Not at all. Here's how you'd go about it:
* for each medium to large University, there will usually be at least one person, if not an entire org of people that will guide you through the process, manage comms with the bank and help you to frame the business plan. These institutions (what I referred to as an "accelerator" in my OP) are publicly funded. You do not pay them.
* prepare your business plan (milestones, market research, financial plan) - at this point you can also utilize other financial support (e.g. matched funds for market research)
* you nominate a "mentor" - this is meant to be an independent expert that will serve as an informal advisor and secondary contact for the bank. There's no liability involved, and usually this is an industry expert, or professor, etc.
* bank accepts the business plan and starts payments
* during the scholarship, the bank will keep in touch with you and the mentor to check in on your business plan milestones. This is mostly an anti-fraud check.
It's important to realize there's an alignment of incentives here:
* you want to start a company and get financial support
* the accelerator advanced its mission (get more startups going)
* the bank advances its mission (create more value in the local region)
* the business plan and milestones unlock ultra-low-interest follow-up financing if you need it, since the bank has already been involved for 18 months and knows the potential/liabilities of your business
This all sounds like a lot, but I've seen founders go through the entire process in just a few weeks of planning. And much of the work, like business planning, is what you need to do anyway.