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
• Inventory
• Supplies
• Furniture
• Fixtures
• Machinery
• Equipment

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.

Read More

7 microlenders completed

89 microloans totaling

$1,187,396

• 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 * 

10 a.m. | How to Conduct and Market Your Business Online

2 p.m. | Become a Small Business Owner Through Franchising

3 p.m. | Entrepreneurial Summit 2021

Wednesday, Sept. 29

1 p.m. | Financial Basics for New Small Businesses

1 p.m. | Working Washington Grants: Border Business Relief Program

Thursday, Sept. 30

11 a.m. | Small Business Flex Fund Info Webinar * 

Friday, Oct. 1

9 a.m. | QuickBooks Online Basics You Need to Know * 

10 a.m. | Get Started

1 p.m. | Building a Formal Business Plan

Monday, Oct. 4

2 p.m. | Working Washington Grants: Border Business Relief Program

Tuesday, Oct. 5

8 a.m. | Tax and Business Basics for Self-Employed in Idaho

8:30 a.m. | Grow with a Pro (Banking Professional) * 

1 p.m. | Business Growth and Development Webinar

Wednesday, Oct. 6

8 a.m. | How to Improve Profit in Difficult Times

9 a.m. | Profit Mastery: COVID-19 Edition 2021 (7-week series)

9 a.m. | Intro to Business Live Webinar

Thursday, Oct. 7 

11 a.m. | Are You Ready to Start a Business?

12 p.m. | Let’s Talk Business: How to Stop Sabotaging Your Success

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) * 

3 p.m. | Go Global: Intro to Services and Funding for Exporting

Wednesday, Oct. 13

8 a.m. | Starting a Business in Idaho

9 a.m. | Small Business Requirements and Resources – Start a Business in WA

12 p.m. | Tax and Business Basics for Idaho Small Businesses

2 p.m. | Creating a Career & Life Portfolio

Thursday, Oct. 14

10 a.m. | The Basics of Child Support for Employers

11 a.m. | How to Write a Business Plan

11:30 a.m. | Business Expert Session: Leading with Confidence

Friday, Oct. 15

9:30 a.m. | Tax Essentials for New and Existing Business Owners

* 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