Eligible Uses of Loan Proceeds: equipment and inventory purchases, and working capital. A maximum of 25% of loan proceeds may be used for working capital.
Financing Limits: A maximum of $10,000 may be loaned for a term not to exceed 5 years. A minimum of 10 percent of the total project cost will be required in the form of borrower cash.
Job Creation Requirements: The job creation requirement is waived, but the borrower is expected to work full-time at the funded business.
Terms and Underwriting Standards: Loan term will generally be 5 years depending on the asset financed. The rate will also be set based on the risk using the prime rate as the basis.
There is a $50.00 application fee for the Micro Loan Program.