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Camille's Story

SBA Microloan

Camille’s story is an example of the successful use of an SBA microloan used to finance her business through its next phase of growth. 

 

Camille had recently expanded her services and added another employee. She needed working capital and new hardware and equipment to get her data analytics company through its next phase of growth.

 

She was specifically looking for a lender that would require minimal capital from her so she could keep the cash flow she was already generating in her business. The loan would only need to be for a short term and could be paid back by two client projects that were already in process.

 

She approached her existing bank but was unfortunately short on collateral and fell just below the bank’s requirements. Her banker referred her to SCKEDD – a local non-profit lender – and asked them to look at the project. She worked with SCKEDD and was quickly approved for an SBA MicroLoan, designed to support female entrepreneurs like Camille. The loan allowed her to borrow working capital for her business expansion.

 

She continues to work with SCKEDD for operations advice for her growing business.

SBA Microloans

The SBA Microloan is designed to provide financing opportunities to business owners that often face greater challenges obtaining funding including women-owned businesses, low-income individuals, veterans, minority entrepreneurs, and small business owners.

The SBA Microloan can offer up to $50,000 for financing.

ELIGIBLE USES

Qualified borrowers can use SCKEDD Microloan to

  • Finance working capital

  • Purchase machinery or equipment, furniture, fixtures, inventory, vehicles, and make leasehold improvements

 

REQUIREMENTS FOR A MICROLOAN

What are the requirements for a Short-Term Microloan? You may qualify if you and your business meet the following criteria

  • The business is for-profit

  • The business is in our service area of 45 counties in southwest and south-central Kansas including Barber, Barton, Butler, Chase, Chautauqua, Clark, Comanche, Cowley, Edwards, Elk, Finney, Ford, Grant, Gray, Greeley, Greenwood, Hamilton, Harper, Harvey, Haskell, Hodgeman, Kearney, Kingman, Kiowa, Lane, Lyon, Marion, McPherson, Meade, Morton, Ness, Pawnee, Pratt, Reno, Rice, Rush, Saline, Scott, Sedgwick, Seward, Stafford, Stanton, Stevens, Sumner, Wichita

  • Individuals that own 20% or more of the company are willing to act as personal guarantors

RATES AND FEES

Interest rates

  • Please ​contact us for current interest rates

Fees

  • Closing fee of 3% for loans with more than 1-year term; Closing fee of 2% if loan term is less than one year

  • Any direct or third-party closing costs associated with the loan

Terms

  • Maximum 6 years - most loans average 48-60 months.

  • Based on the use of funds