This month marks 25 years since the U.S. Small Business Administration (SBA) launched its Microloan Program. The program is designed to support microlending to businesses throughout the United States by providing loan capital and grants. The aim is to provide small businesses, otherwise unable to secure capital, with the financial support required to grow their businesses and create and retain jobs.
As well as providing small businesses with vital low interest loans of up to $50,000, the SBA’s Microloan Program provides small ventures with technical assistance before and after they receive their loans in order to improve operations and proficiently manage growth.
In its 25 years in operation, the SBA’s Microloan Program has issued more than 69,000 loans. The average size of these loans is $12.386. For more information, visit www.sba.gov.