Business Microloans
The SBA has a number of different products and the one we are probably most often approached on is the microloan. The Micro loan program is generally for minorities, women in business, and other qualified needful borrowers. You can get into the micro loan with a business plant hat you give to an intermediary.
Generally, the micro loan is about $10,000. The micro loan program allows the borrow to request over $20,000 but only if they cant not get credit anywhere else. These loans are pretty expensive ranging to prime plus 7.75%.
The business plan for Microloan Program should contain all the usual elements:
- Executive Summary
- Company Structure
- Products and Services
- Market Analysis
- Marketing Plan
- Management Overview
- And detailed 3 year financial plan
The business plan will help to demonstrate the seriousness of the borrower and also helps them put their best foot forward when applying for small amounts of money. The micro loan business plan program is a good way to get started with your business. It gives you the basic business capital sometimes needed to expand into a bigger plan and market while keeping cash flow/ The loan generally can be a line of credit that's is extended over a short period of time to limit the exposure to high interest rates associated with the sub prime loan.
You can learn a lot more about a business plan for a micro loan by calling a business plan consultant and talking to them about how Masterplans can help. Often the planning fee is too high for a small amount of money so you can be helped into the next level of funding by starting with a micro loan. Press the contact button above to contact a professional business plan writer about your business planning needs.
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