In this newsletter, you can learn more about:
What is a microloan?
Microloans are smaller-sized loans of up to $50,000. SBA provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.
How can you use microloan funds?
Microloans can be used for a variety of purposes that help small businesses start or expand. Use them when you need less than $50,000 to rebuild, re-open, repair, enhance, or improve your small business. Examples include:
- Working capital
Who can get a microloan?
Microloans are designed to help current and aspiring entrepreneurs who have trouble getting a regular loan because they’re a startup, have limited collateral, have challenges with cash flow, or do not have enough industry experience. Microloans are designed for entrepreneurs who lack access to capital and need business counseling.
Where do you start?
Contact a local microlender:
Business Impact NW serving businesses in Washington and Oregon
Mercy Corps Northwest serving businesses in Washington and Oregon
MoFi serving businesses in Idaho, Montana, Oregon, Utah, Washington, and Wyoming
New Roots Fund serving businesses in King County
SNAP Financial Access serving businesses in Spokane County
Ventures serving businesses in King County
The U.S. Small Business Administration has awarded 27 organizations across the United States a total of $5.2 million under the Program for Investment in Micro-Entrepreneurs (PRIME) grant awards.
Two of the 27 organizations are based in Seattle, WA – Business Impact NW and Ventures received $200,000 and $187,900 in PRIME grants, respectively.
PRIME supports nonprofit organizations as they help low-income entrepreneurs get financing to establish and expand their small businesses by providing direct technical assistance, or provide capacity-building training for other organizations that provide capital to underserved small businesses.
7 microlenders completed
89 microloans totaling
- 54% went to businesses that were 51% or more women-owned
- 39% went to White (non Hispanic) owned businesses
- 30% went to Black or African American-owned businesses
- 14% went to Asian-owned businesses
- 8% went to White Hispanic-owned businesses
- 1% went to Hawaiian-owned businesses
- 8% of loans didn’t disclose demographic data
- The average loan size was $13,341
Tuesday, Sept. 28
8:30 a.m. | Grow with a Pro (Legal Professional) *
9:30 a.m. | Instagram for Business *
3 p.m. | Entrepreneurial Summit 2021
Wednesday, Sept. 29
Thursday, Sept. 30
11 a.m. | Small Business Flex Fund Info Webinar *
Friday, Oct. 1
10 a.m. | Get Started
1 p.m. | Building a Formal Business Plan
Monday, Oct. 4
Tuesday, Oct. 5
8:30 a.m. | Grow with a Pro (Banking Professional) *
Wednesday, Oct. 6
9 a.m. | Intro to Business Live Webinar
Thursday, Oct. 7
11 a.m. | Are You Ready to Start a Business?
Friday, Oct. 8
8:30 a.m. | Marketing Strategy for Profit
Tuesday, Oct. 12
7 a.m. | 25th Annual BizFair (virtual)
8:30 a.m. | Grow with a Pro (Tax Professional) *
Wednesday, Oct. 13
8 a.m. | Starting a Business in Idaho
2 p.m. | Creating a Career & Life Portfolio
Thursday, Oct. 14
11 a.m. | How to Write a Business Plan
11:30 a.m. | Business Expert Session: Leading with Confidence
Friday, Oct. 15
* SBA’s participation or support is not an endorsement of any product, service, or entity.
Article Source: https://content.govdelivery.com/accounts/USSBA/bulletins/2f479d6