Microlending for Small Businesses

Explore your funding options with The Business Backer.

Amount:

Up to $200,000

Term:

4 – 18 Months

Amount:

Up to $200,000

Payment Options:

Daily, Weekly or Semi-Monthly Payments

Amount:

$5,000 – $100,000

Term:

1 – 2 Years

Actual offers vary based on your application information and lender.

Microloans

Microloans are designed to help small businesses in developing areas obtain the funding they need to get started. They are short-term loans, with amounts ranging from $500 – $50,000, that have relatively low interest rates. Generally, these are only available to businesses with modest resources and low revenue, so they aren’t always a valid option for businesses that are more established. Some lending institutions that offer microloans place a priority on providing funding to minority business owners, female business owners and low-income business owners.

What Can Microloans Be Used For?

Microloans can be used for a number of business expenses. Small businesses that are in their early stages often use the funds to cover some of the following costs.

Inventory and Office Supplies

Working Capital for Regular Expenses

Machinery and Equipment

How Do I Apply for a Microloan?

1

Find your local intermediary microloan providers.
The first step to applying for a microloan is finding the intermediaries that will offer them. Use this sheet to see which providers are available in your local community.

2

Put your best face forward.
Clean up your personal and business credit report by continuing to make on-time payments, checking your report for errors and keeping your utilization low. Intermediary microlending providers may even require you to take some business training courses, which can help your chances of approval since this loan type can be based on more subjective criteria than others.

3

Submit your application.
The application for a microloan itself is fairly simple, however the evaluation of the application is not. Applications for microloans must be approved by the intermediary provider and the Small Business Administration, so it may take weeks to find out if you’ll be approved and receive funds.

What Does The Business Backer Offer?

The Business Backer offers three core products that can help businesses in the earlier stages of their growth. While different from microloans, they can still provide you with the funding needed to cover many regular business expenses.

Manage cash flow and seasonal revenues with the flexibility of a purchase of future receivables agreement.

  • Up to $200,000
  • Daily, weekly or semi-monthly payment options

A fixed sum of funds borrowed up front, with a straightforward payment schedule.

  • Up to $200,000
  • Terms from 4 – 18 months
  • Daily, weekly, semi-monthly or monthly payment options

A revolving line of credit with ongoing access to funds whenever you need them.

  • Up to $100,000
  • Terms of 12, 18 or 24 months
  • Weekly or monthly payment options

Ready to talk to a Funding Advisor about your options? Get started on your application or contact us today!

Apply for Funding

Applying will not impact your credit score.**