Entrepreneurship and Micro-Loans

Are you ready to…
Work for yourself? Turn your hobby into a career? Start or grow your own business?

Let Women in Philanthropy Help You on your Road to Success!

Women in Philanthropy (WIP) has partnered with the following organizations to provide comprehensive support for women to start or grow their business:

Educational Support
Financial Confidence and Entrepreneurship Training

Financial Confidence Seminars: Take Charge of your Financial Future!
Seminar has been designed by WIP supporters in conjunction with the Women’s Entrepreneurship Center and the Kania School of Management at the University of Scranton. This highly reviewed training seminar, which has had over 100 participants previously, will be delivered by WIP supporters Ellen Burkey, Dr. Patricia Fox, and Katie Gilmartin. The Financial Confidence program is designed to give participants the tools they need to take control of their personal finances, a critical step in starting a new business. This training is offered free of charge to women who are considered low to moderate income or in transition and who are interested in starting or growing their own business.

To register for the next Financial Confidence Seminar, visit http://www.pasbdc.org/events and search “Financial Confidence” under Search Events.

Mentorships: Work with mentors to build your business acumen
Participants in the Women in Philanthropy (WIP) Mentorship Program can be paired with mentors who are volunteers from our WIP membership. The program aims to provide local entrepreneurs (mentees) with an independent, objective source of support and business knowledge from professionals currently working in the Lackawanna County community who can act as mentors and will assist the mentees in the successful creation or growth of a local small business. In particular, mentors can assist the mentee with the development and refinement of her business plan and with the completion and submission of the loan application.

To learn more about the WIP Mentorship Program, complete the form at the bottom of the page and someone from WIP will be in touch.

Financial Support
Micro-Loan Program

Women in Philanthropy (WIP) has developed a program that enables women to receive micro-loans from $1,000 to $10,000 to start or grow their business venture. This program removes many of the barriers faced by low to moderate income women or women in transition.

Unlike traditional lending, these micro-loans DO NOT require a minimum credit score or collateral.

By providing this opportunity to women, WIP aims to create a path for women to obtain necessary funding and to develop their credit-worthiness so they can qualify for traditional funding in the future.

To qualify for a micro-loan, the women must:

• Own 51% or more of the business
• Be considered low to moderate income or in transition.
• Operate their business in, reside in, or have business ties to Lackawanna County
• Participate in WIP financial confidence training to further their personal and professional financial acumen
• Work with a WIP mentor to develop their business plan and loan application
• Develop and submit their business plan to WIP and implement suggestions
• Submit their loan application to WIP
• If approved for a micro-loan, complete promissory note with the underwriter for WIP micro-loans
• If not approved for a micro-loan, consider proposed corrective action steps to increase eligibility

Terms of the micro-loans:

• Six percent (6%) interest rate, with the interest put into a savings account and returned to the borrower after the loan is repaid to help the borrower build savings for the future
• Flexible repayment terms, with loan terms up to 48 months
• Borrowers repay the loan in equal consecutive monthly installments
• Borrowers can prepay the entire amount of the loan at any time without restriction or penalty to the borrower.

To learn more about the WIP Micro-Loan Program, complete the form at the bottom of the page and someone from WIP will be in touch.