This week marks the 25th anniversary of the introduction by the US Small Business Administration (SBA) of its Microloan program. The program is designed to support microcredit to businesses across the United States by providing loan capital and grants. The goal is to provide small businesses, otherwise unable to obtain capital, the financial support needed to grow their businesses and create and maintain jobs.
Having access to low interest financing is a challenge that many small businesses face. Just like having the technical knowledge and assistance needed to operate, manage and grow a successful business.
In addition to providing small businesses with low-interest life loans of up to $ 50,000, the SBA's Microloan program provides small businesses with invaluable technical assistance before and after their loan to improve their operations and operations. to effectively manage growth.
In an article on the SBA, Bill Manger, Associate Administrator of the SBA's Office of Access to Capital, advised small businesses struggling to obtain funding to investigate the Microcran Program.
"Any entrepreneur who has already been turned down for a loan should find a local SBA microcredit intermediary in their community and give them a try Loans are between $ 500 and $ 50,000 and can be used for working capital , equipment, supplies, equipment and stocks, "said Manger
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Back on the SBA microcredit program
During its 25 years of existence, the SBA's Microloan program has issued more than 69,000 loans. The average size of these loans is $ 12,386. A large proportion of the borrowers are mothers and fathers of Main Street who characterize the essence of the community.
As evidenced by the success of the SBA Microloan program, small loans with low interest rates can have a huge impact on the success of an entrepreneur's business, which helps to create a stronger economy with a greater number of jobs. ]
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