The Microloan Program provides Virginia small, short-term loans to small business concerns in Roanoke City, Roanoke County, Salem City, Botetourt County, Town of Vinton, Craig County, Covington, Clifton Forge and Bath County.
The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance.
These intermediaries make loans to eligible borrowers.
The maximum loan amount is $50,000, but the average microloan is about $13,000. Microloans may be used for the following purposes:
•The purchase of inventory or supplies
•The purchase of furniture or fixtures
•The purchase of machinery or equipment.
Proceeds from a microloan cannot be used to pay existing debts or to purchase real estate.
Total Action Against Poverty
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