Micro Loan Program Frequently Asked Questions
Herberger Business School
How long are the loans structured for?
Business loans are structured up to five years in duration.
What is the interest rate on the loans?
Interest rates are dependent upon business credit risk and the current interest rate environment. Typically, interest rates fall between 8-14%.
Are there pre-payment penalties?
There are no pre-payment penalties.
What if an emergency arises?
Emergencies are handled on a case by case basis. The loan committee can approve loan modifications including principle and interest suspension, and interest only payments.
Where can I get business training?
We work extensively towards broadening our client’s business knowledge. This can include individual consulting, group training, and peer networking and partnerships. Ask us, and we will connect you to the right resource.
Do I have to have a business plan?
Business plans are required to submit a loan request. We have templates that reduce the stress of business plan creation and help you define your goals for your business.
Am I likely to get a loan?
We are willing to look at every business idea.
What is the smallest amount I can apply for?
What is the largest amount I can apply for?
$25,000. If more funds our needed, we can help you find additional sources of capital.