Microloans: Another Funding Option for Startups


Source: Inc Magazine 

Overview:  Advice for small businesses on what to expect when applying for a microloan, including finding a microlender, document preparation, and loan repayment.

“What happens if your business gets turned down for a loan by conventional banks? What happens when bank credit to small businesses tightens up? What do you do? One option would be to apply for a microloan, a small business loan ranging from $500 to $35,000 (and sometimes more) that is well-suited for small businesses or startups that maybe don’t have a credit history, can’t secure the funds through a bank loan, don’t have collateral, or have other risk factors.”  Inc. Magazine How to Secure a Microloan.

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