Lemonade Day Lubbock Participants May Apply For Business Loans From Area Bank
Six Lubbock youth will learn about banking and small business at an area bank next week, and other participants can apply for a business loan.
The kids were selected as part of a Facebook contest to learn about these areas of business for Lubbock’s Lemonade Day.
Lemonade Day sponsor First United Bank is hosting a workshop to teach the young entrepreneurs how to draft and present simple business plans to investors for small business loans, and will also present small loans to qualified applicants for their lemonade stand businesses.
Other Lemonade Day participants for this year can apply for privately funded small loans up to $35 per stand. Kids will sign a promissory note provided in their Lemonade Day packet and provide a business plan. The loan is also designed to teach participants that businesses are rarely funded at 100 percent of the requested amount.
To apply for a chance to have First United Bank loan your child some money to start their new business, the public is invited to stop by the bank on Friday, April 19th between 2 and 4 p.m. Those interested should bring the promissory note given as part of the Lemonade Day backpack, or as available on the new Lemonade Day app.
There is a flat $2 interest fee per loan, and loans must be repaid by Friday, May 10th. All Lemonade Day loans were repaid last year.
Lemonade Day Lubbock will be May 4th, and the group’s goal is to register more than 3,000 youth. Registration is available online here.