Kid Bank: Is your kid the next Bill Gates or Donald Trump?
Does your child have the entrepreneurial spirit? Has his/her lemonade stand already grown out of your front yard and he/she’s getting the itch to franchise? Check out the Kid Bank, which offers low-interest business loans to children 18 years old and younger. You’ll need to complete an application, including the project description, references, and a business plan complete with projected income and expenses. The interest rate is “2% below the national rate” and repayment seems to be flexible, based on your projected income.
Here are some sample questions on the application:
What will my business be? Will I sell something or do something?
How will I advertise my products or services?
How many competitors do I have in my area?
How will I share my success with my community?
This seems like a great idea, and I’m sure some of the kids will end up being successful entrepreneurs and give back to the fund. I wonder what the default rate is? I’m assuming you can’t really tarnish their credit at such a young age?
