Small Business Loans up to $50,000

People often wonder if there is a difference between a microenterprise loan and a small business loan.  They are basically the same, just different sizes.

The UMLF is currently making loans of between $25,000 and $50,000 using the SBA’s Microloan Program.

Loan Specifics:

> Loan Amount: up to $50,000

> Areas of Availability: Statewide

> Maximum Repayment Term: 6 years

> Interest Rate: Prime Rate plus 5%-7%

> Processing Time: three to six weeks

This loan requires you to prepare and present a thorough business plan, including financial projections.

SBA Microloan Program

SBA’s Microloan Program provides small businesses with small short-term loans for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery and/or equipment.  The SBA has made funds available to the UMLF, a specially designated intermediary lender, which is a nonprofit organizations with experience in lending and technical assistance. The UMLF then makes loans to eligible borrowers in amounts up to a maximum of $50,000.  Applications are submitted to the local intermediary and all credit decisions are made on the local level.


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