Microloans
Microloans
BAY AREA MICROLOAN PROGRAM
Working Solutions offers microloans to qualified microentrepreneurs located within the nine San Francisco Bay Area counties.
This program is for entrepreneurs who have limited or no access to a bank loan.
We create an education plan of free and low-cost workshops about entrepreneurial topics for our borrowers to complete after they receive a loan from us as part of our program.
The loans are for business purposes only and cannot be used to repay any existing business debt.
Loan Amounts
- $5,000 to $25,000 (for startup and existing businesses)
- $25,001 to $50,000 (for businesses in existence at least 2 years)
Interest Rates
- Interest rates are fixed from 6% to 10%
Term of Loan
- Loans terms are up to 5 years, fully amortized
Location of Business
We serve businesses located within these nine San Francisco Bay Area counties:
- Alameda
- Contra Costa
- Marin
- Napa
- San Francisco
- San Mateo
- Santa Clara
- Solano
- Sonoma
Basic Eligibility Requirements: Startup Businesses
- Significant experience in the same exact industry
- Secondary source of income
- A completed business plan
- Owner's equity injection into the business of at least 20% to 30% of the requested loan amount
Basic Eligibility Requirements: Existing Businesses
- Executive summary of the operations and management of the business
- Owner's equity injection into the business of at least 10% to 15% of the requested loan amount
Eligible Loan Uses
- Working Capital
- Inventory Purchase
- Equipment & Machinery
- Leasehold Improvements
- Startup Costs
Timing: 1 Month
- From the time we receive a completed loan application, it takes 7 to 10 days to receive a decision as to whether your loan request was approved or not
- If your loan is approved, it takes an additional 1 to 3 weeks to fund your loan
Personal Guaranty
We require a personal guaranty for anyone who owns 20% or more of the business.
Loan Fees
- Application Fee: $50 nonrefundable
- Loan Closing Fee: 3% of the loan amount
- Additional fees may apply in connection with securing collateral, returned checks, late payments and any prepayments made within three months of loan closing
Prior to Starting the Application Process
We recommend you review:
- Application Process Page
- Application Checklist: Sole Props or LLCs, Corporations, & Partnerships
- Application Forms: Sole Props or LLCs, Corporations, & Partnerships
- And then contact Working Solutions' Client Intake Representative Tammy Magid at 415-989-8855 to determine program eligibility before completing any paperwork. If you prefer help in Spanish, please contact Lorena Roman at 415-655-5448. If you prefer help in Cantonese, please contact Agnes Cheung at 415-655-5471.
This is not a guaranteed loan offer.
All loans are subject to review by TMC Development Working Solutions.
Loans are made pursuant to a Department of Corporations California Finance Lenders License.
