Q: Am I eligible to apply for this loan opportunity?
A: Any alum of a current Campus Compact partner institution who currently resides in Indiana is eligible to apply. Click HERE to view a full list of partner institutions. Additionally, any student (undergraduate through doctoral; full-time or part-time) currently enrolled at any Indiana Campus Compact partner institution is eligible to apply for funding. Click HERE to view the list of partner institutions.
Q: Is this a grant or a loan?
A: This is a loan program, NOT a grant program. If an applicant meets the requirements to receive a loan, the money will be distributed by Bankable (the loan provider), on behalf of the Small Business Administration, and will be paid back to the Bankable in accordance with the agreed upon terms.
Q: How much are the loan amounts?
A: Loan amounts range from $500 to $50,000. Typical loan amounts are between $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 from loan financing.
Q: What support will Indiana Campus Compact provide?
A: Indiana Campus Compact will provide consultation, resources, and professional development for loan recipients through events and partnerships with other organizations. These may include special programming at Indiana Campus Compact events, and connections to local resource incubators and other social entrepreneurs who can share their story and insights.
Q: What support can I expect from Bankable??
A: Bankable seeks to create opportunities for entrepreneurs in Indiana by providing capital and resources to build a healthy small business. Bankable will work you, at any stage of the business, to provide additional resources that help you make sound business decisions. This funding is the stepping stone you need to ensure you credit, financial standing, and business know-how are where they need to be to secure traditional funding. Bankable is the top SBA microlender in Indiana, with over 23 million dollars allocated to more than 700 loans. In addition, Bankable is an SBA Community Advantage Leader and CDFI.
Q: How long is the loan application review process?
A: All initial loan applications submitted to Indiana Campus Compact will be reviewed by an advisory committee. This review process will take six weeks, at which time applicants will be notified of the committee’s decision.
Applicants who have successfully passed the committee review process will be directly contacted by Bankable in order to complete steps two and three (step two: application submission to Bankable; step three: secure collateral, process payments, and manage collections) of the application process. In addition, Indiana Campus Compact will provide the applicant with any feedback the committee had.