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.
