Washington County Council on Economic Development (WCCED) – First Microloan of West Virginia
The SBA Microloan Program provides small, short-term loans to small business concerns and certain types of not-for-profit child-care centers. The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers. The maximum loan amount is $50,000, but the average microloan is about $37,000.
Microloans may be used for the following purposes:
- Working capital
- The purchase of inventory or supplies
- The purchase of furniture or fixtures
- The purchase of machinery or equipment.
- Can be used for either start up or existing businesses.
Proceeds from a microloan cannot be used to pay existing debts or to purchase real estate.
The Microloan program can also partner with other organizations and/or lending institutions for a total loan package of up to $150,000.
Financial Resources and Assistance
- Financial Modeling
- Loan Providers
- Microloan Providers