The last five years have seen a drastic change in the world of small business finance. Banks and credit unions are now focusing more on small businesses which have been around for a while and are in need of larger loan amounts, as opposed to new businesses with small funding needs. The result of this trend has been an overwhelming increase in the average loan size for a typical bank and nowadays most lenders consider a loan size under $50,000 as a micro-loan.

Where to get a micro loan

Micro-lenders are often non-profit organizations, which lay a focus on small businesses that have the potential to eventually break out and have the potential to largely impact the economy of their community in the future.

These micro-loans often come in very favorable terms such as little to no interest and long-term payment to help owners achieve their desired goals.

In the … Read More