NCET

No loan is too small for small businesses these days.

With many banks continuing to put a hold on lending, more small-business owners and would-be entrepreneurs are turning to micro-lenders, organizations that dole out smaller loans typically ranging from as little as $500 to $35,000.

Micro-lenders, most of whom are non-profits, have traditionally focused on helping small-business owners, particularly minorities and women, in lower-income communities as well as entrepreneurs in developing countries who need a few dollars to buy, say, a sewing machine. They tend to charge higher interest rates than banks because their borrowers are often first-time entrepreneurs or have weaker credit profiles.

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Technorati Tags: Entrepreneurs, NCET, Nevada’s Center for Entrepreneurship and Technology ANJALI CORDEIRO, Mark Quinn, Wall Street Journal, Terry Bressler, Skyline Trimmings LLC, William Parrish Jr., NobleStrategy LLC,  Sara Ignas, Association for Enterprise Opportunity, micro-lenders, Anjali Cordeiro

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This entry was posted on Thursday, April 2nd, 2009 at 8:34 am and is filed under Industry News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.