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Launch Your Business with Our Microloan

Are you looking for a loan to start a business or need a loan for your existing business to grow? You can use our Microloan for start-up and working capital, to hire employees or purchase equipment. This loan is for entrepreneurs looking for up to $50,000.

Microloan Details

The Microloan is for start-ups, small businesses, and sole proprietors. Loan details are as follows:

Up to $75,000

Up to seven years with a fixed interest rate

Acceptable credit history

Loan Requirements & Costs

  • The borrower must be 21 years old or older
  • Your business must be located in one of the following counties in New York: Westchester, Putnam, Rockland, Orange, Dutchess, Sullivan, Ulster, Bronx; or in Fairfield County, CT.
  • Acceptable credit history. (While we do not require a specific credit score, if there are any patterns of non-repayment of other debts, the loan will not be approved).
  • The business must demonstrate positive cash flow from operations.
  • Must submit most recent tax return (both personal and business).
  • The business must have all the licenses required to operate.
  • The borrower must not have declared bankruptcy or have any liens or judgements for them or their business in the past 36 months.
  • In some cases, a guarantor may be required.
  • Other requirements may apply.

  • Fixed interest rate
  • Loan repayment term up to 5 years
  • No pre-payment penalty fee
  • Other terms and conditions may apply

  • Application fee $100
  • Closing fee = 2% of loan amount

Learn More About Our Microloan Today

To apply today, you’ll need to complete the online application here. This application also requires a $100 application fee.