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Banks loan for business
By Stephanie Cesca
Students who have yet to find a summer job still have one option left starting their own summer or long-term business.
Sarah Williams, summer employment officer at the Student Employment Centre in London, said university students who are still looking for summer employment should consider the possibility of working for themselves.
Williams said she usually directs students to the Royal Bank to apply for their student loan program, which may grant young entrepreneurs $3,000 to help them start their own business. "Not too many people know about the program," she said.
However, there are some restrictions to who exactly can apply for a loan. "People who can apply are full-time students between the ages of 15 and 29 and they must be returning to school in the fall," she said.
Brenda Deacon, small-business account manager at the Royal Bank in London, said students wishing to apply for a loan must do so soon, as the deadline is June 11.
"What the application is, is a mini-business plan," Deacon said. In this plan, students must put to use their business skills and outline their strategy to attain adequate revenue with either their product or services.
However, Deacon warned students the businesses are real and not to be taken lightly, as not all will be profitable. "There's always a risk that the business will not succeed," she said.
Deacon added there were more benefits than disadvantages in students attempting to run a business, even if they do fail. "The idea of the student venture loan is for young people to have the opportunity of being in business for themselves," she said.
John Haywood-Farmer, a professor at the Richard Ivey School of Business at Western, said it is not uncommon for young entrepreneurs to start up their own companies. "Every year we get a number of students who set up their own businesses," he said.
Haywood-Farmer added survival is probably on the minds of most student entrepreneurs when starting out a business. He said if a company does eventually become successful, however, then luck was likely a dominant attribute.
Veer Gidwaney, a fourth-year Western business student and entrepreneur, however, has attributed hard work and determination to his success. "We spent about a year and a half in development," he said about the two software companies, DDES Corp. and Modaka Corp., owned by both he and his brother in Edmonton, Alberta.
Gidwaney said he hopes to expand both internet software companies in the near future. "For the most part right now we're a development house, but that will all change," he said.