How to Find a Microenterprise Loan for Your Business

If you're looking for start-up capital for your business, but you don't have the credit, collateral or background needed by your bank to get a business loan, then microenterprise might be your best bet.

Microenterprise Development programs have been around since the 1970s. They were created as a way of helping people who couldn't access traditional methods of credit, either because they were too poor, or the amount of money they needed was too small for a bank to be interested.

In the United States, there are over 500 Microenterprise programs designed to help low to moderate income entrepreneurs. In fact, if you have bad credit, no credit and no collateral, you can probably find a microenterprise loan fund in your state, city or town.

What do microenterprise loan programs do?

They provide a variety of financial and business services to entrepreneurs. Some programs provide free or low-cost business classes that will walk you through the process of writing a business plan. Other provide counseling, to help you manage your debt, and understand and use financial planning software. Still others offer business mentors. Most Microenterprise loans have some type of networking program, where you can build relationships with other business people.

How much money can you borrow?

Loan amounts vary from $500 to $25,000. Interest rates are at or below prime, and you don't need to have a lot of collateral or excellent credit in order to apply. In some programs, you can qualify for a smaller loan fairly easily, and then, once it has been repaid, apply for a larger loan. This helps to build your business credit, and insures that you don't over-extend yourself.

What is a microbusiness?

A microbusiness is defined as any business:

that can be started for less than $35,000 has five or less employees has a revenue of less than $100,000 a year What types of businesses qualify for a microenterprise loan?

Traditional businesses such as:

*small specialty shops like hobby shops, florists and gift shops

*small engine or auto repair shops

*bakeries, cafes and sandwich shops

*beauty parlors and barber shops

*arts and craft stores, ceramic shops and art galleries

Non-traditional businesses such as:

*massage therapists, acupuncturists, hypno-therapists

*business, life and relationship coaches

*soap and essential oil manufacturers

*artists, painters and jewelry makers

*doggie daycare owners, mobile beauty shops and in-home computer repair

Where can you find a program in your area?

One of the biggest problems with finding a microenterprise loan program is that they are often not very well advertised, and may not even be called a "microenterprise development program" so unless you know where to look it can be frustrating. Here are some ideas to get you started:

*The Small Business Adminisration

*Your local Chamber of Commerce or Economic Development Agency

*Small Business Development Center in your area

*Your bank or credit union

*Women's organizations, business support groups

*http://www.microenterprisesuccess.com -- you can find free microenterprise resources indexed by state here

The main thing to remember is that if you're really serious about starting your own business, there are resources available to help you, so don't give up!

Cheryl Antier is the President of Dream Weaver Enterprises, a business and fundraising consulting company. MAPS (Microenterprise Answers to your Personal Success)is a membership organization that helps women to start, grow and succeed in small business ownership. Find free resources indexed by state, learn about grants and small business programs by signing up for our free newsletter at http://www.microenterprisesuccess.com

maide service in Lincolnshire ..
In The News:

