Loan
What is the start-up loan?
Loans are intended for student businesses that are ready to begin delivering products or services and need a small amount of working capital to begin operations. Juniata students may borrow up to $2,500.
What are the benefits of the start-up loan?
The start-up loan presents an attractive alternative to a bank loan because it does not require parents or guardians to co-sign.
How is the loan paid back?
Interest begins to accrue at a fixed rate of 6% when the loan is made. After a six month grace period, payments are made over a period of 18 months.
What is the application process?
- Students may apply any anytime throughout the year.
- Students schedule a meeting with the JCEL Executive Director.
- Students work with JCEL on developing a business plan for submission. The business plan should address the following: product/service, target market, competition, marketing and sales strategy, operations, management team and projected financial statements (including income statement, balance sheet and cash flow). Note: Students may be encouraged to engage in a Next Step Fellowship depending upon the completeness and viability of the business plan submitted for consideration.
- JCEL Seed Capital Committee reviews business plan.
- Student presents overview of plan to JCEL Seed Capital Committee or JCEL Board - students may work with JCEL in preparing for presentation.
- JCEL Seed Capital Committee or JCEL Board makes funding decision.
- JCEL Loan Agreement executed.
