(1) Organization in Mid-South operating in thirty-two counties in the State, all but one classified as rural.
Established in 1987, this organization has approved numerous microloans and provided the much needed technical assistance to small businesses and entrepreneurs.
(2) Urban organization founded in 1976, established a loan pool in 1982.
Through a program of financial assistance and other aid to business concerns, including small businesses, that are not able to obtain funds from conventional commercial sources, the organization has been able to assist in the relief of poverty, lessening of neighborhood tensions and assist in combating community deterioration in certain economically depressed areas.
(3) Rural organization founded in 1976, has provided services that have included economic development, planning, grant writing and administration, small business incubator operations, business counseling services and loans to small businesses.
Approximately 12.4 percent of the service population is below poverty level.
The Small Business Administration maintains and strengthens the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters.
|Recipient||Amount||Start Date||End Date|
|Cooperative Business Assistance Corp, The||$ 832,072||   ||2018-07-01||2019-06-30|
|Ecdc Enterprise Development Group||$ 659,150||   ||2018-07-01||2019-06-30|
|Economic And Community Development Institute, Inc.||$ 1,167,307||   ||2018-07-01||2019-06-30|
|Justine Petersen Housing & Reinvestment Corporation||$ 1,006,667||   ||2018-07-01||2019-06-30|
|Liftfund, Inc.||$ 1,230,555||   ||2018-08-01||2019-06-30|
|Flagship Enterprise Ctr||$ 692,622||   ||2018-07-01||2019-06-30|
|Mainestream Finance||$ 5,644||   ||2018-07-20||2019-06-30|
|Accion East, Inc.||$ 972,062||   ||2018-07-01||2019-06-30|
|Renaissance Economic Development Corp||$ 1,012,550||   ||2018-07-01||2019-06-30|
|Newcorp, Inc.||$ 2,090||   ||2018-07-01||2019-06-30|
Microloan Funds became available to end users in August 1992. Since that time, over $267 million have been loaned to microborrowers. The average amount of microloan is about $13,000.
Uses and Use Restrictions
Loans to intermediaries with terms and restrictions as provided in Public Laws 102-140, 102-366 and 105-135 and subsequent regulations as published in the Federal Register.
An applicant is considered eligible to apply if it meets the definition of an intermediary lender as published in program materials, 13 CFR, and PL 102-140, and meets published minimum experience and capability requirements.
Small businesses, minority entrepreneurs, nonprofit entities, business owners, women and low-income, and other individuals possessing the capability to operate successful business concerns.
An entity may apply to SBA to become an Intermediary lender. A small business may apply to an intermediary for a microloan. Small business seeking funding must: (1) Meet SBA size standard requirements as defined in Chapter 13 of the U.S. Code of Federal Regulations; (2) meet type of business requirements as published by SBA; and (3) meet lending requirements of local intermediary lenders.
Aplication and Award Process
This program is excluded from coverage under E.O.
Microloan Borrowers: Apply directly to intermediary lenders. Intermediary Lenders: Apply to the SBA Office of Financial Assistance prior to deadlines and according to established procedures.
Intermediaries are notified by SBA. Microborrowers are notified by the intermediaries.
Public Law 102-140, Public Law 102-302, Public Law 102-366 and Public Law 105-135.
Range of Approval/Disapproval Time
Loan applicants can expect an answer from the SBA approved intermediary lender within 15 days from the date of application acceptance.
Decisions on the part of the SBA are final. SBA will not become involved in appeals by microborrowers to intermediary lenders except in the case of suspected violation of Federal regulations.
Based on performance.
Formula and Matching Requirements
No statutory formula in current CFR.
Length and Time Phasing of Assistance
The maximum life of a loan to an intermediary lender is 10 years. Grants are based on the outstanding balance of the loan amount.
Post Assistance Requirements
Reports will be required of the intermediary on a quarterly basis and at the time of each Microloan closing.
Systems sufficient to generate accurate and acceptable reports.
Loan Guarantees: FY 07 $19,000,000; FY 08 $21,000,000; and FY 09 $25,000,000. Subsidies: FY 07 $2,000,000; FY 08 $2,200,000; and FY 09 $0. Grants: FY 07 $12,800,000; FY 08 $15,000,000; and FY 09 $0. Administration: FY 07 $1,775,000; FY 08 $1,867,000; and FY 09 $1,996,000.
Range and Average of Financial Assistance
Information is not available at this time.
Regulations, Guidelines, and Literature
Contact the SBA Office of Financial Assistance, Microenterprise Development Branch, 409 3rd Street S.W., Mail Code 7881, Washington, DC 20416.
Regional or Local Office
SBA District Offices.
Small Business Administration, Office of Financial Assistance, Microenterprise Development Branch, 409 Third Street S.W., Eighth Floor, Washington, DC 20416. Mail Code 7881. Telephone: (202) 205-6490.
Criteria for Selecting Proposals
Applications are evaluated individually. Each is rated on its own merits or, in the case of an affiliated group, on the merits of each of the organizational parts that make up the whole. Qualitative and quantitative information regarding the applicant is reviewed. Criteria include but may not be limited to: (1) Organizational qualifications; (2) Knowledge of the local economy; (3)Lending experience and lending operations; (4) Current and proposed technical assistance program; (5) Current and Proposed Microloan Operation; (6)Availability and probability of matching contributions; (7) Information submitted in the grant package.