The Microloan programs are locally controlled sources of capital used to finance startup, expanding businesses and entrepreneurial projects. The Microloan programs are available depending on project needs. All projects must meet program guidelines and be creditworthy.
Source of Funds
Dothan-Houston County Microloan Fund
The Dothan-Houston County Microloan Fund was developed through a joint effort of the Dothan Area Chamber of Commerce, SEARP&DC, area lending institutions and the Wiregrass Foundation.
USDA/Rural Development Microloan Fund
The USDA/Rural Development Microloan Fund is funded through the United States Department of Agriculture/Rural Development.
Use of Funds
- Land, buildings and equipment.
- Working capital.
- Loans are available from $4,000 to $20,000
- Range from New York prime plus 2% to 4%.
- Loan terms available up to 5 years.
- Businesses must provide between 10% and 25% of the project cost in cash equity.
- Must create or retain jobs.
Eligible Borrowers’ and Fees
- For-profit industries and businesses.
- Borrower pays all closing costs and fees associated with program.