The small business administration (SBA) microloan program provides direct loans and grants to eligible non-profit microlenders so that they may provide micro-level loans, and business based training…

The Small Business Administration (SBA) Microloan Program awarded a $128,641 Formula Grant to the African Development Center, a nonprofit organization that serves underserved entrepreneurs and small businesses in Minnesota, particularly African immigrant and refugee communities. This funding supports the African Development Center's provision of microloans, business training, and technical assistance to start-up, newly established, and growing small business concerns. Specifically, the grant enables the African Development Center to deliver pre-loan and post-loan services, training, personnel expenses, supplies, and financial capacity building to eligible small businesses lacking access to affordable credit and financial services. This federal grant program (CFDA 59.046) aims to promote economic revitalization and community development in underserved areas through the African Development Center's ability to provide critical lending and support services to local entrepreneurs and small businesses.

The small business administration (SBA) microloan program provides direct loans and grants to eligible non-profit microlenders so that they may provide micro-level loans, and business based training and technical assistance to start- up, newly established and growing small business concerns.