Give a Gift to Mom, Help a Woman Microentrepreneur Get a Loan
Microfinance is widely known as a strategy to empower women. Indeed, several international microfinance institutions lend almost exclusively to women. (Women entrepreneurs are generally seen as more likely to repay their loans, to reinvest profits in their families, and less likely to skip town.) In the United States, ACCION USA lends both to men and women, although special programs emphasize the importance of improving women’s access to credit.
I am thrilled to report that two influential women have recently thrown their support behind ACCION USA’s work in the form of two extraordinarily charitable donations.
From now until May 10, a portion of sales at ToryBurch.com will be donated to ACCION USA.
- Cheryl Saban, Ph.D., author, psychologist, philanthropist, and family advocate recently announced the creation of the Women’s Self-Worth Foundation and its inaugural gift of $1 million to ACCION’s U.S. programs. The grant coincides with the release of Dr. Saban’s new book, WHAT IS YOUR SELF WORTH? A Woman’s Guide to Validation. 100% of the book’s proceeds will go to support women’s causes. If you buy the book on Amazon.com via this link, Amazon will donate a portion of the sale price to ACCION USA. [Watch Dr. Saban announce her gift on the April 30 episode of The Today Show]
- Tory Burch has announced that in honor of Mother’s Day, from now until May 10, a portion of handbag and other sales will be donated to ACCION USA. When you buy a handbag or apparel for Mom at ToryBurch.com, ACCION USA will receive a cash donation. We stand to receive up to $15,000! (After all, who has too many handbags – especially Tory Burch handbags?)
These are two wonderful examples of the intersection between individual and corporate philanthropy and the not-for-profit sector. ACCION USA already teams with the Boston Beer Co. on the Samuel Adams Brewing the American Dream program, which provides microloans to low- and moderate-income microentrepreneurs in the food and beverage industry. As corporate social responsibility, cause marketing, and other innovative philanthropic techniques gain traction, ACCION USA will be actively seeking new partners. Do you have an idea about who could partner with ACCION USA to help get microloans into the hands of women (or other underserved entrepreneurs)? Let us know!
Credit Report Peace of Mind
80% of all credit reports contain errors.
Why do you care about microfinance in the United States? I’m guessing because you know that small businesses need credit to operate, but can’t always access it. Whether it’s a commercial loan for a new industrial size washer-drier, a microloan for building an eye-catching website or general working capital, many small business owners don’t have $9,000 sitting around. What document stands between a commercial loan and a new tractor? Two words: credit report.
And it’s not only business owners who should care what’s on their credit report.
Who views your credit report?
- A potential employer may judge how responsibly you handle your accounts.
- A landlord may want to see how often you are late on bills.
- An alternative financing company will compare your credit limit to the debt you’re carrying.
If all these people find your credit report important, then shouldn’t you?
When did you last check your credit report? Don’t remember?
Credit reports are not page-turners and at first they are about as easy to read as a physics textbook. But ignorance is not bliss. 80% of all credit reports have errors. Mine didn’t list my student loan. Since having both installment and revolving credit increases a credit score, the wrong information made my credit score lower. Many people discover that their identity has been stolen when they see $2,000 in overdue charges on their report with a company they’ve never had an account with!
The best website to use is www.annualcreditereport.com. It is a safe and secure website run by the three credit bureaus (Equifax, Experian, and TransUnion). You can get a free report from each bureau once a year. That means three free credit reports a year!
Right now, take the next 15 minutes and go to www.annualcreditreport.com to get your credit report for free. For help reading your credit report, please contact American Consumer Credit Counseling; they would love to talk with you. ACCION USA has excellent financial education resources on building credit. Click here to get started!
Whether you’re a small business owner, love the microfinance movement, or are simply an informed consumer, knowledge is power so find out today what your credit report is broadcasting about you!
You know things are bad in Miami when 200 people show up on time …
As this expatriate New Yorker soon found out after moving to Miami, meetings don’t often start right on time down here. This 15 or 20 minute “Miami-time” window usually gives you some time to have your cafecito before you get down to business. But I really got the feeling something had changed when 200 people showed up on time last week to see what resources were available at Miami-Dade County Commissioner Katy Sorenson’s panel for small businesses down in Homestead.
More than 200 business owners sought help at Miami-Dade County Commissioner Katy Sorenson’s Small Business Assistance Workshop.
Another thing I’ve learned in my first year working full-time for a microfinance organization, which happened to coincide with the worst economic downturn in 80 years, is that you see the economic crisis played out on the smallest scale everyday in the lending business. After the panel, I was met outside by a line of people, all with questions. Many of them were living out micro-examples of the credit crunch.
I spoke to people who have been laid off and are interested in starting businesses since the job market is so tight. All they need is a little bit of capital, but can’t find willing lenders anywhere. I spoke to existing business owners whose sales are down 50% from last year and can’t get working capital from any source. I spoke to one man who needed $2,500 for his official county carpentry licenses. He promised me he had years of experience and several jobs lined up, but further into the conversation I found out he was in the foreclosure process. “I can’t get credit if I’m behind on my mortgage payments, but I can’t get back on time with the payments with out the credit to help me get the jobs,” he told me.
Some people had driven from Palm Beach, a three hour drive in rush-hour traffic, just for information. ACCION USA’s products can be an answer for many people, but let’s face it, they can’t work in every situation. That’s the hard part of hearing all these real stories. It helps to remind myself that helping people during these tough times happens one business at a time.