How is MetroAction different from banks and other lending sources?
Are there any small business grants for starting or expanding a business?
I have bad credit; can I still apply for a microloan through MetroAction?
How long does it take to get a microloan through MetroAction?
How can I get my application processed more quickly?
Do I need to pledge collateral to obtain a small business loan?
What should I include in my business plan and cash flow projections?
Q: How is MetroAction different from banks and other lending sources?
A: MetroAction is a non-profit community development financial institution with flexible loan requirements. We look at much more than just your credit report to find strengths in other areas of your business. MetroAction staff provides one-on-one counseling and small business assistance to ensure that your application is processed as quickly as possible. Our staff will continue to work with you one-on-one throughout the term of your loan to help you improve your credit and grow your small business.Top
Q: Are there any small business grants for starting or expanding a business?
A: Small business grants are uncommon, even for women or minority owned businesses. Most federal and state programs for small businesses are loan programs and the funds must be repaid. Please take caution with any service that requires you to pay for grant resource information.
MetroAction does, however, have a small business grant program exclusively for child care providers, our Child Care MicroGrant Program. Top
Q: I have bad credit; can I still apply for a loan through MetroAction?
A: Yes. The approval process for our loan programs takes a number of factors into consideration, not just your credit score. Top
Q: How long does it take to get a loan through MetroAction?
A: Small business loans are very different from other types of loans such as personal loans or home equity loans. Because our review committee evaluates each application based on the business plan, application and other required documents, it usually takes a minimum of 30 days to complete the process. Top
Q: How can I get my application processed more quickly?
A: The most common reason a loan request will be delayed is missing information in the application package. To expedite your loan request, ensure that every section on the application is completed with as much information as possible. Also, make sure that you include all required documents that are listed on the application checklist. Top
Q: Do I need to pledge collateral to obtain a small business loan?
A: Collateral is not necessary, but will improve your chances of obtaining larger loan amounts. MetroAction will consider: real estate property, machinery and equipment, stocks and bonds (retirement accounts may not be pledged), inventory, whole life insurance policies, as well as corporate guaranties as collateral for the loan. Each loan will require personal guaranties from all of the principals and their spouses. Top
Q: What should I include in my business plan and cash flow projections?
A: Our small business loan applications include a detailed outline of the information we expect to find in your business plan. MetroAction staff is also available to provide you with one-on-one counseling and small business assistance in developing a business plan and cash flow projections. Top