Microloan Description

The Ozarks Small Business Incubator’s Microloan program is designed to provide seed capital and gap financing for start-up businesses or existing companies that are expanding.  In order to expedite the process and ensure that only applicants eligible for a loan invest the time in completing a loan proposal and gathering documentation, we have implemented a two-step review process.

1. Initial Review of Application 
The first step is the initial review.  Applicants must complete a microloan application, agree to a credit report, provide a personal financial statement, and pay a $20 processing fee.  This documentation will be reviewed by members of the Microloan Review Committee to determine if the applicant is a good candidate for a microloan.  

2. Review of Loan Proposal 
If deemed a strong candidate for an OzSBI Microloan, OzSBI will ask the applicant to complete a loan proposal.  OzSBI will assist the applicant in completing the loan proposal and compiling all necessary documentation for review by the Microloan Review Committee.  The Committee will make the final decision on what loans are approved, the terms, collateral required, etc.  
To assist applicant preparing a loan proposal, OzSBI has an outline of what needs to be included in the loan proposal as well as a sample proposal.  Financial statements also must be submitted with the proposal and include an Income Statement, Cash Flow and Personal Financial Statement.   Templates of these forms are available in EXCEL and fillable PDFs and can be emailed to you, upon your request.   
Other documentation required to accompany your loan proposal may include:

  • Three letters of reference (personal and business) with contact information.  Letters of support may be included.
  • Proof of Outside Employment
  • Documentation of previous investment over 9 months.
  • Other lender participation letter stating the terms and condition of its participation (if applicable).
  • Tax Return for ____ previous years.

Approval of your loan request depends on how well you present yourself, your business, and your financial needs to the Microloan Review Committee.  The best way to improve your chances of obtaining a loan is to provide a clear and detailed loan proposal.  Before you begin writing your proposal, there are four things that you need to be able to clearly address:

  • How much money you need?
  • How your business will use the money?
  • How you will repay the loan?

Required Documents

Microloan Application

Personal Financial Statement

Credit/Backgroung Check


Mail application form to:

Downtown West Plains

408 Washington Ave

West Plains, MO 65775

Contact Ila Sloan at ilasloan@ozsbi.com or at 417.256.9724 with any questions.