The microcredit company FinaGuru issues short-term and long-term online loans to individuals. The organization does not have a branch network; it operates remotely via the Internet.
Creditnice is a microfinance company operating since 2013. It specializes in loans with online processing, including to pay for purchases from partners; it also issues virtual credit cards and provides credit lines.
Some microfinance and microcredit companies offer loans on special terms for businesses. It is easier for a small individual entrepreneur or company to get money to develop their business from a microfinance company than from a bank. To apply for a loan, just leave an application on the IFC or MCC website. Here you can familiarize yourself with the conditions of companies that issue microloans to small businesses. When choosing, consider the amount and term, interest rate, requirements for borrowers and other conditions.
Many microfinance organizations have expanded the list of their services and provide microloans for entrepreneurs. In addition, an individual entrepreneur or a legal entity belonging to a small business can receive a preferential loan to open or develop their business.
Business development loan
Additional funding may be required not only for starting a business from scratch. A quick business loan, which you can take out online, will help you avoid cash gaps or fulfill your obligations under an employment contract. In this case, you can’t always count on a bank loan, but microfinance organizations offer favorable conditions.
Loan terms for small and medium-sized businesses
When choosing an offer, you need to carefully look at all the parameters of the loan and compare the performance of different microfinance organizations.
By law, the maximum microloan amount for an individual entrepreneur or legal entity cannot exceed $1,000,000. On average, a borrower can expect a rate of 20–70% per annum, depending on the lending program. At the same time, you can reduce the percentage by providing collateral or becoming a participant in a national project to support SMEs.