Mission
The Honor Loan® Entrepreneurship Program, a 501(c)(3) nonprofit organization, is
In the Business of the American Dream®
Our innovative Honor Loan® Entrepreneurship Program empowers people of all ages and backgrounds by teaching the entrepreneurial mindset for lifetime personal and professional growth.
At the Honor Loan® Entrepreneurship Program, we believe that people deserve an opportunity to pursue the American Dream. Everyone has the potential to help build a better world, be it on a small or transformative scale. We provide a nurturing and judgment-free platform for the next generation of entrepreneurs, and welcome all people and their ideas regardless of age, gender, industry segment, non-profit status, geography, financial status, or other exclusionary criteria. By investing in people and their ideas early, we broaden the playing field and make it possible for startup entrepreneurs to take action and pursue their potential.
No Entrepreneur Left Behind®
People sometimes do not have the benefit of funding, established credit, or even credit history, often lack a basic bank account, savings, and collateral, making it challenging to secure a traditional loan. As a result, people are often denied access to startup capital and their entrepreneurial ideas and plans are left unrealized. The few people who do succeed in obtaining funding do so mostly as part of a highly competitive process (e.g., grants, competitions or demographic oriented programs). Eligibility to participate in these competitions and programs are often restricted to an industry segment, the individual’s age, gender, race, geographical location, or other exclusionary criteria. Even the fortunate people who win a competition or gain funding from a program often do not have the benefit of entrepreneurial training or active mentorship to help them succeed. The Honor Loan® Entrepreneurship Program provides, and, importantly, helps ensure the effective use of funds positioning people and their ideas for success. We believe that the pursuit of the American Dream should be possible for all people regardless of age and demographic, especially aspiring entrepreneurs who are capital poor but idea rich.
Entrepreneurship is the engine of the American economy
The spark of individual creativity has brought to life global businesses, ingenious inventions, and innovative solutions, all of which have helped strengthen the world economy and improve the quality of life. Today’s entrepreneurs are the future leaders of the world economy. We believe that it is imperative to equip people with the training, tools, and guidance necessary to become the next great creators of jobs, opportunities, and innovations.
Empowering youth and adults through entrepreneurship
The Honor Loan® Entrepreneurship Program was originally adapted to fit into the American educational and economic ecosystem based on globally successful microloan program models. The program’s activities fill a major gap in today’s educational system in America. Most high schools, colleges, nonprofits, government agencies, and other organizations do not offer dedicated programs on entrepreneurship, and those that do typically provide support only through annual competition-based models or events that disproportionately favor a fraction of the participants. The Foundation’s partners may receive Honor Grant® funding to administer the Honor Loan® Entrepreneurship Program. Through the program, participants receive education and mentorship prior to funding. They must complete an academic curriculum in entrepreneurship and work with a mentor to be eligible for the Honor Loan® Award. Honor Loan® Awards are given to participants based on each recipient’s specific needs and stage of development to facilitate experiential learning. Experiential learning is optimal, because much like learning how to ride a bicycle, entrepreneurship has many aspects that are best learned through firsthand experience. The mere act of pursuing an entrepreneurial idea, participants gain the education, experience, and confidence necessary to succeed—skills they would not otherwise obtain through other models of education or support.
Funding from the Honor Loan® Entrepreneurship Program is used by participants to advance a product or service and is repaid based on the “honor system”, through cash or fundraising equivalent to the amount borrowed, that is then reinvested at 100% into the Program to support new participants. Participants do not compete with each other for support or funding. Much like a traditional banking model, participants receive funding whenever they are qualified and ready to launch or grow their businesses without having to compete with others for funds. We provide equal access to all participants and remove the fear of failure because participants can repay the borrowed funds through the “honor system.” Because we provide this type of support without competition or a legal obligation to repay the loan, we remove barriers and foster the entrepreneurial spirit and economic empowerment.
The Honor Loan® funding can be used in a variety of ways including but not limited to underwriting the cost of creating a legal business entity, securing services such as consultancies and marketing, creating prototypes of physical products, building websites and online networks, purchasing supplies, filing for trademark and patent protection, and other business-related costs.
Training future entrepreneurs to look forward by giving back
The Honor Loan® Award instills honorable values because participants give a personal commitment by signing a pledge in which they promise based on the “honor system” to repay the Honor Loan® Award if their entrepreneurial venture succeeds or volunteer their time to fundraise the amount borrowed. The loans are interest free and carry no legal requirement for monetary repayment. This entire process instills the educational values and life lessons of social responsibility, accountability, and honor to participants. Our CEO, Dr. Michael Time, states as a guiding principle, “We are all part of a community and thrive through unity.”
Sustainability matters
A funding approach based on loan repayment helps sustain the Honor Loan® Entrepreneurship Program’s funding model because disbursed funds are usually repaid. Conventional awards and grants by definition have no repayment.
Honor Loan® Entrepreneurship Program’s Guiding Principles
Inclusive – available to everyone regardless of credit history, age, race, gender, ethnicity, or any other demographic.
Comprehensive – a complete, innovative, experiential solution combining education, mentorship, funding, and repayment.
‘Honor’ System – participants sign a pledge to repay their loan or volunteer their time to help fundraise the amount they borrowed. This instills a sense of responsibility, accountability, and ownership.
No Competition – maximize outreach to help as many individuals as possible.
No Discrimination – all individuals and all lawful and ethical businesses are eligible.
Year-Round – entrepreneurship education, mentorship, and seed funding is provided all year long, instead of an annual competition or program deadline.
Continued Relationships – we foster an entrepreneurial ecosystem and a community of mentors and alumni.
Reinvestment - Honor Loan® Awards are returned and 100% reinvested in new Honor Loan® Awards.
Microloan inspired, Brown University incubated, Met School executed
The Honor Loan® Entrepreneurship Program was incubated at Brown University by Michael Time, M.D., Amina O’Neill, and Barrett Hazeltine, Ph.D. They partnered together to bring entrepreneurship education, mentorship, and seed funding in the form of microloans to different communities in America. Dr. Time is an educator, philanthropist, Brown University alumnus, and CEO of the Honor Loan® Entrepreneurship Program. Amina O’Neill, our co-founder, has served in leadership roles in the financial industry and is a subject matter expert on lending and best practices in the banking industry. Professor Hazeltine has been teaching entrepreneurship to Brown University students and in developing countries for over 50 years and serves as a board member and subject matter expert on entrepreneurship.
The Honor Loan® Entrepreneurship Program in Rhode Island has been managed by Jodie Woodruff, Director of The Met Center for Innovation and Entrepreneurship and Director of the Honor Loan® Entrepreneurship Program at the Met School in Providence, Rhode Island. The Met School, a state-funded public high school founded by Dennis Littky, is the first school to offer the Honor Loan® Entrepreneurship Program and had the first stand-alone entrepreneurship center for a public high school in the United States. In 2001, the Bill and Melinda Gates Foundation announced that the Met was its favorite high school in America, and that the United States needed more schools like it. The Honor Loan® Entrepreneurship Program is headquartered in Virginia and empowers people of all ages and backgrounds through local, state, and national partners.
Funding and support through the practice of entrepreneurship and the generosity of donors
Ongoing funding and support for the Honor Loan® Entrepreneurship Program comes from loan repayment, donors, grants, partners, sponsors, TIME TALKS (TimeTalks.org) and AMERICA = ® (AmericaEquals.com).