A micro loan is a small loan for businesses up to $50,000. The average amount for a micro loan is $13,000.
The Small Business Administration provides funds to non-profit organizations that distribute these loans to small businesses that apply and are eligible.
Usually, these non-profit lenders require collateral and a personal guarantee to repay from the small business owner.
Follow this link to find out more:
https://www.sba.gov/funding-programs/loans/microloans
