The Microloan

The Microloan Program is made available through funding from the Kent Regional Business Alliance, the U.S. Small Business Administration, Bank One, Fifth Third Bank, First Merit Bank, KeyBank National, National City Bank, Second National Bank, and U.S. Bank. For more information, please contact us.

What is a Microloan?

Loan sizes range from $100 to $6,000.
Varying term based on prime rate for maximum of six years.
Collateral is required — however, non-traditional forms may be accepted.
Business must be located in Ohio, in either Ashtabula, Carroll, Columbiana, Coshocton, Geauga, Harrison, Stark, Mahoning, Portage, Trumbull, or Tuscarawas County.
Loans are made for business start-up, working capital, supplies, inventory, machinery & equipment, and leasehold improvements.
Loan decisions are made by committee.
Business must be established as a for-profit entity (except daycare centers)
Applicants must demonstrate inability to obtain a bank loan.

Requirements

Federal and State taxes must be current.
Bankruptcy must be discharged for at least one year and good credit must be established.
Child support must be current.
All Federal debt must be current.
The maximum amount of the total project cannot be more than $105,000.
Proceeds of a loan cannot be used for:
- purchasing real estate
- pyramid sales or gambling
- production or distribution of pornographic or obscene materials
- debt restructuring
Others as stated under the law