The Callaway Bank has launched a lending program for high school aged entrepreneurs. The Youth Entrepreneur Program, or YEP, will offer low interest loans of up to $1,000 for students starting a business.
“Students today aren’t limited by the same obstacles they were even 20 years ago,” said President & CEO Kim Barnes. “Technology lets them build a business with much more flexibility.”
According to a press release from The Callaway Bank, young entrepreneurs often face challenges when attempting to take their idea “from concept to creation.” If they obtain funding at all, it is often associated with high fees and rates.
“Often the students cannot pursue their ideas because the cost is prohibitive,” Barnes said. “Our Youth Entrepreneur Program will allow them an opportunity to move forward and pursue their entrepreneurial goals.”
The Program will also assist students with preparing a budget, a business plan and presenting a loan request. Although a parent or guardian must co-apply for the loan, The Callaway Bank press release states the program will help students learn financial responsibility and accountability.
“When an area high school student walked into the bank and asked for a loan so he could pursue his FFA project, we realized we did not have the type of product he needed,” Barnes said. “We recognized an opportunity to not only support him, but many other students in our communities who also have good entrepreneurial ideas.”
Visit www.callawaybank.com/YEP or call Joelle Fronzaglio at 573-447-1771 for more information.