Prestamos MicroLoan Program
The Prestamos MicroLoan Program helps business owners to obtain access to the capital they require to start, sustain, and grow their businesses. The loans are usually used for buying inventory and supplies, or as working capital, or getting machinery and equipment for service and product line expansion. There can be limitations on the use of the funds, depending on how the loan is structured. This is best discussed on a case by case basis with one of our loan officers.
One of the great things about the MicroLoan Program is that it provides access to a team of business consultants who can help advise you in many areas of your business such as general business activities, financial processes, marketing, websites, and online branding. Working with the Business Consulting team can support your marketing efforts and getting your business planning mapped out in order to best help you to succeed.
Your Business and Microloans
A microloan can help businesses without past (or a poor) business credit or if there is another reason why a traditional loan is not a current option. If your business needs new inventory, or you need to purchase new equipment, or just need some extra working capital a microloan is the way of accomplishing that.
Even if your business is booming, there may be some reason it is not qualified by a traditional lender for a loan. Here are some of the reasons that you might run into:
- Lack of Collateral
- Low Cash Flow
- Unfavorable Credit Score/History
- Too Small Loan Amount Needed
- Perceived Risk
Not only are microloans less affected by these, but they typically have a faster application and awarding process than a traditional business loan. It is possible a business may be able to qualify for a microloan, even if they have no business credit score.
If you have run into any of the issues above, reach out to our team to discuss your loan options. Just click on the “Apply Now” button.