microloan program

How Do Microloans Work?

Microloan programs are often facilitated by nonprofit organizations, community development financial institutions (CDFIs), and government agencies like the Small Business Administration (SBA). Applicants must submit a loan application, which includes a business plan, financial statements, and personal credit history. Upon approval, the funds are disbursed, and borrowers typically have between six months to several years to repay the loan, often with interest.

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