Scholastic News For Kids

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Scholastic News For Kids

This Weeks Scholastic News Cover Story – A Real Education in Money!

Students learn to manage their own businesses.

Tiffany Medina and Jasmine Sutherland eagerly approach loan officer Vanessa Marrero a the Elmwood Bank. Tiffany and Jasmine are Vanessa’s first customer. They take their seats in front of Vanessa’s desk with a loan application in hand. “We have a business and we are trying to get a loan,” the girls explain. Tiffany and Jasmine hope to get startup capital for their business, T&J Picture Frames. “We make picture frames and sell them to the public,” Jasmine says. “If they want, they can get them custom-made. We can put a person’s name on it, or we can design it the way our customer wants it.”

But before Tiffany and Jasmine can get their business off the ground, they need to buy supplies and have enough money to pay the 10 employees included in their business plan. They turned to the bank for a loan. Vanessa looks over their application and asks a few questions. She speaks with her manager, bank president, Horatio Andrean, then returns with good news for the girls: “ I brought your application to my boss, and he approved your loan.” Vanessa writes the girls a check and send them on their way. In return for the loan, Tiffany and Jasmine will repay the bank a 5 percent fee in addition to what they borrowed.

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