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Uncle Sam's Money and How to Get a Micro Loan  by: Rebecca Game The US Governement has a MicroLoan Program that provides small loans to new start-up companies, newly established businesses, or loans to help small business growth concerns. Under this government loan program the Small Business Administration, (SBA) will make funds available to nonprofit community based lenders (also known as intermediaries) which, in turn will make loans available to eligible borrowers in amounts of up to $35,000. You will submit your application to a local intermediary and then all the credit decisions are made at a local level. Terms: You can get a micro loan for a maximum term of 6 years. The loan terms will vary according to how much you are borrowing, what you are using the loan for, and your needs as a small business owner. Interest Rates: The interest rates on your loan will vary according to the intermediary lender and also the costs involved from the US Treasury. Collateral: Although collateral is not always required, each intermediary will have its own credit requirements. If you are a business owner in need of a loan, be prepared to offer some sort of callateral as a personal guarantee from you as the business owner. Did you know? Each intermediary is required to provide business based training and technical assistance to its micro loan borrowers. Individuals and small businesses applying for microloan financing may be required to fulfill training and/or planning requirements before a loan application is considered. How to Find an Intermediary: To get a list of participating Intermediary lenders AND non-lending technical assistance providers go to the SBA's website. This page will show you state by state intermediary lenders, their addresses, their email address and phone numbers for you to contact someone in your own state: http://www.sba.gov/financing/microparticipants.html About The Author Rebecca Game is the founder of Digital Women, an online community for women in business. A 30 year entrepreneur and dedicated to helping other women find grants and loans. Visit her site: http://www.digital-women.com Grants for Women. This article was posted on March 03, 2006   View More Videos from the "Business and Finance" category: What BP Stock's Collapse Can Teach You Signs of Improvement for Housing Market MoneyWatch News 09/23/2010 A Guide to Recession Entrepreneurship Retirement Planning Tips for Women   Read More Articles from the "Business and Finance" Category: 6 Danger Signs You May Be Headed toward 'Sales Management' Micro-Management by Jeff Hardesty Debt Consolidation Loans: Abate Your Fiscal Problems by Gregg Hall Indian Footwear Market Forecast to 2012 by RNCOS E-Services Pvt. Ltd. Permeate Needs with Personal Unsecured Loans by Simon Peyton Workplace Fitness: A Gym Full Of Useful Advice For Continual Learning by Eileen McDargh, CSP, CPAE A Sales Lesson From Mt. Everest by Jim Meisenheimer Get the Best Deal, Get Unsecured Personal Loans Online by Gary Growbowski Live A Debt Free Life by Nancy Smith Getting A Co-Signer For A Bad Credit Car Loan? by Devora Witts What Is Online Banking And How You Can Benefit From It by Joseph Kenny << Back to "Business And Finance" Index

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