Alabama - Apply for Micro Loans (SBA)

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Procedure

Apply In Person

1. To Apply for Micro Loans (SBA), the applicant has to approach the U.S Small Business Administration link

   NOTE: Enter the Zip Code and click the “Search” button to check the regional address.

2. Microloans are available through certain non-profit, community-based organizations that are experienced in lending and business management assistance.
3. To get microloan, the applicant has to work with an SBA – approved intermediary.
4. To check the local areas, please check the given following link

   NOTE: To get the regional address select the state.

5. Applicant has to visit the office with the request letter and the necessary documents.
6. Make sure that the applicant has to attach all the necessary documents that are mentioned in the “Required Documents” section of this page.
7. The authority will review the documents and further guidelines about the details will be intimate by the respective officers.
8. Fee details for this procedure is mentioned in the “Fees” section of this page.
9. SBA-approved lenders make all credit decisions and set all terms for the microloan within the stipulated period of time.

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Required Documents

• Business details
• Business license
• Request letter

Office Locations & Contacts

U.S Small Business Administration
Phone - 800-827-5722
Hep desk mail - [email protected]
Timing - Monday-Friday 9:00 a.m. to 6:00 p.m. ET.
Contact details link
U.S Small Business Administration in Alabama link

NOTE: Enter the Zip Code and click the “Search” button to check the regional address.

Eligibility

• Each intermediary lender has its own lending and credit requirements. Generally, intermediaries require some type of collateral as well as the personal guarantee of the business owner.

For more details about the eligibility is given in the following link

Fees

• Fee details link

• NOTE scroll down to check the details.

• Check the payment options link

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The processing time will be intimate by the officer while submitting the documents.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicant must complete the application form before submitting. Incomplete applications will not be accepted.
• Applicant must provide genuine information while applying for this procedure.

Required Information

• Name
• Nationality
• Date of Birth
• Gender
• Residential Address
• Residential No
• Mobile No
• Email Address
• Educational Qualifications

Need for the Document

• The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centres start up and expand. The average microloan is about $13,000.
• SBA provides funds to specially designated intermediary lenders, which are non-profit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.

Information which might help

• Microloans can be used for a variety of purposes that help small businesses expand. Use them when need is less than $50,000 to rebuild, re-open, repair, enhance, or improve your small business.

Examples include:

• Working capital
• Inventory
• Supplies
• Furniture
• Fixtures
• Machinery
• Equipment

Proceeds from an SBA microloan cannot be used to pay existing debts or to purchase real estate. For more details link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

More information which might help people.