Microloan program
Entrepreneurs and small business owners interested in small amounts of business financing (up to $50,000) should contact the nearest SBA district office for information about the nearest Microloan Program Intermediary Lender or go to www.sba.gov/microloans.
The Microloan program provides very small loans (up to $50,000) to women, low-income, minority, veterans and other small business owners through a network of more than 100 intermediaries nationwide. Under this program, the SBA makes funds available to nonprofit intermediaries that, in turn, make the small loans directly to start-up and existing businesses. Entrepreneurs work directly with the Intermediaries to receive financing, and business knowledge support. The proceeds of a microloan can be used for working capital, or the purchase of furniture, fixtures, supplies, materials, and/or equipment. Microloans may not be used for the purchase of real estate. Interest rates are negotiated between the borrower and the Intermediary. The maximum term for a microloan is six years. Because funds are borrowed from the Intermediary, SBA is not involved in the business loan application or approval process. And, payments are made directly from the small business to the Intermediary.
The program also provides business-based training and technical assistance to micro-borrowers and potential micro-borrowers to help them successfully start or grow their businesses. Such training and technical assistance may include general business education, assistance with business planning, industry-specific training, and other types of training support.
Microloan intermediaries
Androscoggin Valley Council of Governments
125 Manley Rd.
Auburn, ME 04210
207-783-9186 • 207-783-5211 Fax
www.avcog.org
Community Concepts, Inc.
17-19 Market Sq./P.O. Box 278
South Paris, ME 04281
207-743-7716 or 800-866-5588
www.community-concepts.org
CEI
36 Water St./P.O. Box 268
Wiscasset, ME 04578-0268
207-882-7552
cei@ceimaine.org
www.ceimaine.org
MaineStream Finance
262 Harlow St./P.O. Box 1162
Bangor, ME 04402-1162
207-973-3500 or 800-215-4942
www.mainestreamfinance.org
Northern Maine Development Commission
11 W. Presque Isle Rd./P.O. Box 779
Caribou, ME 04736
207-498-8736 or 800-427-8736
www.nmdc.org
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