MICROLOANS
Apply for a microloan for your business!
Stem2 Loan Student Application Guidelines
Santa Barbara Chamber of Commerce and Scheinfeld Center for Entrepreneurship have teamed together to offer students and alumni an opportunity to apply for a small loan and get help from an experienced mentor. Loans are small, short-term, personal promissory notes to individuals with a limited purpose for the purchase of Equipment, Business formation fees, Licensing or web development. FUNDS MAY NOT BE USED TO PAY EXISTING DEBTS OR PURCHASE REAL ESTATE. General terms include:
- Maximum term for loan is 5 years
- Maximum amount is $2,500.00
- Interest rate is 3.25%
- Re-paid monthly
- No fees or prepayment penalties
Students applying for loans may be required to fulfill training or planning requirements. Borrowers will be required to provide a personal guarantee and submit a quarterly status report on their business.
Borrowers are also given an opportunity to participate in the mentor program. The Chamber will match business mentors with the microloan borrowers to assist in the success of the new businesses.
Borrowers are given a free three-year membership in the Chamber of Commerce and the Chamber and the Scheinfeld Center will make every effort to recognize and support the microloan participants.
5 Simple Steps to Applying
- Complete the application form found below.
- Attach a brief one page biography of yourself and business.
- Attach a one to two page executive summary.
- Attach a pro-forma/financial statement.
- Submit application to the Scheinfeld Center for Entrepreneurship & Innovation (as indicated on application).
Students interested in a microloan may apply by completing the form at this link: Loan Application Stem2
