Justine PETERSEN — Small Business Microloans
Justine PETERSEN Housing & Reinvestment Corporation
$500–$150,000
Researched for this program: 5 rejection traps · 6 required documentsWhat decides this award ↓
SBA microlender for Missouri and Illinois founders banks overlook
Justine PETERSEN is a nationally recognized nonprofit CDFI and SBA microloan intermediary headquartered in St. Louis, Missouri, with offices in Illinois. Since 1997, it has originated over $200 million in small business loans to entrepreneurs who lack access to conventional financing, with a focus on low-to-moderate income communities, startups, and immigrant-owned businesses. Loans range from $500 to $150,000, with the SBA microloan product capped at $35,000. The organization also offers contractor loans at 0% interest (flat closing fee) for licensed contractors.
- Funding type
- Loan
- Level
- Private
- Amount range
- $500 – $150,000
- Realistic amount
- Average loan is approximately $35,000. Most SBA microloan borrowers receive $5,000–$35,000. Contractor loan borrowers av…
- Deadline
- Rolling — applications accepted year-round.
- Status
- active
- States
- MO, IL
- Payment model
- loan
Who qualifies
- Business must be located in Missouri or Illinois
- For-profit businesses; startups and existing businesses both eligible
- Serves entrepreneurs in low-to-moderate income communities — not exclusive
- Contractor loan: must be a licensed contractor with a signed contract or purchase order
- SBA microloan: follows SBA eligibility (small business, for-profit, US-based)
- No minimum credit score specified — underwriting emphasizes business viability and character
- Priority given to women, minorities, immigrants, and low-income entrepreneurs
Hard requirements
- Location restriction: Missouri or Illinois
What it covers
Eligible expenses
- Working capital and operating expenses
- Equipment and tools
- Inventory and supplies
- Contract execution costs (contractor loan)
- Startup costs
- Business establishment expenses
Ineligible expenses
- Personal expenses unrelated to the business
- Speculative investments
- Businesses outside Missouri and Illinois
- Passive real estate investment
How to apply
-
1
Contact Justine PETERSEN to initiate intake
Call or visit justinepetersen.org to connect with a loan officer. Discuss your business, loan need, and which product fits. Justine PETERSEN is known for its 'high-touch' relationship approach — early contact before formal application is encouraged.
~0.5 hrs
-
2
Complete loan application and gather documents
Submit the application form with: business description and history, government-issued ID, 3–6 months of business bank statements, most recent year's business tax return or profit & loss statement, and for contractor loans, the signed contract or purchase order supporting the loan request.
~3 hrs
-
3
Loan review and decision
Justine PETERSEN's team reviews the application with an emphasis on business viability, community impact, and founder character. Microloans typically decided within 1–3 weeks. Contractor loans are expedited given the time-sensitive nature of contractor work.
~0.5 hrs
-
4
Receive funds and ongoing support
Approved borrowers sign loan documents and receive funds. Justine PETERSEN provides ongoing financial counseling and connects borrowers to credit-building resources as part of its 'graduate to mainstream finance' mission.
~1 hrs
The 0% interest contractor loan is genuinely rare — licensed contractors with signed contracts or POs can access up to $150K at zero interest (just a 6–8% flat closing fee). This is essentially bridge financing for contract execution, faster and cheaper than any commercial alternative.
Deadline & timing
Justine PETERSEN accepts applications on a rolling basis. Decisions typically take 1–3 weeks for microloans. Contractor loans are processed faster — often 5–10 business days — due to the short-term balloon structure.
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