Partnership launches Engler Enterprise Financing Program

Abby Miller, a University of Nebraska–Lincoln alumna, found her passion and purpose in bringing these three things together — good people, good drinks and the good life.

Miller, who grew up in Mead, Nebraska, enrolled as a freshman in Engler 101, the introductory course in the Engler Agribusiness Entrepreneurship Program. During a class pitch competition, she realized she could make memories and a profit through her love of bringing people together. Her business idea: Convert a 1950s Chevrolet into a mobile tap truck serving Nebraska.

She received mentoring and guidance from Engler staff and financial support for her business venture from the recently created Engler Enterprise Financing Program, launched in cooperation with Union Bank and Trust and Farm Credit Services of America.

Miller spent $3,000 to pay for half of the truck, lovingly named Pat, and her dad loaned her the rest of the funds. She went right to work giving Pat a face-lift. The pickup, found in a shed with no roof, had a few dings. After many late nights and a lot of elbow grease, Pat was fully restored and ready for service.

Shortly thereafter, Miller launched Pat on Tap. Now an alumna, Miller and her vintage Chevrolet have traveled around eastern Nebraska serving drinks and bringing people together at weddings, parties and other special events. 

“I didn’t do this alone,” she said, citing the Engler Enterprise Financing Program. “For many of us, our only financial backing comes from family savings — if that. As students, we don’t have collateral to secure traditional small business loans.”

That’s where the loan program comes in. With the support of a $25,000 loan, Miller is positioned to scale her business beyond what she thought possible. She has two vehicles in her fleet and will soon have a third. At just 23 years old, she plans to expand her business into western Nebraska and beyond the state’s borders to other Midwestern cities.

Miller was the first recipient of a loan from the new program. It is designed to provide startup funding for Engler students, offering low-interest financing to those who might not otherwise be able to obtain it.

Before applying, Engler students participate in an education and training program to learn about business management and the loan application process. Through the Engler Enterprise Financing Program, students gain real-world experience in securing funding, said Brennan Costello, the Engler program’s chief business relations officer. Because of close collaboration between students and staff, he is confident the loan repayment rate will be high. As recipients pay back their loans, the funds will be used to support other student-entrepreneurs’ business ideas.

The financing program is administered in partnership with UBT, providing low-interest business loans ranging from $5,000 to $25,000 and repayment terms of one to three years.

“UBT is proud to support the Engler program and its efforts to assist students in starting and growing their businesses. Many times, businesses can’t get off the ground as they have no access to resources, whether that be financial or a support system,” said Stephanie Dinger, vice president of small business at UBT. “We feel this is a wonderful partnership, as we not only provide financial support regarding a low-interest loan, but we also provide financial literacy and a point of contact for students as they grow and have additional needs.”

Farm Credit Services of America made a $35,000 gift through the University of Nebraska Foundation to prototype the financing program.

“We created the initial gift because the project provides hands-on learning for Engler students to build their business plans and engage with a lender to access a loan for their business,” said Bob Campbell, senior vice president of lending with Farm Credit Services of America/Frontier Farm Credit. “We believe that business owners need to be able to communicate the strategic vision of their company and demonstrate the business acumen needed to obtain financing or equity partners.”

As the Engler program continues to grow, the number of students who want to expand their business ventures is also growing. To support the student entrepreneurs, philanthropic support is requested to expand the financing program.

When the late Paul Engler founded the Engler program in 2010, his vision was to provide students with the experience and support they need to return to their communities inspired to build sustainable businesses. The Engler program provides students with the academic, emotional and financial support to make their dreams a reality.

Without the Engler loan, Miller said she may have needed to take out a traditional loan, with a higher interest rate, and risk not having the collateral to support it. 

“It might be the only way some of these ventures can exist,” she said.

She credits Engler staff for helping her sort through her business ideas, particularly Tom Field, Engler's director; Dave Lambe, chief learning officer; and Costello.

“The Engler community has been my biggest champion,” Miller said. “They push me to dream bigger and give me the resources to make it happen.”

To learn more about supporting the Engler Agribusiness Entrepreneurship Loan Program Fund, contact Justin Swanson, senior director of development for the Institute of Agriculture and Natural Resources at the University of Nebraska Foundation, at justin.swanson@nufoundation.org.