Has anyone taken a "micro loan" in Ohio yet?
Date: Sun, 11/16/2008 - 16:18
Has anyone taken a "micro loan" yet from the storefronts in Ohio? I am due to pay back next week. I know I'll have to reloan, and I know that at least two of the pdls (ACE Cash Express and Cashland) have now gone to this new loan type - just wondering what the process is like, and how much to expect for the fees. Any help is appreciated!!
Quote:The Microloan Program provides very small loans to start-u
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The Microloan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $13,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level. |
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Terms, Interest Rates, and Fees: The maximum term allowed for a microloan is six years. However, loan terms vary according to the size of the loan, the planned use of funds, the requirements of the intermediary lender, and the needs of the small business borrower. The maximum loan amount is $35,000, however, the average loan amount is around $13,000. Interest rates vary, depending upon the intermediary lender and costs to the intermediary from the U.S. Treasury. Generally these rates will be between 8 eight percent and thirteen percent. |
Source: - "http://www.sba.gov/services/financialassistance/sbaloantopics/microloans/index.html"
