| If you're looking for start-up capital for your business, | | | | has five or less employees |
| but you don't have the credit, collateral or | | | | has a revenue of less than $100,000 a year |
| background needed by your bank to get a business | | | | What types of businesses qualify for a |
| loan, then microenterprise might be your best | | | | microenterprise loan?Traditional businesses such |
| bet.Microenterprise Development programs have | | | | as:*small specialty shops like hobby shops, florists and |
| been around since the 1970s. They were created as | | | | gift shops*small engine or auto repair shops*bakeries, |
| a way of helping people who couldn't access | | | | cafes and sandwich shops*beauty parlors and barber |
| traditional methods of credit, either because they | | | | shops*arts and craft stores, ceramic shops and art |
| were too poor, or the amount of money they | | | | galleriesNon-traditional businesses such as:*massage |
| needed was too small for a bank to be interested.In | | | | therapists, acupuncturists, hypno-therapists*business, |
| the United States, there are over 500 Microenterprise | | | | life and relationship coaches*soap and essential oil |
| programs designed to help low to moderate income | | | | manufacturers*artists, painters and jewelry |
| entrepreneurs. In fact, if you have bad credit, no | | | | makers*doggie daycare owners, mobile beauty shops |
| credit and no collateral, you can probably find a | | | | and in-home computer repairWhere can you find a |
| microenterprise loan fund in your state, city or | | | | program in your area?One of the biggest problems |
| town.What do microenterprise loan programs | | | | with finding a microenterprise loan program is that |
| do?They provide a variety of financial and business | | | | they are often not very well advertised, and may |
| services to entrepreneurs. Some programs provide | | | | not even be called a "microenterprise development |
| free or low-cost business classes that will walk you | | | | program" so unless you know where to look it can |
| through the process of writing a business plan. Other | | | | be frustrating. Here are some ideas to get you |
| provide counseling, to help you manage your debt, | | | | started:*The Small Business Adminisration*Your local |
| and understand and use financial planning software. | | | | Chamber of Commerce or Economic Development |
| Still others offer business mentors. Most | | | | Agency*Small Business Development Center in your |
| Microenterprise loans have some type of networking | | | | area*Your bank or credit union*Women's |
| program, where you can build relationships with other | | | | organizations, business support groups* -- you can |
| business people.How much money can you | | | | find free microenterprise resources indexed by state |
| borrow?Loan amounts vary from $500 to $25,000. | | | | hereThe main thing to remember is that if you're |
| Interest rates are at or below prime, and you don't | | | | really serious about starting your own business, there |
| need to have a lot of collateral or excellent credit in | | | | are resources available to help you, so don't give |
| order to apply. In some programs, you can qualify for | | | | up!Cheryl Antier is the President of Dream Weaver |
| a smaller loan fairly easily, and then, once it has been | | | | Enterprises, a business and fundraising consulting |
| repaid, apply for a larger loan. This helps to build your | | | | company. MAPS (Microenterprise Answers to your |
| business credit, and insures that you don't | | | | Personal Success)is a membership organization that |
| over-extend yourself.What is a microbusiness?A | | | | helps women to start, grow and succeed in small |
| microbusiness is defined as any business:that can be | | | | business ownership. |
| started for less than $35,000 | | | | |