MICRO LOAN PRODUCTS AVAILABLE

(Up tp $50,000)

What are Microloans?

Micro Loans have been a big factor in helping to support business owners by offering smaller dollar amount loans. They can help get by in situations of business distress or to allow for growth into new products and services without leveraging a significant amount of collateral.

Prestamos provides microloans up to $50,000 at a fairly low-interest rate and they usually have a 5-year payback term. Smaller loans such as these can be difficult to get from traditional lenders because they take nearly the same amount of effort to manage but have a significantly lower profit margin for the lending institution. Prestamos avails a Micro Loan Program to the community because we see its potential to elevate business ownership and build wealth in targeted communities.

A micro-loan can be the difference in success or failure for a small business owner when the funds are invested in a smart way. They are generally pretty low-risk simply due to the nature of their size and often are paid back quickly with an affordable payment plan. They can even help prepare an entrepreneur to borrow larger amounts in the future to expand their business by building a strong credit profile.

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 a low-risk 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.