SBA Microloans New York, NY

SBA Microloan Banks are nonprofit, community-based organizations that administer certain small business loans. The federal SBA Microloan program provides loans up to $50,000 to support small businesses through start-up and expansion funds. These microloans can be used for working capital, purchasing inventory or supplies, or buying furniture, machinery, or equipment. SBA Microloan Banks serve as the intermediary between the federal government and borrowers. The program is managed through the U.S. Small Business Administration (SBA), a federal government agency that was formed in 1953 to support the economic growth of small businesses.