Arkansas Small Business MicroLoan Programs

Communities Unlimited, Inc.

Communities Unlimited offers the SBA Microloan Program to support entrepreneurs and small businesses in need of financial assistance. This program is particularly designed to help women, low-income, veteran, and minority business owners.

The Communities Unlimited SBA Microloan Program provides funds for various business purposes, including working capital, salaries, office expenses, equipment and inventory purchases, and start-up costs. Loan criteria include obtaining credit approval, providing collateral and a personal guaranty, and having an alternative source of income for start-ups.

Area Served: The Communities Unlimited SBA Microloan Program operates in Alabama, Arkansas, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas.

FORGE

FORGE offers a variety of microloan programs to support small businesses and entrepreneurs in Arkansas. These programs provide financial assistance, business counseling, and technical support to help businesses start, grow, and thrive.

• The SBA Microloan Program offers loans up to $50,000 with terms of up to six years for start-ups and growing small businesses.
• The IMANI Fund provides microloans from $5,000 to $25,000, focusing on under-resourced entrepreneurs and community engagement.
• The USDA Rural Development Loan Programs offer loans up to $250,000 to alleviate poverty and increase economic activity in rural communities.
• Kiva Little Rock, a partnership between Kiva and FORGE, Inc., helps entrepreneurs through the application, fundraising, and repayment process.

Area Served: All 75 counties in Arkansas.

LiftFund

LiftFund, a non-profit organization, provides small business loans to support entrepreneurs in Arkansas. These loans provide funds for various business needs, including commercial real estate purchases, equipment, inventory, leasehold improvements, supplies, vehicles, and working capital.

A few of the programs from LiftFund includes:

• Heroes Program: Designed for honorably discharged veterans, veteran spouses, and active duty members, this program offers loans up to $100,000 with a fixed interest rate of 5% to start or grow a small business.
• SBA 7A Community Advantage: This program funds startups and existing businesses for various purposes, including startup costs, operating expenses, business acquisition, refinancing, tenant improvements, working capital, and equipment purchases.
• SBA 504 Loans: These loans help small business owners acquire real estate and equipment, this program finances fixed asset acquisitions.
• Microloan: Starting at $5,000, these loans have interest rates typically around 10% and can be provided to businesses with limited credit or collateral.
• Small Business Loans: Funds are available for commercial real estate purchases, equipment, inventory, leasehold improvements, supplies, vehicles, and working capital.

Area Served: LiftFund provides small business loans throughout Arkansas.

Central Arkansas Planning and Development District

The Central Arkansas Planning and Development District (CAPDD), a planning and development organization founded in 1968, offers the Revolving Loan Fund to assist in the economic development of Central Arkansas. This fund was created through a grant from the U.S. Department of Commerce, Economic Development Administration.

The Revolving Loan Fund provides loans ranging from $15,000 to $100,000 to support small business development, including expansion and start-up of locally owned businesses. The funds can be used to finance the acquisition of real estate, buildings, equipment, inventory, accounts receivable, or working capital. One job must be created for every $15,000 of funding from the Revolving Loan Fund.

Area Served: The Revolving Loan Fund serves Pulaski, Faulkner, Saline, Lonoke, Prairie, and Monroe counties in Central Arkansas.

East Arkansas Planning and Development District

The East Arkansas Planning & Development District Revolving Loan Fund offers loans ranging from $10,000 to $500,000 to support various business needs, including land acquisition and preparation, building costs, machinery and equipment purchases, working and start-up capital, purchase of existing businesses or equity in a business, and refinancing of loans by other lenders if justified.

Area Served: The East Arkansas Planning & Development District’s Revolving Loan Fund serves Clay, Craighead, Crittenden, Cross, Greene, Lawrence, Lee, Mississippi, Phillips, Poinsett, Randolph, and St. Francis counties in Arkansas.

Southeast Arkansas Economic Development District 

The Southeast Arkansas Economic Development District (SEAEDD) administers a Revolving Loan Fund (RLF) program, which was created through an investment from the US Department of Commerce Economic Development Administration. The program aims to provide gap financing with low interest rates and favorable terms to eligible small businesses in SEAEDD’s 10-county region.

The Revolving Loan Fund (RLF) program offers loans ranging from $5,000 to $150,000 to small businesses with 150 employees or less. These funds can be used for various business needs, including working capital, lease payments, equipment, inventory, payroll, and renovations.

Area Served: The Southeast Arkansas Economic Development District’s Revolving Loan Fund (RLF) program serves Arkansas, Ashley, Bradley, Chicot, Cleveland, Desha, Drew, Grant, Jefferson, and Lincoln counties.

West Central Arkansas Planning and Development District

The West Central Arkansas Planning and Development District (WCAPDD) provides community and economic development services across a 10-county region. As part of their efforts, WCAPDD offers a Revolving Loan Fund (RLF) program to support small businesses in the area.

The Revolving Loan Fund (RLF) program provides loans ranging from $5,000 to $150,000 to small businesses with 150 employees or less. The funds can be used for various business needs, such as working capital, lease payments, equipment, inventory, payroll, and renovations.

Area Served: WCAPDD’s Revolving Loan Fund (RLF) program serves Johnson, Pope, Conway, Yell, Perry, Montgomery, Garland, Hot Spring, Pike, and Clark counties in Arkansas.

White River Planning and Development District

The White River Planning and Development District (WRPDD) offers two loan programs to support businesses and community development projects in its ten-county service area. These programs are designed to promote economic growth and job creation in the region.

• EDA Revolving Loan Fund: Capitalized by the U.S. Department of Commerce Economic Development Administration, this program provides loans up to $200,000 for business start-up or expansion, resulting in the creation or retention of permanent, non-seasonal jobs. Funds may be used for equipment, real estate, inventory, and working capital.
• Rural Development Intermediary Relending Program (IRP): Funded by the U.S. Department of Agriculture Rural Development, this program offers loans to District cities, counties, and businesses for community development projects and business start-up or expansion.

Area Served: WRPDD’s loan programs serve Cleburne, Futon, Independence, Izard, Jackson, Sharp, Stone, Van Buren, White, and Woodruff counties in Arkansas.