MICROLOAN FACT SHEET

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MICROLOAN FACT SHEET Powered By Docstoc
					                                             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!!!