Microloans

Microloans MicroLoansLinks to an external site. are loans made by non-commercial banks for the purposes to support economic development. Organizations that make these loans have specific missions which are usually tied to supporting a specific geographic region and even sometimes a specific demographic or sub-sector group to start a new and/or grow an existing business. In Nebraska, the maximum microloan is $50,000. Below are a couple of the more prevalent non-profit organizations that serve the Nebraska area with offering Microloans (and some offer other types of direct loans to small business owners). Each has their own specific geographic and/or demographic markets in which it provides entrepreneurship assistance, application requirements and terms. Nebraska Enterprise FundLinks to an external site. Juan Diego Center through the Catholics Charities OrganizationLinks to an external site. Midlands Latino Community Development CorporationLinks to an external site. REAP - Rural Enterprise Assistance Program thru the Center for Rural AffairsLinks to an external site. CDR - Community Development ResourcesLinks to an external site. Links to an external site.Family Housing Advisory Services Individual Development Accounts (IDA) Iowa Foundation for Micro Enterprise & Community VitalityLinks to an external site. The assignment: After reviewing the microloan service providers above AND/OR any other microloan providers known to support your area (including going to their websites to view updated information), identify your top 2 microloan funding options and discuss in a 350 word essay how these options can fit in to your funding needs. Discuss topics such as: Services geographic area or supports demographic/sub-group mission Dollar amount range could support your needs Attractive loan terms Mission (likeness) of the organization Offers additional training, business coaching and/or support needed Difference of microloan program vs. traditional banking programs Even if microloans may not be an option for youstill identify your 2 best candidates based on your findings