The Iowa Center is certified as a Microlender by the US Small Business Administration. Through the microloan program, The Iowa Center provides loans up to $50,000 to support entrepreneurs who want to launch or grow their small business.
What is an SBA Microloan?
The microloan program provides loans up to $50,000 to help small businesses start up and expand. The average SBA microloan nationally is about $13,000.
Under the microloan program, the SBA provides funds to nonprofit community-based organizations who have received designation as intermediary lenders. These organizations have experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.
Microloans can be used for a variety of purposes that help small businesses expand. These loans are a good option for entrepreneurs who need $50,000 or less to rebuild, re-open, repair, enhance, or improve their small business.
- Working Capital
Proceeds from an SBA microloan cannot be used to pay existing debts or to purchase real estate.