Microloans from the SBA can be used for machinery and equipment,furniture and fixtures, inventory, supplies and working capital,but can’t be used to pay existing debts. Microloans areadministered through nonprofit intermediaries using SBA funds.Terms are usually short, and application turnaround time is lessthan a week. These organizations receive loans from the SBA andthen turn around and make loans to entrepreneurs. Theintermediaries will often walk you through writing your businessplan and taking inventory of your business skills.
Microloan
Definition:
A SBA loan program that helps entrepreneurs get very small loans, from less than $100 to $25,000
