Small Business Micro Loan

Business Coaches' Secrets to

Establishing Business Credit
&
Winning Business Loans

A small business micro loan and government loans for women can give any entrepreneur a start-up or give a new small business a big boost when the usual traditional loans are not available or accessible to you. 

Community- based, nonprofit lenders make microloans. These lenders usually receive their funding for the loans from the Small Business Administration.

Most likely, you will have to present a business plan along with the application when applying for microloans.  A business plan is imperative to running a successful biz and getting business credit. 

A well written business plan will answer all the questions that will be asked by the lender of the business loans. 

Business loans and government loans for women can be used for different purposes such as: purchasing inventory, working capital, fixtures, furniture, equipment and repaying business credit.

SBA Microloans and other microloans for small business enterprises usually include a stipulation that states that the lender should provide the borrower business mentoring along with the business micro loan. This is an additional benefit during the life of the microloans.

The best way to get business loans – especially a small business micro loan and government loans for women– is to apply to a microlender who is SBA approved. SBA lending refers to the microlenders as “Intermediaries” because all approvals and applications are handled locally. Each of these lenders has their own requirements like collateral.

Some microlenders who are not funded by SBA make special loans to minorities owned businesses and women owned businesses. For example, Count Me In is an online microlender that makes loans to women in the US, and ACCION International, Boston makes micro loans to women and men in impoverished regions in the US.

Though microlenders are more flexible than traditional lenders they too need evidence that you have a good plan regarding your product, competition, market, goals and operations.  

It is to your benefit to talk with a business coach to get expert advice on everything from writing an effective business plan to approaching small business micro loan lenders for business loans.