Micro loans are really tiny, itsy-bitsy loans that require a microscope to see them.
Fine, fine. The term micro loans is often used differently depending on who you ask. However, the most commonly accepted definition is loans of a relatively small dollar amount used to help small businesses and entrepreneurs grow or sustain their businesses. The dollar amounts, according to bank definitions, range from $500-100,000.
$100,000? That seems like a pretty big loan!
True. We wouldn’t call anything about a hundred grand micro. But we’re just giving you a definition here. Also, keep in mind that the average micro loan in the U.S. is just $13,000, and United States businesses only receive a very small percentage of the micro loans around the world. Typically, micro loans are given to small, struggling communities in economically challenged countries to support entrepreneurship and the local economies.
Does Lendio have any micro loan options?
While our partners don’t technically consider their loans to be micro loans, we fund small businesses looking for nearly any amount of money, be it large or small. Some definitions may make our smaller loans sound like they qualify as micro loans, but we don’t call them “micro loans.” We simply find a way to get you as many funding options we can, in a way that suits your business – whether that means a few thousand dollars or a multi-million dollar loan.
Though we don’t technically offer micro loans to our customers, Lendio does work with Kiva.org to provide micro funding to entrepreneurs in need. We have have now funded more than 300 loans to deserving entrepreneurs in 70+ countries.
Wow, that’s awesome of you. By the way, your joke wasn’t that bad at the beginning.
Thanks. We appreciate the small acknowledgement. We only expected a miniature giggle. It was just a pint-sized joke.