What is a Microloan?
Can someone please help me understand?
A microloan is a small loan, generally up to $50,000, made to startups and emerging small businesses. These loans are offered by nonprofit organizations known as microlenders. Microloans typically have repayment terms of up to seven years and offer favorable interest rates that are lower than those available through online lenders. For more information, check out our article What Is a Microloan and How Can Your Small Business Benefit?