Young People Invited to Build Businesses of Tomorrow
The loan application. Alterna Savings is offering an application for a $ 5,000 loan to young entrepreneurs who graduate from the YMLPP. Henry has worked in banking and knows how difficult it can be for a young entrepreneur with a large financial institution approach without any assets, collateral or cash. Most young entrepreneurs do not have that so what (Alterna is) looking at the sweat equity they put in the pilot program while going through the business development and training and graduating from a process like this that is what we see as the collateral. Even though $ 5,000 will get chewed startup costs quickly because he could not get a traditional loan from a bank.
Right now I have the base already planned out, so I make some money with the five grand, I can return that money to invest in the company. At the top of the micro loan Alterna drafted an agreement with the six companies that the debt repayment terms outlined. In an attempt to instill the concept of savings, Alterna has agreed to collect the accrued interest and put it back in a college fund for the businesses if they pay back the loan as agreed. After seeing each business pitch, Henry says she’s amazed at how much the companies have grown in such a short time. their companies are willing to receive funding for their businesses to the next level.