Microloans: 13 Top U.S. Nonprofit Lenders




The Aspen Institute’s FIELD program runs the U.S. Microenterprise Census, which collects data from microlenders across the country. Here are the top five microlenders by total loan amount disbursed, according to the program’s 2014 survey, the most recent data available.

Grameen America


Grameen America is affiliated with the Grameen Foundation, an international organization known for programs that help poor communities address their own needs. Grameen America has disbursed more than $490 million in loans to tens of thousands of women in the U.S. The organization has a nontraditional lending system: Borrowers must form a group with four other women they trust. That group then participates in a week of financial training, at the end of which each member opens a savings account and receives a $1,500 microloan to build a small business.
Microloans disbursed in 2014: $100.7 million

LiftFund


San Antonio-based LiftFund offers microloans in the southern U.S., including Texas, Georgia and Florida. Borrowers typically use the financing to buy equipment and supplies. The microloans are also meant to help small-business owners improve their credit and more likely to qualify for a bank loan in the future, the lender says on its website. LiftFund got a boost in October 2016 when JPMorgan Chase & Co. announced almost $5 million in funding for its new small-business loan program in New Orleans, Atlanta, Dallas, Houston, San Antonio and Austin, Texas.
Microloans disbursed in 2014: $18.7 million

Opportunity Fund

California-based Opportunity Fund has been serving residents of the state since 1994, with more than $160 million in microloans. Its borrowers have a median household income of $31,000 per year. Around 90% are minority-owned businesses, and about 30% are women-owned businesses. Opportunity Fund also provides financial literacy education to business owners.
Microloans disbursed in 2014: $17.7 million

Accion New Mexico

Accion New Mexico offers small-business loans from $1,000 to $1 million in New Mexico, Arizona, Colorado, Nevada and Texas. The nonprofit also provides business counseling and marketing support and sponsors educational events. It’s part of the Accion U.S. Network, which also has major chapters in New York, Chicago and San Diego. The international Accion nonprofit offers financing services and assistance, including microloans, in 32 countries.
Microloans disbursed in 2014: $8.9 million

Justine Petersen

Justine Petersen, which is based in St. Louis, offers small-business loans, typically of less than $10,000. The nonprofit also finances businesses in rural areas through the U.S. Department of Agriculture Intermediary Relending Program and originates loans of up to $150,000 as part of the SBA’s Community Advantage Program.

Microloans disbursed in 2014: $8.4 million

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