| If you're looking for start-up capital for your business, | | | | has five or less employees |
| but you don't have the credit, collateral or background | | | | has a revenue of less than $100,000 a year |
| needed by your bank to get a business loan, then | | | | What types of businesses qualify for a |
| microenterprise might be your best bet.Microenterprise | | | | microenterprise loan?Traditional businesses such |
| Development programs have been around since the | | | | as:*small specialty shops like hobby shops, florists and |
| 1970s. They were created as a way of helping people | | | | gift shops*small engine or auto repair shops*bakeries, |
| who couldn't access traditional methods of credit, | | | | cafes and sandwich shops*beauty parlors and barber |
| either because they were too poor, or the amount of | | | | shops*arts and craft stores, ceramic shops and art |
| money they needed was too small for a bank to be | | | | galleriesNon-traditional businesses such as:*massage |
| interested.In the United States, there are over 500 | | | | therapists, acupuncturists, hypno-therapists*business, |
| Microenterprise programs designed to help low to | | | | life and relationship coaches*soap and essential oil |
| moderate income entrepreneurs. In fact, if you have | | | | manufacturers*artists, painters and jewelry |
| bad credit, no credit and no collateral, you can probably | | | | makers*doggie daycare owners, mobile beauty shops |
| find a microenterprise loan fund in your state, city or | | | | and in-home computer repairWhere can you find a |
| town.What do microenterprise loan programs do?They | | | | program in your area?One of the biggest problems |
| provide a variety of financial and business services to | | | | with finding a microenterprise loan program is that they |
| entrepreneurs. Some programs provide free or | | | | are often not very well advertised, and may not even |
| low-cost business classes that will walk you through | | | | be called a "microenterprise development program" so |
| the process of writing a business plan. Other provide | | | | unless you know where to look it can be frustrating. |
| counseling, to help you manage your debt, and | | | | Here are some ideas to get you started:*The Small |
| understand and use financial planning software. Still | | | | Business Adminisration*Your local Chamber of |
| others offer business mentors. Most Microenterprise | | | | Commerce or Economic Development Agency*Small |
| loans have some type of networking program, where | | | | Business Development Center in your area*Your bank |
| you can build relationships with other business | | | | or credit union*Women's organizations, business |
| people.How much money can you borrow?Loan | | | | support groups* -- you can find free microenterprise |
| amounts vary from $500 to $25,000. Interest rates are | | | | resources indexed by state hereThe main thing to |
| at or below prime, and you don't need to have a lot of | | | | remember is that if you're really serious about starting |
| collateral or excellent credit in order to apply. In some | | | | your own business, there are resources available to |
| programs, you can qualify for a smaller loan fairly | | | | help you, so don't give up!Cheryl Antier is the President |
| easily, and then, once it has been repaid, apply for a | | | | of Dream Weaver Enterprises, a business and |
| larger loan. This helps to build your business credit, and | | | | fundraising consulting company. MAPS (Microenterprise |
| insures that you don't over-extend yourself.What is a | | | | Answers to your Personal Success)is a membership |
| microbusiness?A microbusiness is defined as any | | | | organization that helps women to start, grow and |
| business:that can be started for less than $35,000 | | | | succeed in small business ownership. |