120.700 What is the Microloan Program§ 120.700 What is the Microloan Program?
The Microloan Program assists women, low income individuals, minority entrepreneurs, and other small businesses which need small amounts of financial assistance. Under this program, SBA makes direct and guaranteed loans to Intermediaries (as defined below) who use the proceeds to make loans to eligible borrowers. SBA may also make grants under the program to Intermediaries and other qualified nonprofit entities to be used for marketing, management, and technical assistance to the program's target population.[61 FR 3235, Jan. 31, 1996, as amended at 66 FR 47073, Sept. 11, 2001]