Applying for large loans can be overwhelming, so StreetShares created more flexible options for financing through our small business microloan program.
So, what is microlending? Microloans (also known as microcredits, or microlending) are one-time, short-term business loans with amounts and interest rates that are relatively low, as compared to more traditional long-term loans. Microloans are a great choice for newer small businesses with limited revenue history and low capital requirements, who would likely be turned down for a traditional bank loan. In many circumstances, micro short term loans are prioritized for minority business owners, female business owners, and business owners in underdeveloped communities.
Microloans are an excellent option for newer small businesses who only need a relatively small amount of money. They’re more accessible to businesses with little (or no) revenue or credit history than a more traditional bank or SBA loan. Some microlenders also offer support in the way of business development resources to help you get your business off the ground and continue to grow.
To apply for microlending, you will have to prove your ability to pay back the loan with documentation such as bank statements and tax documents. Your credit score will also often be taken into consideration. And, given that your business may not have much cash flow or revenue history, some microlenders may also ask for a robust business plan to prove that you have an actionable plan for the money.
The best time to get a microloan for your small business is before it needs it. That way, you’ll be able to do your research, make a funding decision confidently, and get the best microloan rate available.
StreetShares provides the best options for getting the cash you need when you need it most through our collateral-free lending options.
StreetShares’ simple collateral-backed funding solutions enable small and medium size companies to secure funding quickly and easily.
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