MICROLOAN FACT SHEET
MICROLOANS ARE AVAILABLE FOR:
Start-up and Expansion of a business. Microloans may be used for equipment,
inventory, supplies and some working capital.
To apply for a loan, an individual must:
1. Be legally capable of entering into a binding contract.
2. Reside in the State of Nevada.
3. Locate the business in the State of Nevada.
4. Demonstrate the inability to obtain credit (financing) from a traditional lending source. A
letter of denial from a bank is required for requests of $15,000 and over.
5. Demonstrate the need for financing and show reasonable assurance of repayment.
6. Have two (2) years of IRS Personal Income Tax &/or two (2) years of IRS Business Tax
7. Possess a credit history that is acceptable to NMI.
8. Have a completed business plan (for requests over $500.)
9. Have participated in NMI or equivalent training program and/or have successful business
10. Be current on business & personal/income taxes and student loans.
LOAN AMOUNT: - A start-up business may borrow from $100 - $10,000.
- An existing business may borrow a maximum of $35,000.
- The NEW Mini Loan is up to $5,000.00, for businesses with at least six
months income, is a two page application and has a fast review process!
LENGTH: Up to 36 months for loans up to $10,000.
Up to 60 months for loans up to $35,000.
INTEREST: Determined on a case-by-case basis.
COLLATERAL: Collateral will be sought and determined on a case-by-case basis.
PAYMENTS: Fixed monthly payments of accrued interest and principle will be
established on a case-by-case basis depending on the loan amount
ASSISTANCE: Borrower must meet with NMI staff once a month.
APPROVAL PROCESS: Completed loan package is reviewed by NMI staff and may be
recommended to the NMI Loan Review Committee for final
VISIT OUR WEBSITE AT www.4microbiz.org FOR MORE INFORMATION!!!