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Micro Money

Published By Credit Suite at November 30th, 2015

Micro Money

What is Micro Money? How Can it Help?

The SBA has a great loan program called The Microloan Program.  Although the name is Micro, the benefits to you can be huge. So, consider micro money for your business.

The Microloan Program provides small, short-term loans to small businesses.   Micro loans can provide you working capital and fulfill other purposes when you need money the most.

How Do You Use Micro Money in a Small Business?

Some of the common uses for Micro loans include:

  • Working capital
  • Buying inventory or supplies
  • Also, the purchase of furniture or fixtures
  • Buying machinery or equipment.

Terms, Interest Rates, and Fees and loan terms vary. So this is based on the size of the loan, and the planned use of funds. And it is also from the requirements of the intermediary lender, and the needs of the small business borrower.

Micro Money and Fundability

Whether you just need micro money or a lot more, your business has got to be fundable.

So, what does it mean when we talk about fundability? What does it mean when we state a business is fundable? Basically, fundability is a business’s current ability to get financing.  There are over 120 factors that affect fundability.  That’s a lot, and it can be difficult and overwhelming to ensure it’s all in order.

A business credit expert can help. Not only can they help ensure your business is set up to be fundable, but they can help you find things you may not even realize is affecting the fundability of your business. Something as simple as your business name being slightly different in a couple of different places can cause major issues.

Micro Money Can Pay Off in Big Benefits

In the end, it’s important to remember that just because micro loans are small, doesn’t mean they can’t do big things.  Want to find out if a business credit expert can help you qualify? Go here now for a free consultation.

 

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