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.
> 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.