If you are a small business owner or budding entrepreneur, you may now be able to qualify for a microloan. Microloans are normally short-term loans less than $50,000 with risk-based interest rates to address immediate needs. A St. Louis based lender will now be offering the loans to include 73 counties across central and southern Illinois.
Patrick McKeehan, Director of the Metro East Small Business Development Center, says these loans are geared toward those that would normally be shunned by banks and credit unions due to various factors including credit scores, how long they have been in business, and the size of the loan.
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If you would like to learn more about this new opportunity, call McKeeehan’s office at 650-2929.