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Micro Loan

Microloans are typically defined as very small, short-term loans with a low-interest rate, extended to self-employed individuals, new startups with very low capital requirements, or small businesses with only a few employees.

Who is Eligible for Microloans?

  • Although exact eligibility standards vary among lending institutions, technically almost any registered business can qualify for microloans.
  • In fact, microloans are particularly recommended for small startups with limited capital requirements and little to no revenue history.
  • Some lending institutions even give priority to minority business owners,women, and low-income applicants in an effort to encourage entrepreneurship among these groups.

How to Qualify for a Microloan

Fortunately for small business owners, the standards needed to qualify for microloans are typically much less stringent than for other types of business loans at higher borrowing amounts.

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