Contact African Development Center
- Address
- 1931 South 5th Street Minneapolis, MN 55454
- Phone
- 612-333-4772
- Website
- adcminnesota.org
- [email protected]
Where they lend
African Development Center is an SBA-approved microloan intermediary serving Minnesota.
What an SBA microloan is
The SBA does not lend directly. It funds intermediaries like African Development Center, who lend up to $50,000 to small businesses and start-ups that banks usually turn down. The average loan is around $13,000, terms run up to seven years, and decisions rest with the intermediary rather than the SBA.
Almost every intermediary asks for the same things: a written business plan, financial projections, what the money is for, and your credit history. The plan is where most applications stall.
Before you apply
African Development Center will ask for a business plan with your application. We write SBA-ready plans built for microloan applications, with the financial projections lenders expect.
