Q: Am I eligible to apply for this loan opportunity?
A: The College Student Social Entrepreneurs Micorloan Program is open to any student enrolled on an Indiana Campus Compact partner campus located within the Flagship Enterprise Center’s 29-county service area or whose permanent address is located within this same 29-county service area.
Q: Is this a grant or a loan?
A: This is a loan program, NOT a grant program. If students meet the requirements to receive a loan, the money will be distributed by the Flagship Enterprise Center (the loan provider), on behalf of the Small Business Administration, and will be paid back to the Flagship Enterprise Center.
Q: How much are the loan amounts?
A: Loan amounts range from $500 to $50,000. Average loan amounts will range from $5,000 to $10,000. See the loan application for more details.
Q: Is Indiana Campus Compact providing the funds for the loan?
A: Indiana Campus Compact is NOT the loan provider and is not responsible for monitoring payments or defaults. In addition, Indiana Campus Compact is not responsible for any damages that may result if a loan recipient defaults. Loans will be distributed by the Flagship Enterprise Center, on behalf of the Small Business Administration.
Q: What support will Indiana Campus Compact provide?
A: Indiana Campus Compact will provide consultation and professional development for funded student social entrepreneurs through events and partnerships with other organizations. These include special programming at our annual Service Engagement Summit, Fall Kick-Off Retreat, and connections to local resources, incubators and other social entrepreneurs who can share their story and insight with you.
Q: What support can I expect for the Flagship Enterprise Center?
A: The Flagship Enterprise Center is the second leading Small Business Administration (SBA) microlender in the nation and the largest SBA Community Advantage lender in Indiana. The staff at the Flagship Enterprise Center provide both business mentoring and technical services throughout the process helping borrowers with everything from consulting, website and logo design, marketing materials and blogs, to business analysis and growth plans. The Flagship Enterprise Center works with borrowers on average of once a month (as needed) to ensure success.