Microloan Eligibility Criteria
Loan size
- $1,000 to $25,000
- Average loan size $10,000
Use of Loan Proceeds
- Working Capital
- Business Inventory
- Business equipment
Loan Funds may not be used for:
- Paying off existing debt
- Owner's salary
- Down payment on real estate
- Real estate
- Payroll taxes
- Leasehold improvements
Terms
- 1-5 years
- Fixed interest rates
- No penalty for early repayment
Credit History
- Full credit report required
- Applicant must show creditworthiness
- Explainable circumstances are taken into consideration
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Eligibility
requirements
- For profit business
- Fewer than 5 employees
- Cannot qualify for adequate conventional financing
- Must be in Boone, Cooper or Callaway counties
Businesses that do not qualify
- Non profit businesses
- Gambling concerns
- Speculative concerns
- Lending or investment institutions
- Consumer or marketing co-ops
- Floor planning concerns (auto inventory financing)
Applicants that are not eligible
- Convicted of a civil or criminal offense
- Past due on government student loans
- Past due on child support payments
Collateral
- Personal guaranty and additional collateral as
required
- Assets purchased with loan
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What to include in application:
- Application form
- Business plan
- Resume
- Financial projections (monthly cash flow projection for
one year, income statement projections for 3 years)
- Current personal financial statement
- Personal history statement
- Last 3 years personal tax returns
- Last 3 years business tax returns
- Current business financials
- List and valuation of collateral
- Personal Credit Report
For more information on the Application Process, click
here.
