The Latina woman has the immense potential of improving her economic situation, as well as that of her family and the community to which she belongs.
The LAA’s Latina Economic Empowerment program ¡Avanzando Juntas! offers educational resources and a microloan program with reasonable payments and interest rates to help Latina entrepreneurs start or expand their own businesses.
Who eligible for a Microloan?
- Latina entrepreneur.
- Must be 18 or older.
- Resident or citizen.
- Credit rating over 550.
- Proof of income.
- Graduate of the “Women & Business” course provided by the LAA (or graduate from an equivalent program).
How you can use your loan?
Microloan funds can only be used for:
- New or used equipment to start your business.
- Inventory to start or expand your business.
- Licenses and expenses as related to the business.
- Local business renovations or improvements.
Microloan Application Process
Step I:
- Complete the “Women & Business” course.
- Attend a microloan orientation (offered twice a month). To register find link below.
Step II:
Request an interview with Mónica Cucalón by sending an email to mcucalon@thelaa.org with the following details:
- Apply for microloan.
- Proof of credit score.
- Review the complete list of required documents.
Step III:
- Complete microloan request and send all required documents to Mónica Cucalón.*
*Your application does not guarantee loan approval.
Required Documents
- Loan application.
- Proof of income.
- Bank statements.
- Business plan (required).
- Collateral (if applicable).
Cost and Microloan Approval
- $25 application fee (non-refundable).
- 3% closing costs.
Microloan Payments
- You can request a microloan for $500 to $5,000. If you’re loan is for $3,000 or more, you’re required to have a co-debtor.
- The monthly fee will depend on the amount and terms of the loan.
Microloan Approval
- 20 business days from delivery of all documents.
Next Steps
If you are a Latina entrepreneur and finished developing your business plan with through the ¡Avanzando Juntas! | “Women and Businesses” course, you can request a microloan orientation the first Thursday of each month.
Microloan Orientation
You will learn how to apply for a microloan and what the requirements are. To register, click here.
If you have completed your business plan, register for the ¡Avanzando Juntas! | “Mujeres y Negocios” and the microloan orientation by contacting Monica Cucalón at (404) 471.2571 or sending an email to mcucalon@thelaa.org.
To view program brochure, click here (only available in Spanish).
