Something I’ve been slow cooking in my brain lately is the idea of starting a *bank* (though I don’t really want it to be as stiff as a bank) that helps out the Average Joe entrepreneurs – like me.
I thought that it should be something simple. Almost like the Grameen Bank. Micro-loans that are offered without credit history or — maybe — even collateral. I haven’t gotten that far yet, but I do want to put out there what I’m thinking about and have a reference point later.
I would give up to $1000 to anyone who has a business plan and can’t find funding anywhere else.
When they pay the initial loan back, they could then ask for up to $5000.
The opportunity cost to use this money would be 10%. So, you borrow $1000, you’d have to pay $1100 back. Pretty simple.
After three months, you’d have 12 months to pay it back. Paying back $92 a month seems pretty doable to me.
This wouldn’t be like those places that you go to get $100 bucks for a new PS3. I’d need to see a business plan and some desire.
I know I feel like this would be valuable to me. Would it be worth it to other people?
Any other ideas?
…I’ll have to add some marinade and keep this one warm.