Rotary Club starts microloan program
The Barrington Breakfast Rotary Club is proud to launch its latest community service project, the Rotary MicroLoan Program which focuses on small loans to local entrepreneurs.
Its motivation is to provide opportunity for low- or moderate-income residents to start or expand an income-generating business venture.
The loans, with a maximum amount of $5,000, are granted at a modest interest rate -- prime plus two points -- with the full expectation that the principal will be repaid. The loan is not meant for personal consumption such as food, rent or medical expenses, but for entrepreneurial activity. It is necessary for the applicant to have other sources of income to sustain themselves for day-to-day expenses. It is anticipated that the loan will enable families, couples or individuals to create an income-generating venture.
A MicroLoan recipient must be an American citizen or green card holder and live or conduct business in the Barrington communities covered by the 60010 ZIP code or the adjoining ZIP codes around 60010 which include Carpentersville, Dundee Township, Lake Zurich, Hoffman Estates, Palatine, Schaumburg and others.
An applicant must be "sponsored" by a local service club, a business, or an individual in the local community. The sponsor's role is to provide a reference – to vouch for the applicant's honesty, integrity and character, but the sponsor will not be involved in handling any money nor will the sponsor be asked to co-sign for the loan.
The key difference between the Rotary Micro Loan program and a commercial lending bank is that Barrington Breakfast Rotary Club is a service club with talented businessmen and women who can volunteer their time and serve as mentors for a new business start-up. The new business owner can turn to the club's membership for advice or support.
The Rotary MicroLoan Program is for smaller dollar amounts, it focuses on creating new sources of income, and it is more personal and customized to the opportunity at hand, and at its core, the MicroLoan Program is about helping people working to help themselves.
To see the MicroLoan video, visit www.youtube.com/watch?v=eYpj9HpJNaI
For more information, visit www.BarringtonBreakfastRotary.org. Or contact Narayan Murarka at npmurarka@comcast.net.