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Apply for a Minority Loan
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How to Get Funding Through the Small Business Administration - Part 1 Microloans
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Summary: Getting microloan funding through the Small Business Administration involves intermediary lenders and fund projects that are a little more risky. Learn more about how microloans are funded by the SBA with the aid of a certified bank using tips from a certified public accountant in this free video on new business financing.
Amber Hill is a certified public accountant and a partner in several small businesses that she started from the ground up. Hill has worked as a city financial director, written...read more
"Today's topic is funding through the small business administration for micro loans. The one thing you want to keep in mind is there are two ways that you can work with the SBA. The first way is that you can start with your local small business development center and eventually come into contact with the financial institution that will serve your needs. The other is to seek out a financial institution that already has the certification from the small business development, or I should say the Small Business Administration, to process those loans. Now, we're talking about micro loans, and usually micro loans involve intermediary lenders. Now, intermediary lenders are not your traditional, conventional banks. They come in different forms, and usually they're formed as a result of adequate financing not being available in a community or a region. That's when you'll find economic development commissions and corporations and industrial development authorities. Those kinds of things formed to fund those gaps that the conventional banking leaves kind of high and dry in maybe rural or remote regions that they don't have a significant interest in. What the micro loans do are, through these intermediary lenders, are fund those projects that are a little more risky because the organizations bring together several lenders to share that risk and they're not concentrating all that risk in one place."
eHow Article: How to Get Funding Through the Small Business Administration - Part 1 Microloans
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