Existing Small Business Microloan


Small Business - Joe - Mercy Corps NW Another Look 10-15-15 2015-37



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


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Financial Statements: An established business is properly managed through the use accurate financial information,which is utilized to assess pricing and costs, demonstrate capacity for debt financing, and project how the business can grow successfully.  For a start-up business, financial projections will demonstrate the relationship between revenues and expenses, goals that need to be met within specified time periods, and the underlying assumptions upon which the projections are based.  One important assumption of most start-ups is that a secondary source of income is necessary until the business grows to a sufficient level to sustain personal and business expenses.


Personal Credit: Your personal credit score and borrowing history will be considered as a reflection of your experience working with creditors and how you have addressed issues in the past.  If you do not have a credit score or history, a loan with Mercy Corps Northwest will help to build your credit by reporting your payments to all three credit bureaus (TransUnion, Equifax, Experian).


Collateral: Most of our loans require collateral as a backup security to the loan, which includes but is not limited to paid off vehicles and equipment that you already own or that will be purchased with loan proceeds.  There are options to provide unsecured loans up to $5,000 on a case-by-case basis for qualified entrepreneurs.


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