Entrepreneurs looking to finance their startup businesses often run into hurdles with traditional bank financing. This is usually due to the startup not having much of an operating track record in their industry or an established business credit history.
But, entrepreneurs looking into starting a business do have alternative options for financing. An SBA Microloan is one of those options. This loan maxes out at $50,000 but averages at around $13,000. Used specifically for working capital, purchasing supplies, furniture or machinery equipment the SBA Microloan is a great option for a startup business. The exciting news is the SBA has reported that the SBA Microloan Program is currently their fastest growing loan category as reported in the latest San Diego Business Journal.
Banks will team up with our loan experts to give their qualified customers the financing help they need. To learn more about the Microloan program click here to visit the SBA’s site.