Microloans for Small Businesses
Sometimes a business doesn’t need a large amount of funding to make the changes it needs. For some small businesses, a six-figure loan is more than enough. To avoid borrowing excessive funds and paying interest on cash you really didn’t need, small business owners might benefit from the use of a microloan.
What is a Microloan?
A microloan is a loan for a smaller amount than the average bank loan. An SBA microloan is defined as funding that totals $50,000 or less. The average loan amount in this category is just $13,000; This is a notable contrast to the SBA’s average business loan amount in 2015 of $370,000.
This short-term funding for small business may be applicable for a number of reasons. It’s a common choice for very small businesses that have a carefully planned budget and only need a few thousand dollars of capital to support their newest project. Microloans are also useful for a business in its first few years of operation. While many major banks don’t finance loans for small amounts like this, our financing programs are designed to fund your business the way that is most convenient for you.
Business microloans have a variety of uses, including:
- Covering payroll during the slow season
- Covering unexpected operating expenses
- Expanding your business
- Purchasing additional inventory
- Repairing business utilities
- Hiring new staff
Why Choose Fast Capital 360’s Alternative to Small Business Microloans?
Banks are known for being hard to work with for small businesses, giving even the most qualified small businesses a hard time getting the funding they need. If your business is having trouble meeting the standards of big banks, or you simply don’t have the time to wait out the lengthy process, Fast Capital 360’s fast and unsecured small business funding might be the perfect solution. We’ve designed our funding process to work with your business, not against it.
A short-term microloan gives you the freedom to make the changes your business needs without requiring you to pay for more funding than you need. Whether you’re looking for short-term microloans or small business lines of credit, Fast Capital 360 provides businesses with the right amount of funding at the right time.
If your business is searching for the best short-term business loans but having trouble qualifying, Fast Capital 360 might be the perfect alternative for you. Call us today to speak with one of our professional business advisors and receive personalized insight and advice for your business.
To learn more about small business microloans from Fast Capital 360, contact us online or give us a call at 1-800-735-6107.