of Businesses are Eligible for an SBA Microloan?
When it comes to eligibility
for a microloan, nearly every for-profit business falls under the types
of businesses who can qualify.
Unlike some other types of
loans, microloans are available to various forms of businesses including
proprietorship, partnership and corporation.
Certain types of businesses
will not qualify for microloans. These include gambling and gaming businesses,
charitable, religious and non-profit businesses (with the exception of
non-profit child care businesses), real estate investment, pyramid, and
speculative businesses. The SBA can provide you with full details of what
businesses are ineligible if you think your business might fall into one
of the categories.
There are size restrictions,
which the SBA updates from time to time, and is determines as of your
date of appication.
Also, microloans are available
for both new start-ups as well as for existing businesses looking to expand.