New Growth expands small business lending with SBA backing

August 03, 2023

[APPLETON CITY, MO] New financing resources are available for small businesses in 13 west central Missouri counties and two adjacent Kansas counties that are too new, too small, or too credit challenged for traditional bank loans.

Nonprofit New Growth Capital serves this rural region and has become an approved microlending intermediary with the U.S. Small Business Administration. SBA backing will allow New Growth Capital to increase microlending in the region.

SBA microloans through New Growth Capital range from $1,000 to $50,000 and can be used by existing and aspiring business owners for working capital, including furniture, fixtures, supplies, materials, and equipment. Interest rates are 10.25% for loans less than $10,000 and 9.5% for loans $10,000 to $50,000. Loans terms are one year to seven years with no pre-payment penalty.

Local Lending

New Growth Capital microloans are local and flexible. A loan committee of community members makes New Growth Capital loan decisions. With no minimum credit score required, the loan committee uses an evaluation process that accounts for other creditworthiness factors, such as consistent on-time payment of utility and other bills, which credit bureaus do not track. Collateral is expected but also flexible, with none required for loans less than $3,000.

“Microlending is the art and science of getting small businesses going and growing so they can qualify for traditional financing down the road on their entrepreneurship journey,” said Sheridan Garman-Neeman, New Growth Capital’s Chief Community Wealth Building Officer. Banks typically require a two-year financial and operational track record before making business loans.

Technical Support

Wraparound business support is part of New Growth Capital’s approach to successful microlending. Borrowers are required to complete business development training and/or work with a business counselor to address issues. New Growth Capital provides free business training and counseling to rural men and women through its 15-county New Growth Women’s Business Center and in partnership with other resources, such as the Missouri Small Business Development Center.

Since starting its microlending program in 2021, New Growth Capital has put $700,000 into rural small business development through a total of 90 microloans. Additional capital from SBA will allow New Growth to make more loans in a rural region that lacks this resource.

Get Started

Applicants must have an existing business or one in development; sufficient business plan information, including expenses and revenue projections; current and documented personal income and/or business revenue; an open bank account in good standing; and two professional references.

The first step for potential microloan applicants is to schedule a one-on-one session to discuss the business or business idea and the applicant’s loan readiness. Contact New Growth Capital at its New Growth Women’s Business Center to get started.

Call 417-282-5936 or email

Mission-Driven Nonprofit

One of the most critical times in the life of a small business is when it is yet too new, too small, too unusual or too credit challenged for a traditional bank loan. This is where New Growth Capital is ready to assist. Microentrepreneurs are an integral part of the rural economy and New Growth Capital seeks to ensure our communities thrive through the facilitation of small business creation and growth.

New Growth Capital serves 13 Missouri counties (Barton, Bates, Benton, Camden, Cedar, Dade, Dallas, Henry, Hickory, Morgan, Polk, St. Clair, and Vernon) and two Kansas counties (Bourbon and Crawford).

New Growth is a rural community development corporation based in west central Missouri and affiliated with the West Central Missouri Community Action Agency. Its financing arm, New Growth Capital, provides microenterprise financing and credit building for existing and aspiring rural businesses. Its technical assistance arm, the New Growth Women’s Business Center, is a U.S. Small Business Administration-designated provider of training and business counseling in 15 rural counties. New Growth convenes the regional START HERE Business Acceleration Network to connect and enhance resources available for building rural entrepreneurship. More at