Source of Funding

The Future Makers Fund is a peer-to-peer support system. Funds come from sales at the biannual Common Goods event presented by Local X Change, a percentage of sales at the annual Art Sale and repayment of FMF microloans.

Types of eligible support

• Materials required to produce a product

• Securing a sale venue such as a fair/festival booth rental fee

• Upgrading marketing and promotion materials

• Acquiring services such as fabrication assistance, printing, and shipping

How the Microloan works

The Future Makers Fund Microloan is a loan not a donation. Your application should demonstrate a feasible plan to compensate you for your work and suggest the possibility for repayment of your microloan. We do not collect interest and your support is reinvested only if you make money. If you’re not able to reinvest as much funding as you received, that is okay. 100% of funding reinvested in the Future Makers Fund is used to support additional proposals.

An Example:

Jazlyn is a Studio Art major focusing in Jewelry and has had success selling her work at the Studio Art Sale. Her professor has encouraged her to explore selling her work to a larger audience. Jazlyn applies for a Future Makers Fund Microloan and requests $250, which will be used to buy silver ($150) and a pay a table reservation fee ($100) that will allow her to sell her work at a craft fair in her hometown. The fair is a success and Jazlyn finishes the weekend with $1,500 in sales. After accounting for her travel expenses Jazlyn’s profit is $1,450 and she can reinvest $250 back to the Future Makers Fund, while keeping $1,200 for herself.  

Let’s explore an additional scenario – The weekend of Jazlyn’s fair the weather does not cooperate, and attendance is a fraction of the normal attendance. Jazlyn ends the weekend with $350 in sales. After we account for her travel expenses, Jazlyn made $300. Microloans are repaid as an equal share of your profit and never exceed the original loan amount. In this scenario Jazlyn will keep $150 in profit and is able to reinvest $150 in the Future Makers Fund. Even though Jazlyn was not able to fully repay the full $250 microloan, we consider her project a success and look forward to offering the full reinvestment to another applicant. Jazlyn WILL NEVER be asked to repay the remaining balance of the total funding provided.

Requirements:

The Future Makers Fund supports the long-term economic prospects of emerging artists, designers, and entrepreneurs living in Western Pennsylvania. At the time of submission, applicants must be a full-time IUP student in good academic standing.

Deadline

Applications are accepted on a rolling basis. Apply now! Applicants can anticipate hearing back from the funding review panel 3-4 weeks after an application is submitted. 

Review Process

Applications will be reviewed by fund co-founders Sharon Massey and Sean Derry as well as a qualified alumnus of IUP. Reviewers will evaluate applications based on viability, creativity and need.

Final Reporting

Microloan: A project summary and reinvestment accounting form is due 1 month after the end of the specified project timeline. Project extensions will be awarded at the discretion of the review panel and should be requested at least 2 weeks prior to the scheduled end date of a project. Project forms and extension requests should be directed to info@localxchange.org