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What are the
Microloan Terms?
Microloans through the Small
Business Association are allowed to have a maximum term of six years.
However, smaller sized loans tend to have shorter terms, and even the
planned usage for the mircoloan can affect the length of your terms.
This means that a $35,000
microloan (the maximum amount of microloan available through the SBA)
would have the full six year term, while a $4,000 microloan would have
a shorter term.
Since microloans are actually
through an intermediary lender, not actually through the SBA, interest
rates will vary based upon the lender, who sets the interest rates.
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