Microloans serve as a versatile financial tool for small businesses looking to expand. They are suitable when your funding needs are below $50,000 and you require resources to revitalize, reopen, repair, enhance, or improve your small business. Some common examples of microloan usage encompass:
Supporting working capital.
Procuring necessary supplies.
Investing in furniture and fixtures.
Acquiring machinery and equipment.
It's important to note that funds obtained from an SBA microloan cannot be applied to settle pre-existing debts or to buy real estate.