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If you are looking for a loan (maximum $50,000) for machinery or other specific costs.
The SBA Micro-loan Program provides fixed-rate loans up to $50,000 to for-profit businesses. These loans are for startups or existing businesses and can be combined with other financing sources to create a $150,000 financing package.
Eligible uses include:
- Leasehold improvements
- Marketing programs
- Other specific business costs
- Loan can be for startup or existing business (startups are typically limited to $50,000).
- Ongoing business consulting services available free of charge to borrowers.
- Fixed rate interest.
- Business must demonstrate ability to repay debt.
- The minimum collateral is lien on business assets.
- Personal guarantee from all owners of 20 percent or more of the business.
- Cannot be used to refinance debt.