For More Information contact:
Small Business Administration (SBA)
Federal Building, 68 Sewall Street
Augusta , ME 04330
207-622-8274
207-622-8277
[email protected]
www.sba.gov/me
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SBA's MicroLoan Program |
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| Description: |
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Under the MicroLoan Program, SBA makes funds available to nonprofit intermediaries that, in turn, make the loans directly to entrepreneurs. Applications are submitted to the local intermediary and all credit decisions are made on the local level.
More on SBA's MicroLoan Program
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| Eligibility: |
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The MicroLoan Program provides very small loans to start-up, newly established, or growing small businesses. |
| Maximum Amount: |
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35,000.00 |
| Maximum Exposure: |
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Loans can range from under $500 to a maximum amount of $35,000. |
| Interest Rate: |
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Interesst rates vary, depending upon the intermediary lender and costs to the intermediary from the U.S. Trasury. |
| Collateral: |
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Each intermediary lender has its own lending and credit requirements. However, business owners contemplating application for a microloan should be aware that intermediarieis will generally require some type of collateral, and the personal guarantee of the business owner. |
| Terms: |
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The maximum term is 6 years. Loan terms vary according to the size of the loan. |
| Footnotes: |
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Intermediaries in Maine are:
Androscoggin Valley Council of Governments, Coastal Enterprises, Inc., Community Concepts, Inc., Eastern Maine Development Corporation, MaineStream Finance, and Northern Maine Development Commission. |
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