 TITLE: What Is Microlending? CONTENT: How to Get Started With Microlending\n------------------------------------\nQualifying for and receiving a microloan works like any type of business loan. You'll need to:\n1.  Write a detailed business plan that includes financial projections. This helps to convince lenders your business will be successful.\n2.  Determine how much money you need. Based on your business plan, and any other sources of capital such as your own savings or loans from family and friends, figure out how much you need to borrow.\n3.  Check your business and personal credit scores. If you've been in business for a while, your company should have its own credit score; if not, lenders will look at your personal credit score. (The Federal Reserve's 2020 Small Business Credit Survey survey reports 88% of small businesses that got financing used the owner's personal credit.) Before starting the loan process, check your business credit and your personal credit—your personal credit reports can be viewed for free from all three credit bureaus through AnnualCreditReport.com. You can also see your personal credit history and your personal credit score for free through Experian. Improving your credit scores can make it easier to qualify for a loan.\n4.  Identify any assets you can use as collateral. For example, business equipment or accounts receivable could be used to secure the loan, which can help you get approved.\n5.  Complete the loan application and provide any supporting documentation your lender requires. END