October 31, 2020  
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Small Business News for Entrepreneurs


Small Business Finance News


Microloan Program Lacks Applicants

Written by James Conroy
Published: 4/30/2009

Everybody's talking about the small business credit crunch. However, D.C. officials have been surprised to see few applicants apply for business loans available via a new small business microloan program.

Many lenders have tightened restrictions and are turning away small businesses looking for funding, but in Washington D.C. a microloan program is facing the opposite problem - few applicants.

Entrepreneur Cash Register

The Washington Business Journal reports that the Small Business Administration (SBA) saw the amount of loans made in the D.C. area drop more than 44 percent during 2008 which was the impetus for the creation of a microloan program in the city.

According to the Journal, although the program has $233,000 available for local business in loans of up to $15,000, to date only 15 SMBs have applied.

City councilman Kwame Brown hopes to expand the program, but that would require that more interest is expressed. At the moment, Brown says a couple of factors are leading to the lack of applicants.

"It's not advertised, there's not enough money in the fund. They really need to market it," he told the news provider.

The good news for small businesses across the country is that the SBA's microloan program received a boost from the American Recovery and Reinvestment Act of 2009 - better known as the economic stimulus package - in receiving $30 million to help fund small businesses.

Have Friends Who Might Like This Article?

Tweet via @gaeblerdotcom Share this on Twitter

Let them know on LinkedIn

Ready to Learn More? We Think You Might Like These Articles:


About Our Small Business News

If you enjoyed this article, you can find plenty more like it on our site. We cover important news stories for entrepreneurs. In addition to breaking news for entrepreneurs, we also have tons of helpful articles that cover topics like writing a business plan, preparing a marketing plan, getting publicity and much more.



Additional Resources for Entrepreneurs

Help for Native American Entrepreneurs

Resources for Gay Entrepreneurs

Businesses for Sale

Online Entrepreneur Tools


Lists of Small Business Incubators

Lists of Angel Investors