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