Eligibility:
Each intermediary lender has its own lending requirements and criteria. To be eligible, applicants should have enough collateral or security to cover the loan amount which the intermediary will request. They may also ask for a personal guarantee.
Maximum Loan Amount:
$35,000
Average Loan Amount:
$13,000
Maturity Terms:
6 year term, yet this can vary depending on a number of factors assessed by the intermediary.
Interest Rates:
8% - 13%
Other Requirements:
Individuals and small businesses applying for a microloan may be required to fulfill some business-based training or other planning requirements before being considered for a microloan.
How to Apply:
To apply for a microloan, you will need to contact a Microlending Intermediary near you. Here you will find a state-by-state list of all intermediaries and their area of operation.
