MICROLOANS
What is a Microloan?
A microloan is a small loan typically offered to entrepreneurs who lack access to traditional banking services. These loans are usually for amounts under $10,000 and can be used for a variety of purposes, such as starting a small business or purchasing equipment. Microloans are often provided by non-profit organizations or government agencies and can a valuable resource for those looking to start or grow a business
How much can I apply for?
The loan will match your own contribution up to $50.00. If your business plan says you need $100.00 to start your business then you will need to have $50.00 of your own money and then apply for a microloan of $50.00.
What is required to apply for a microloan?
To apply for a microloan, you typically need to provide information about your and business finances, including your credit score, income, expenses, and business plan. Some lenders may also require collateral or a personal guarantee. The specific requirements may vary depending on the lender and the amount of the loan. You must also complete the entire 10 week kidpreneur course and obtain a certificate of completion and you must take our Personal Finance Class for Kidpreneurs and obtain a completion certificate.
Do I need a cosigner?
Depending on who is willing to fund your start up they may or may not require you to have a cosigner. Our funding comes from local business owners who see the benefits and struggles of an entrepreneur. The local business person may also agree to mentor you on your journey to being a business owner.
How long will it take before I am approved?
We anticipate it to take 30 days to process your loan paperwork and determine your loan amount. We try hard to match up a lender to the appropriate start up and funding requirements. This process will also determine greatly on your cooperation in getting all the completed forms necessary to arrive at a decision for funding.