MICROLOAN FACT SHEET
Shared by: nbh14353
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. ELIGIBILITY: 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 Returns. 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 experience. 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! LOAN TERMS: 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 and terms. BUSINESS 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 approval. VISIT OUR WEBSITE AT www.4microbiz.org FOR MORE INFORMATION!!!