Micro-Loans

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.

 

After Approval

Once approved:

  • 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.