Small Business Finance News

Microloans Are Gaining Popularity With Small Businesses

Written by Jenna Weiner
Published: 7/29/2010

More small businesses than ever turning to microloan lenders.

Many small businesses have had a difficult time in recent years obtaining funds from large financial institutions. As a result of the latest news for entrepreneurs, many have turned to a new source when it comes to getting the loans that they need - microlenders.

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The Victoria Advocate reports that microlenders such as Miami-based OUR MicroLending are giving local businesses the help they need when it comes to obtaining loans. By focusing on small businesses that are having a difficult time getting a loan the normal way, the lender is a welcome partner for business owners like Elvita Francois.

Her small restaurant inside a flea market was in desperate need of tools to operate, and after a long and tiring search, Francois found the mircolender.

"They helped me a lot," said Francois, in an interview with the news source. "I didn't have money in my hand to even buy food."

Owned by mostly Venezuelan investors, OUR MicroLending typically helps businesses that make less than $100,000 a year or less.

While once thought of as a means for investing in the developing world, microloans have been steadily gaining in popularity over the past few years.

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