Small Business Microloan Program
Sometimes just a small financial boost can help your business in a big way! The Small Business Microloan Program can do just that.
The Microloan Program can be used for nearly any business financing need, from working capital to equipment purchases and more. Most small businesses are eligible with special features for M/WBE and Veteran owned businesses.
The Small Business Microloan Program provides funds to businesses that may not otherwise be a candidate for traditional bank loans. This loan program gives you the opportunity to secure funding while learning the loan process and building your credit.
- Loan amount: $10,000 to $50,000
- Rate: Prime +0 fixed at closing
- Term: Up to 5 years
- Fees: $100 application fee with a $250 commitment fee which can be financed into your loan. Fees are waived for all M/WBE certified and Veteran owned businesses.
- Technical Support: Staff dedicated to one-on-one, personalized assistance to help get through the application process.
Established businesses can use the Microloan Program to support their financing needs. If your business has a break-even or positive cash-flow, and a history of paying its debts, then you’re a good candidate for the Microloan Program. To be considered for approval, you must meet the following requirements:
- One or more years in business
- Headquartered in Monroe County
- Employs 25 or fewer employees
- Less than $4 Million in annual revenue
- Business is not home-based
- No liens or judgments filed for you or your business within the last 3 years
- Business and owner have no prior bankruptcies
Applications will be available beginning in June 2023. If you would like to be notified when the application is available, please click the Contact Us button below and someone from our team will reach out to you.
Learn more about Monroe County’s Minority and Women Business Enterprise (M/WBE) Certification and Utilization Program and apply online at monroecounty.gov/dei-mwbe.
Please note that we do not lend to money-service businesses; ‘passive’ businesses engaged in owning, purchasing, leasing, or re-selling real estate or other assets; or those operating in sin industries.