Micro-Loans for your Small Business!

English / Español

Many entrepreneurs are seeking loans for their small business and the first location they turn to is the bank.  Unfortunately, they are in for a big surprise because many banks do not lend to start-ups.  Banks usually lend to small businesses that have been in business for several years and have a good credit history.  An alternative source of funding for small businesses is through a micro-lending institution.

Micro-lending is the practice of lending small loans.  They are typically granted to individuals looking to enhance or start a business.  Aside from providing the necessary capital, micro-loans also help to build the all important business credit history, something you will need down the road when you approach a big bank for a bonafide business loan.  Micro-lending institutions lend from $100 to $250,000 and charge a higher interest rate than normal to cover the high costs associated with issuing small business loans.  Micro-loans can be used to purchase buildings, land, machinery, equipment, working capital, and inventory.  Like any other financial institution entrepreneurs must be prepared to provide credit history, collateral, equity, and additional sources of income.  In addition, a business plan with at least a 12 month cash flow projection is required to indicate financially how a startup business will repay the loan.  Here are some micro-lending institutions (and blurbs from their websites) as a jumping off point for entrepreneurs needing access to capital to make the American dream a reality:

Accion Texas
As the largest non-profit micro-lender in the Unites States, Accion Texas provides credit and service to entrepreneurs to strengthen their businesses, stabilize and increase their incomes, create employment, and contribute to the economic revitalization of their communities.

Business & Community Lenders of Texas
Business & Community Lenders (BCL) of Texas has diversified its products and services to meet market demand.  As we grow, we intend do stay true to our mission…to provide economic and community development opportunities across our dynamic state of Texas. We value your business and look forward to new opportunities.  At BCL, we embrace challenges and change.

PeopleFund
PeopleFund’s small business loans help entrepreneurs enhance their businesses and keep local economies growing. With financing available for equipment purchases, permanent working capital term loans, and revolving lines of credit, we provide access to capital with low down payment or equity contribution, flexible underwriting, no pre-payment penalties, and a lending team dedicated to help you succeed through one-on-one training and business assistance & education.

To learn more about these micro-lending institutions first hand, come join us at the “Access to Capital and Business Banking Partner Panel” seminar on Monday, February 27th from 5:30pm – 7:30pm at the West Dallas Business Assistance Center located at 2060 Singleton, Blvd., Suite 102, Dallas, Texas 75212.  You must call 214-678-9100 to register.  Hope to see you there!

Español

Micro-préstamos para tu pequeño negocio

Muchos empresarios  están buscando préstamos para sus pequeños negocios y al primer lugar donde se dirigen es a los bancos. Desafortunadamente, muchos bancos no tiene préstamos disponibles para las empresas que recién van empezando (start-ups).  Usualmente, los bancos prestan a esas empresas que ya han estado en el negocio por varios años y que tienen un buen  historial de crédito.   Un recurso alternativo para el financiamiento de los pequeños negocios es una institución de micro-préstamos.

El micro-préstamo es la práctica de hacer pequeños préstamos  para compañías pequeñas  y “start-ups.  Típicamente, se los conceden a individuos que buscan crecimiento o el empezar un negocio.  Aparte de proveer capital necesario, los micro-préstamos también ayudan a los acreedores a  desarrollar un buen historial de crédito, algo muy importante que se  necesita cuando uno se acerca a un banco grande para un préstamo.  Las instituciones de micro-préstamos prestan desde $100 hasta $250,000 y cobran una tarifa de interés más alta para cubrir los costos asociados con la distribución de micro-préstamos. Puedes usar micro-préstamos para comprar edificios, tierra, maquinaria, equipo, capital de trabajo o inventario. Como con las demás instituciones financieras, los empresarios deben estar preparados a proveer un historial crediticio, un colateral,  efectivo y/o ingresos adicionales.  Un plan de negocios debe mostrar como  mínimo proyecciones de flujo de caja de 12 meses para demonstrar como el negocio va a pagar el préstamo.  Vea aquí algunas instituciones de micro-préstamos (y descripciones de sus página web) para más información:

Accion Texas
As the largest non-profit micro-lender in the Unites States, Accion Texas provides credit and service to entrepreneurs to strengthen their businesses, stabilize and increase their incomes, create employment, and contribute to the economic revitalization of their communities.

Business & Community Lenders of Texas
Business & Community Lenders (BCL) of Texas has diversified its products and services to meet market demand.  As we grow, we intend do stay true to our mission…to provide economic and community development opportunities across our dynamic state of Texas. We value your business and look forward to new opportunities.  At BCL, we embrace challenges and change.

PeopleFund
PeopleFund’s small business loans help entrepreneurs enhance their businesses and keep local economies growing. With financing available for equipment purchases, permanent working capital term loans, and revolving lines of credit, we provide access to capital with low down payment or equity contribution, flexible underwriting, no pre-payment penalties, and a lending team dedicated to help you succeed through one-on-one training and business assistance & education.

Para saber más sobre estas instituciones de micro-préstamos, te invitamos a nuestro taller de  “Acceso a Capital” en 27 de febrero a partir de las 5:30PM-7PM en nuestro Centro de Asistencia para Negocios en el oeste de Dallas ubicado en el 2060 Singleton Blvd. Suite 102, Dallas, Texas 75212.  Es necesario llamar al 214-678-9100 para registrarse.   Espero verte ahí!

Monica

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