The Sedler Family Center, with funding provided by the Coleman Foundation, offers a micro-loan program as part of our mission to encourage and support entrepreneurial activity. Entrepreneurs can apply for a micro-loan to be used to meet current demand or customer orders.
Most recently in October 2014, undergraduate student Andrew DeCilles received a loan to provide cash flow assistance for Aramis Consulting.
Criteria for Approval
To be approved for a micro-loan, the entrepreneur must do the following (click here for an Excel Spreadsheet of more detailed micro-loan criteria):
- Provide a complete business plan for the venture.
- Have a member of the center’s advisory board serving as a mentor throughout the approval process and duration of the loan.
- Provide financial statements, contracts from clients/customers or other evidence of sales/revenues that will be used to repay the loan.
- Provide a viable repayment schedule.
- Get approval of business plan by entrepreneurial center director, faculty and an entrepreneurial center advisory board member.
- Sign a standard loan agreement.
- Applicant receives micro-loan, continues to work with advisory board mentor, and repays loan on time.
- Applicant is considered in default of loan for missed payments or failure to meet regularly (monthly) with mentor.
Coleman recipients as a group have an excellent track record of load repayment and ongoing success in their businesses.