Micro loans are designed for business with five or fewer employees. These loans are available for start-up operations and business expansion. Additionally, these loans are for riskier businesses who are attempting to establish their footing, they usually do not qualify for commercial loans from traditional lenders, and are not looking form more that a $35,000 capital injection. Rates, terms, and fees may vary for each lender.

• Micro lenders generally have more relaxed qualifiers than traditional lenders:
  • One year business history documented by FTR, Schedule C’s 990, or 1099.
  • Personal and / or Business Cash Flow to Support Loan Repayment.
  • Collateral is contingent upon loan amount.
  • No bankruptcies within the last five years.
  • Technical assistant charges may apply.
  • Credit check fee may apply.
  • Set Fico score of 550 or better.

• Financial and Supporting Documents:
  • Loan Application
  • Personal and business balance sheet.
  • Current year personal and business income statement.
  • One year projected business income statement.
  • One year current and projected Cash Flow Statement.
  • One Year Sales Forecast.
  • Contract and/or purchase orders will strengthen the deal.

* Contributions to this page was provided by:
Caroline Newsom, Executive Director
Self-Employment Loan Fund, Inc.
602-340-8834