Entrapov works with local leaders to coordinate the awarding of funds to graduates of their self reliance programs. Requirements to participate:
Step 1 – Micro-loan applicants must graduate from a self-reliance class (Starting and Growing My Business or Education for Better Work) in a stake where the bishop and/or stake president are involved with Entrapov leadership in selecting winners.
Step 2 – Candidates must apply for Micro-loans at Entrapov.com through an online application.
Step 3 – If the application is completed fully and the plan is satisfactory, Entrapov leadership will meet with the self reliance class facilitator and/or bishop to request feedback about the applicant’s participation in classes, callings, and their personal situation.
Step 4 – Entrapov leadership will then meet with the applicant to ask clarifying questions about their business or career plan.
Step 5 – Upon satisfactory completion of the income statement and application, the applicant’s bio and pitch video are posted to entrapov.com/blog for sponsors to review.
Step 6 – When selected by sponsor, Entrapov leadership schedules a meeting with the applicant, local leader, and sponsor to announce the good news before funds are wired to the bishop or stake president for disbursement. The recipient and the sponsor exchange contact information so they can remain in close contact to celebrate the progress of the business.
Step 7 – The bishop or stake president holds the funds until the applicant needs to draw upon them to purchase supplies for their business. Then after distributing the amount needed for each purchase, the local leader receives receipts from the applicant to ensure that funds are spent as agreed upon.
Step 8 – The bishop or stake president regularly interview the recipient to provide encouragement and to help pass along success stories, photos, and videos to Entrapov leadership. These success stories are used to attract more sponsors to the program, which ensures future micro-loans.
Step 9 – The recipient sends regular messages, photos, and videos to their sponsor to share successes and tell how they are being blessed.
