What is a microloan, and is one right for your small business?
If you’re a small-business owner on a quest for capital, there are several smart reasons to turn to nonprofit microlenders. These lenders go beyond making small loans to entrepreneurs and provide some benefits that traditional lenders don’t:
Profit is not their objective. Many microlenders are called mission-focused or mission-based lenders. They offer loans from government or nonprofit programs geared to helping disadvantaged communities, including areas that are struggling economically.
