We provide financing to small business owners who may not qualify for traditional loans.
Do you need money to start or grow a small business, but aren’t able to qualify for a bank loan? A Mercy Corps Northwest Microloan may be what you’re looking for.
Mercy Corps Northwest provides loans to new and existing businesses who may not qualify for traditional bank loans. Mercy Corps Northwest believes in investing in motivated individuals and hard-working families who are ready to act on their potential. That with access to the right resources and training, people can create opportunity for themselves.
What is a Microloan and how does it work?
Microloans are similar to other traditional loans. They have a fixed interest rate ranging from 8%-12% and regular monthly payments over a term of 3-60 months. Loan amounts can be as little as $500 to as much as $50,000 (for start-up businesses, the maximum loan amount is $20,000).
|Loan Amounts||Repayment Terms||Rate||Fees|
|$500-$50,000||3 to 60 months||8%-12%||2% + out of pocket costs|
Uses for Microloans
- Purchase assets for your business, such as vehicles, equipment and fixtures
- Business expansion or opening a new location
- Building and tenant improvements
- Working capital
- Other uses may be considered as well
Funds cannot be used for:
- Business operating deficits
- Personal income
- Emergency situations
- Pre-Startup research and development
- Speculative property (real estate, stock, collectibles)
- Non-accredited trainings, seminars, or workshop fees or educational materials
- Businesses engaged in illegal activities or activities deemed to be socially or environmentally degrading
Loan payments are reported to the three credit reporting agencies
Have Questions? We can Answer them!