Are You a Small Business Owner in the U.S.? Here Is What You Need to Know About Microloans
What Microfinance Did for My Business: Small Business Owners Share Their Experience
Is Microfinance Right for My Small Business?
Small business owners need working capital at different times in their company's development. A microfinance institution (MFI) provides an alternative source of capital for small business owners, with loans ranging from $1,000 to $200,000. MFIs will work with you to understand your needs, and provide the financing to help scale your business. A MFI team will look beyond the numbers and your FICO score, and evaluate your entire application to help you access funds. A microloan can even improve your credit and help you qualify for a bank loan in the future.
The types of businesses that might seek a microloan are:
- General Contractors, Landscapers, Cleaners
- Retail-based Service
- Auto Repair Shops, Restaurants, Chiropractors
- Retail Stores
- Neighborhood Markets, Clothing Boutiques, Hardware
- Light Manufacturing
Restaurant owner, entrepreneur and ACCION Texas-Louisiana loan recipient
I have some very loyal customers who had already said that they would give me money so I can move my restaurant to this new space. I decided instead to go to ACCION Texas-Louisiana, so I can start establishing better credit and qualify for a bigger loan later.
Similar to any type of loan, applicants must demonstrate various levels of qualifications, which can vary from lender to lender. Here are the top indications that your small business can benefit from a microloan:
- Self-Employed or Business Owner
- Looking to grow your business
- Hire or retain employees
Find a Microfinance Institution
Kiva does not process loan applications from entrepreneurs. If you would like to apply for a loan, please contact a MFI in your local area.
Below is a map of Kiva's US Microfinance Partners, based on the regions where they operate. For those located in a region that is not currently served by a Kiva Microfinance Partner, please refer to the FIELD US Microenterprise Directory at http://fieldus.org/Publications/2008/index.html to find your local MFI.
Kiva's U.S. Microfinance Partners
As a leader in U.S. microfinance, ACCION USA is committed to bringing affordable small business loans to microentrepreneurs. ACCION USA has provided over $119 million in over 19,000 microloans since inception in 1991, helping to grow small businesses and strengthen the communities they serve.
Click here to apply for a loan through ACCION USA
ACCION Texas-Louisiana provides individual business loans from $500 to $100,000 for existing as well as start-up businesses. ACCION Texas-Louisiana also provides business lines of credit from $5,000-$50,000 for established businesses with two years of financial history. All loan funds repaid to ACCION Texas-Louisiana are reinvested in the community.
Click here to apply for a loan through ACCION Texas-Louisiana
Opportunity Fund lends $500 to $100,000 at 8% interest to small businesses in Northern California established for one year and looking to grow. Opportunity Fund prides itself on being fast, friendly, and affordable and provides an alternative for small business owners turned down by banks or who do not want to borrow on credit cards. Through its microloan, microsavings and affordable housing programs, Opportunity Fund has directed $172 million in community investment into the San Francisco Bay Area.
Click here to apply for a loan through Opportunity Fund