Breakfast Rotary's Micro-Loan Program
The Barrington Breakfast Rotary Club (BBRC) is proud to launch its latest community service project, the Rotary MicroLoan Program which focuses on small loans ... often called micro loans.
BBRC's motivation is to provide opportunity for low or moderate income residents to start or expand an income generating business venture. The loan (maximum amount is $5,000) is granted at modest interest rate (prime + two points) with full expectation of payback. The loan is not meant for personal consumption such as food, rent, medical expenses, but for entrepreneurial activity. It is necessary for the recipient of such a loan to have other sources of income to sustain themselves for day to day living. With this loan, it is expected that families will be able to supplement their income through an income generating venture.
A MicroLoan recipient must be an American Citizen or Green Card Holder and live or have business in the greater Barrington area (zip code 60010) or its adjoining zip codes around 60010 to include such communities as Carpentersville, Dundee Township, Lake Zurich, Hoffman Estates, Palatine, Schaumburg and others.
An applicant must be "sponsored" by a local service club, business, or individual within the local community. The sponsor vouches for the applicant's honesty, integrity and character, but will not be involved in handling any money nor will he/she be co-signing the loan.
The key difference between Micro Loans and normal bank loans is that we at Barrington Breakfast Rotary Club being a service club offer mentoring. Once the MicroLoan is granted, our club will assign a club member to serve as a
The Rotary MicroLoan Program offers these key features. It is for smaller amounts, it focuses on creating new sources of income, and it is more personal and customized to the opportunity at hand. At its core, the MicroLoan Program is about helping people who are trying to help themselves.
For more information, visit www.BarringtonBreakfastRotary.org
Contact via email: npmurarka@comcast.net
Or call 847-836-0494