Micro Loan Program For Businesses
Use of Funds: Funds may be used for inventory, supplies, furniture and fixtures, equipment, minor renovations, debt refinance, and working capital.
Loan Amounts: Can be as much as $50,000. The loan can be as much as 75% of the total project cost.
Borrower’s Equity: At least 10% is required.
Rates and Terms: The interest rate is fixed and may be as low as 8%. Loan term may be as long as ten years. An amortization period exceeding the loan term is possible. Personal guarantees are generally required as part of the collateral.
The Micro Loan Program funds small business in rural areas, including start-ups. A Micro Loan can provide up to 75% of the total project cost, and the remaining 25% must be from non-federal funds. Eligible businesses have ten or less full time equivalent employees. Agricultural producers and not-for-profits are eligible borrowers. The Micro Loan Program includes technical assistance to give the borrower the best opportunity for success. Southwest GA United staff members have regular, frequent interactions with its clients. The Micro Loan Program has enabled many new business start-ups and existing business expansions that otherwise would not exist.