Micro-Loans

 SBA Announces New Initiatives Aimed at Increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved Communities:

  1. Small Loan Advantage
  2. Community Advantage

Both programs offer a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. These loans will come with the regular 7(a) government guarantee, 85 percent for loans up to $150,000 and 75 percent for those greater than $150,000.

Small Loan Advantage will be available to the 630 financial institutions across the country in the agency’s Preferred Lender Program (PLP). Under PLP, which includes most of the agency’s highest volume lenders, SBA delegates the final credit decisions to lenders.

With Community Advantage, the agency will expand the points of access small business owners have for getting loans by opening SBA’s 7(a) loan program to “mission-focused” financial institutions, including Community Development Financial Institutions, Certified Development Companies and non-profit microlending intermediaries. Click here to see the approved lenders

In addition to the SBA Programs, you may be able to get micro-loans from:

  1. Houston Business Development, Inc. if your business will be within Houston city limit. 5330 Griggs Road, Houston, Texas 77021; Ph: 713-845-2400; Fax:713-645-2830
  2. Accion-Texas if your business is in Texas or Louisiana (click here for documents required). 3300 Chimney Rock, Suite 100A
    Houston, Texas 77056; Phone #: 1-888-215-2373 (off); 713-975-8847 (fax)