Micro-Lending

There has been an increase in our micro-lending options in Southwest Missouri over the last years. So for 2023, I am focusing on augmenting not only JP, but also the other micro-lending options that have now surfaced in our community!

I am now the Southwest, MO loan officer for FORGE. If you have need of funding for your business, I would love to help!

what is micro-lending?

A Valuable Resource for Small Businesses and Traditional Lenders

Traditional lending is the heart of the small business ecosystem – but sometimes, banks are unable to help entrepreneurs obtain financing. This could be due to any number of reasons…credit score, collateral issues, time in business, amount of loan request…etc, but you still need funding!

Enter: Micro-Lending

Micro-loans are a non-predatory lending solution for small businesses who are ineligible for traditional bank financing. They are designed to provide new and existing small business owners a safe financing option, all while helping businesses get…

“Bank loan ready!”

WHAT IS THE ROLE OF A MICRO-LENDER?

Assist with “non-bankable” clients due to:

-Credit

-Collateral

-Time in Business

-Type of Business / Industry

-Amount of Loan Request

-Criminal Records

-Down Payment

-Cash Flow

THE MICRO-LENDING PROCESS

1
TALK TO BANK
The first thing to do when needing financing is to consult with a traditional bank. If you're able to qualify for a loan, using a bank is the best option as they often have better terms than other types of lenders.
2
Consult with a micro-lender
If you are ineligible for a bank loan, talk with a micro-lender. Multiple micro-lenders are available to the Southwest Missouri area - each with their own conditions.
3
apply for a micro-loan
Filling out a micro-loan application is typically very simple. You'll submit business documents, tax returns, and other required items to your chosen micro-lender to be approved.
4
get financed!
Once your loan officer has sent your documents through underwriting, a closing date will be set. Then, you're funded and on your way to growing your business!

Finding a micro-lender for your business:

Micro-lenders are often an overlooked and under-known resource. However, depending on your location, there could actually be multiple sources for you to utilize! Both SBA approved and non-SBA approved micro-lenders (often through local economic development departments and non-profit organizations), as well as some banks, offer micro-loans.

It’s important to know your micro-lending options because they all have different:

Areas of Focus
Georgraphic Areas Served
Application Time Processes
Credit / Collateral Requirements
Niche Funding Areas
Specialized Funding Buckets
Interest Rates & Terms

Southwest Missouri

sba-approved micro-lenders

There are four SBA-approved micro-lending organizations that serve Missouri business owners (see below). You can learn more about micro-lending and find an SBA-approved micro-lender near you at sba.gov.