Micro-Loans Can Help You Get Through Tough Times

Filed in archive Information on May 31, 2010

© ShashiBellamkonda

The Small Business Administration funds micro-loans across the country. The funds are administered by third parties and a borrower may loan up to $35,000. The typical loan is about $13,000.

Getting a micro-loan is not simple; as with any type of loan there are requirements that have to be fulfilled. The micro-loan program requires that borrowers, and potential borrowers, be given any technical help, including training, that they need, before and after they get a loan. So, in theory, if you need some business training, it must be provided to you.

Every state has agencies that the federal government funds to manage the loan program. To get a list of the agencies, you can find it here and read it online or download it. http://www.sba.gov/financialassistance/borrowers/guaranteed/mlp/index.html

One thing you should know is that you can not get a micro-loan to pay off debt. If you qualify it is a great program to give you the added capital that you may need, so do look into it.