Question

Topic: Advertising/PR

How To Obtain Bank Sponsorship?

Posted by Anonymous on 4/19/2014 at 3:25 PM ET 250 Points
Hello,
I'm a high school student and I've been accepted to participate in summer enrichment program. The program focuses on entrepreneurship. However, the program fee is too much for my family to afford. I need at least $3000 worth of sponsorship money to afford it (and please don't tell me to get a part time job). I'm trying to convince a bank to sponsor me, but I'm not sure they're willing because the sponsorship money will be going to me (so I can attend the program), not a community project (which is what banks typically sponsor). Do you have any tips for obtaining sponsorship from a bank? Like how they would benefit from helping me?
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RESPONSES

  • Posted by Gary Bloomer on 4/19/2014 at 4:25 PM Accepted
    instead of approaching a bank, how about setting up a crowd funding project?

    Learn more here: https://www.crowdsourcing.com and here: https://www.kickstarter.com
  • Posted on 4/19/2014 at 4:34 PM Author
    Thank you for the suggestion, but I've looked at various methods of obtaining funding and decided getting sponsorship would be the best method. Do you have any tips for convincing a bank to sponsor an individual?
  • Posted by mgoodman on 4/19/2014 at 4:42 PM Accepted
    I can't imagine why a bank would be interested. Why did you single out banks as a target? They are not exactly known for their openness to entrepreneurial ventures or to giving money to teens who will probably not be able to repay them.

    How did you come to the decision that "sponsorship would be the best method?" Maybe time to review that one.

    And what's so wrong with the "get a job and earn it" approach?
  • Posted on 4/19/2014 at 6:24 PM Author
    Thank you for your answer. I singled banks out because some banks sponsor community projects and hand out scholarships and whatnot. I already have a job and the money I make goes to my family's budget to help with expenses. (I did try asking the place where I work for sponsorship, but they said no). Instead of criticizing my choices (even if you disagree with them) and suggesting alternative paths, it would be lovely if you are able to come up with any tips to obtaining a scholarship. As a student, it doesn't seem I have much to offer (hence my question), so if you think of any reason why a bank would want to help, you have my gratitude.
  • Posted by tcgren on 4/20/2014 at 6:03 AM Accepted
    Is the summer enrichment program only a training program or does it actually involve a project that will have a deliverable at the end? Can you create a community-helping project that will come out of this that the bank can see will support their cause, and you can then attach their name to its success?

    If the bank sees this program only benefitting you, I am afraid it's not going to get their support. How can the bank benefit? Will you come up with ideas for them to be more efficient? Will they receive positive publicity for what they do? Are you going to start a business where they can earn money from you? Will you identify new products they can offer? Will you help identify more customers for them?

    By the way, I am assuming you are an existing long-standing customer of this bank? If not, then it will be a tough sales pitch.
  • Posted by Gary Bloomer on 4/20/2014 at 8:22 AM Member
    In order to sponsor you a bank manger needs to know what's in it for them: how will your achievement help the bank? To stand any chance at securing the funding you're looking at you need to clearly outline what's in the arrangement for the funding party or parties. How will you do this?

    How about approaching church groups or local business networking groups such as your local chamber of trade? What can you offer that may appeal to the self interests of potential supporters? Could you trade finical support in exchange for volunteer help?
  • Posted by Jay Hamilton-Roth on 4/20/2014 at 9:16 AM Accepted
    The following organizations all have supported entrepreneurial scholarships:
    https://www.nfib.com/foundations/yef/
    https://grasshopper.com/entrepreneur-scholarship/
    https://www.kauffman.org/what-we-do/programs/entrepreneurship/kauffman-glob...
    https://www.nfte.com/colemanscholar2012
    https://www.collegescholarships.org/scholarships/business/entrepreneur.htm
  • Posted by saul.dobney on 4/21/2014 at 8:09 AM Accepted
    Some large companies provide sponsorship opportunities for students, not just banks - you could write to them. The college may also have access to education grants for disadvantaged students - you could talk to them too. In many ways it's just a case of knocking on as many doors as possible.
  • Posted by christine-speedy on 4/22/2014 at 12:59 PM Accepted
    A bank is not the answer for a $3000 check for your summer program. You won't get it. Ever.

    If you change your request to $500 you might get it from 6 companies (only one bank). You must clearly define what you're doing and how they can benefit. For example, you agree to write a blog. The blog will contain your sponsor companies' logos and links to them. You'll write about your expectations from the program, your experiences during the program, and what you're going to do with the knowledge after the program. You'll promote the blog by contacting your neighborhood paper with the story. (They're always looking for feel good stories.)

    You need a plan for how you'll 'give back'. For example, if you sought out locally owned companies you could agree to conduct an interview for with each business owner / sponsor asking about their views on entrepreneurship, starting or running a business etc. Offer a menu of choices. For $100 you'll write an article and link to their web site. For $250, add the logo. For $500, you'll make a video. Then you agree to post the video on youtube, link from your blog. Now you're building marketing value for companies that you share a common interest with, not just asking for money from what's basically a random business.

    Is this work? Yes, but if you don't want to try crowd sourcing, that's what it will take. Also, make sure you let them know when you need the money by and that you'll return it if you don't raise the full $3000.
  • Posted by Veslebert on 4/22/2014 at 5:35 PM Accepted
    Dear karaswan4

    Forget the banks option. No bank will sponsor you personally -it´s their business and it´s called loan.

    Invest your thinking and asking time looking for alternatives. Here in the forum you have been given good and assorted options. Any of them are more likely to succeed than banks.

    Find out who may benefit from sponsoring a young entrepreneur: at the Internet you can find many many webs with lists of ways to get financial support for entrepreneurs.

    Good luck!

    Alberto
    Spain


  • Posted by mgoodman on 4/22/2014 at 8:14 PM Moderator
    I hope you are getting the message that your bank-sponsorship strategy is likely to be a losing approach.

    christine-speedy gave you a great alternative though. Instead of focusing on what someone should do for you, think instead of how you can create value for them. Then you have a shot at getting some support.
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