...

Read More >>
Business

Congress Offers A New Path For Angel Investors

Congress has recently made changes benefiting angel investors, likely to improve the returns on their investment portfolios through tax relief....

Read More >>