The Average Joe Entrepreneur Bank

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?

Maybe.

Any other ideas?

…I’ll have to add some marinade and keep this one warm.

Image credit

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2 Responses to The Average Joe Entrepreneur Bank

  1. Cody says:

    Robbo;
    Not sure how these two ideas connect, but when I read this blog post from Dan Pink I thought of you.

    http://www.danpink.com/archives/2010/10/idea-of-the-day-mini-genius-grants

    • robcaldwell says:

      Cody,
      I think they are both related; helping people start businesses by providing funding. I know from my experiences so far that smaller amounts of start-up capital is hard to come by. I hope both ideas succeed!

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