If you’ve put been putting the growth of your business on the back burner because you don’t have the funds to carry it out, then you should consider a microloan. A microloan is a small loan that is given to small businesses to help them grow. They can range anywhere from $500 to $50,000, but according to the U.S. Small Business Administration, the average loan amount is somewhere around $13,000. They’re typically good for anyone who is has a startup, or who needs funds to continue growing their business.
Banks don’t normally lend out small amounts of money, which is why microloans are perfect for small business owners who just need a little extra boost to keep going, or for those with a business plan to turn their ideas into a reality. There’s less risk and less documentation involved, which means your chance of receiving the loan you need for your small business is quicker and involves fewer obstacles. Microloans are the solution you’ve been looking for when it comes to answering the age-old question of “How am I going to pay for that?”
It’s no secret that many small businesses operate at a loss. A microloan can help change that. Whether you need more supplies, more manpower, or just more money in general, a microloan can help. By borrowing just what you need, you avoid the problem of getting your small business into unmanageable debt. Paying your loans back is easy and payment plans are structured in a way that make it easy to pay on a monthly basis over a specified term amount.
If your credit score is less than perfect and has made it difficult for your business to receive credit for necessary purchases, then you’ll be happy to learn that microlenders will often provide loans for people with lower than average credit scores, and in some cases people with little credit history. Microlenders are interested in helping entrepreneurs or small businesses who have been turned down by banks and other financial institutions, but have a clear goal in mind for the future of their business.
Before you consider borrowing against your mortgage or begging friends and family for help, consider a microloan from Our MicroLending. This could be the easiest solution to getting the funds you need to grow your business!