Discover Android's new Sound Notifications feature that alerts you to smoke alarms, doorbells, and baby cries even when wearing headphones.
New SantaStealer malware reportedly threatens holiday shoppers with password theft. This Christmas-themed info-stealer targets browsers and crypto wallets.
The Christmas season brings a surge in Netflix phishing scams targeting shoppers with fake emails. Stacey P received convincing scam but verified account first.
San Francisco Giants invite Jamie Grohsong to throw ceremonial first pitch at Oracle Park after he learned to play baseball with a bionic hand following an injury.
FBI warns cybercriminals are stealing family photos from social media to create fake proof of life images in virtual kidnapping scams targeting victims.
Instagram's new 'Your Algorithm' tool lets you control your Reels feed in real time. The app now gives you power to customize what videos you see.
Major Marquis fintech breach exposes 400,000-plus Americans' data through unpatched SonicWall vulnerability, with Texas hardest hit at 354,000 affected.
Free up iPhone storage fast by clearing large photos and videos from Messages app. Simple steps for iOS users to delete attachments without losing chats.
Scammers are flooding inboxes with fake tracking alerts that mimic real carriers, exploiting the holiday rush to steal logins and personal data.
The Fox News AI Newsletter brings you the latest news on AI technology advancements and the challenges and opportunities AI presents now and for the future.
Texas family reunites with missing 11-year-old cat Grayson after 103 days using Petco Love Lost's AI photo matching technology and community help.
Tired of AI customer service loops? These insider tricks help you escape "frustration AI" and get real human help when you need it most for urgent issues.
Unlock richer audio from your streaming apps with simple tweaks to volume normalization, equalizer settings, and quality preferences for cleaner sound.
Scammers are sending fake Facebook settlement payout emails that mimic legitimate notices from the privacy settlement administrator to deceive users.
Holiday shopping scams surge as fake refund emails target distracted consumers during Black Friday and holiday seasons, costing Americans billions annually.
The AI-powered IRMO M1 exoskeleton features four modes, including turbo, eco, training and rest for hiking, running, cycling and sports with eight-hour battery life.
OpenAI announced upgrades for its ChatGPT Images platform on Tuesday, saying the program can now make more precise edits and produce images more quickly.
Chrome for Android now turns web articles into AI-powered podcast conversations. Get hands-free browsing with Google Gemini's natural audio summaries.
LastPass faces $1.6 million fine from U.K. regulators after 2022 data breach exposed 1.6 million users. Password manager failed proper security controls.
Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.
Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.
Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.
MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.
The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.
Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

Over Disclosure Hurts Businesses

Many investors and business ethics professionals are calling for more... Read More

Small Business Vendors; Getting the Best Service

If you are a small business you know that you... Read More

Dealing With a Crooked on the Take Government Worker

Many government department heads are on the take. Oh they'll... Read More

Are You a Small Business Casualty?

When a person knows and knows not that he knows.... Read More

11 Things Small Business Owners Can Learn From The Supreme Court

1. Have A Strong Constitution ? Justices deliver decisions by... Read More

Why The Carwash Industry is Stagnant; What You Can Do to Change Your Field

Many years ago, I had warned the carwash industry of... Read More

Business Failure, The 8 Traps Causing Failure And The One Attribute Which Ensures Business Survival

It is estimated that 78% of all small business start-ups... Read More

Small Business Marketing - How Important Are Your First Words?

"What do you do?" It just might be one of... Read More

Web Based CRM Systems: Get Mobile; Get Results

Everyday more web based companies enter the business scene. The... Read More

7 Reasons To Take Control Of Your Small Business? Checking Needs

Business checks are available in many styles and varieties. They... Read More

Debit and ATM Card Advice for Small Businesses

Your business account comes with an ATM, Debit card. Pick... Read More

Pressure Washing of Paving Equipment and The EPA

Many pressure washing companies will be glad to take on... Read More

How To Start A Blind Cleaning Business Quickly And Easily

Starting the blind cleaning business is one of the best... Read More

Small Business Savvy: Reaching Key Big Business Decision Makers

As a solo entrepreneur or small business owner, one of... Read More

Hispanic Small Business Advantage

One thing I have noticed in my travels to different... Read More

Starting a Small Business: Balancing Risk and Reward

In a perfect world, starting a small business would be... Read More

The Benefits of Using Freelance Consultants / Trainers for Your Project

What are the benefits of using a Freelance Consultant /... Read More

Business Development Is Not An Event

Cash flow. To stay in business, you've got to keep... Read More

One Of The Best New Business Opportunities May Be Right In Your Home - A New Daycare Business

The day care industry is expanding. There are now more... Read More

So You Don?t Believe in Outsourcing

Entrepreneurs are hardy stock. But sometimes hardiness can get you... Read More

Using Excel Payroll Sheet to Make Payroll System Easier

For the employees, payday is the brightest day; they finally... Read More

Increase Profits With a Small Investment of Time and No Money

The less a business pays for goods and services the... Read More

Top 10 Rules for Small Business Success

1. TargetYou are not all things to all people. Decide... Read More

The Advisory Board: A Business Owners Most Valuable Resource

As a company grows, the owner's role begins to change.... Read More

Mobile Car Washes and Shoe Policies

Mobile carwashing is hard work, it is tough on the... Read More

cleaning lady near Deerfield ..