Download Micro Loan Application HERE

  BRAG MICRO LOAN PROGRAM

Purpose

• To assist individuals in becoming self-employed
• To provide small loans to owner-operated businesses
• Targets entrepreneurs who cannot otherwise acquire funding

Eligible Projects

• Inventory and supplies
• Machinery and equipment
• Leasehold improvements
• Working capital such as fees to obtain licensing, inventory, payroll, rent, utilities...

Terms of Loan

• Maximum loan amount is $15,000
• Maximum term is five (5) years
• Interest rate is fixed at two (2) points above prime lending rate at the time of closing
• 1.5% Loan Origination Fee

Micro-Loan Requirements

• Individuals must meet moderate income guidelines
• Businesses must have less than ten (10) employees
• Completion of Business Plan for Success NX Level Training sponsored by US West, SBDC, BRAG, SBA, and USU Extension and College of Business
• Submittal of a completed application which includes:
• Business Plan
• Personal financial statements
• Resume of owner/manager
• Vendor quotes on items to be purchased
• References
• Other items as requested
• Verification that appropriate accounting systems are in place

                         Download Micro Loan Application HERE