Resources for Missouri, Inc.
Resources for Missouri, Inc. is an intermediary lender for the SBA's Micro Loan Program available to entrepreneurs operating existing or start-up businesses that have not been able to obtain traditional financing.
RESOURCES FOR MISSOURI, INC. (RMI)
RMI's mission is to be an intermediary Lender for the Small Business Administration's (SBA) Micro Loan Program.
- Microloan funds are available to entrepreneurs operating existing or start-up business concerns that have not been able to obtain traditional financing
- Microloans range from $500 to $35,000
- They are typically used for equipment purchases, inventory, leasehold improvements, and working capital.
- Interest rates are fixed for the term of the loan
- Maximum repayment term available is 6 years
- No prepayment penalties
- 100% collateral is required including a lien on business assets, lien on personal assets (if applicable), and personal guaranty by business owners
- The SBA does not guaranty loan repayment for the small business owner.
- All microloan applicants must prove they are creditworthy.