Our Part in the White House Urban Entrepreneurship Summit
What better way to boost the US economy than to rely on one of its oldest legacies – the American Dream. We are proud to be part of the White House Urban Entrepreneurship Summit! As entrepreneurship plays a central role in creating jobs and economic opportunity, the Obama Administration is committed to creating public-private partnerships to support current entrepreneurs and spark a new generation of urban entrepreneurs. Paul Quintero, thanks to the impact he has on entrepreneurs as CEO of ACCION USA, had the privilege to be invited to this White House event as keynote speaker.
According to the results of our field tests, each AUSA small business loan recipient creates 3 new jobs on average. Wages provided by ACCION USA borrowers are 24% higher than the national minimum wage. The business survival rate among ACCION USA clients is 89% for start up businesses.
Joann recieved a sprout loan from ACCION USA for her home based cheesecake business
Culinary student, Joann spent 30 years perfecting her cheesecake recipe and decided to start a pastry business out of her home. With a loan from ACCION USA, she was able to expand her advertising and her selection of products. She now rents a space at the local green market and sells her wares once a week.
Not only do we provide capital for entrepreneurs to start their businesses, but we are also invested in seeing them succeed. One of our most successful financial education programs is the Sam Adams Brewing the American Dream Program. Run by Jim Koch, founder of Sam Adams and fellow entrepreneur, this program offers small business coaching sessions for entrepreneurs in the food and beverage industries. Sit in on a session on June 13!
Check out more about the Urban Summit: Use hashtag #urbansummit on twitter:
@SteveCase: WATCH LIVE: Urban Entrepreneurship Summit http://bit.ly/m0dGbM #StartUpAmerica #UrbanSummit
Welcome ACCIONISTA Summer Interns!
CEO Paul Quintero inspiring us to think beyond any limits we have set for ourselves
On Wednesday we had a orientation at ACCION USA for our summer interns- 14 interns joined from New York and remotely from Atlanta and Boston through our gotomeeting platform and via Skype.
A few of the most memorable moments were when our “historian” Carmen told stories about our first clients, seeing the interns in Boston live through Skype video and of course, our CEO Paul Quintero uplifting everyone’s spirits and dreams about the limitless possibilities at ACCION USA.
A warm welcome to our entire Summer ACCION USA intern brigade!
In Atlanta:
- David McNeill is a Lending and Outreach Intern who recently returned from his Kiva Fellowship in Sierra Leon- he is very excited about combining his international microfinance experience with work in Atlanta at ACCION USA.
In New York:
- Airi Kobayashi is a Communications Intern studying IT Business at Notre Dame University. Airi speaks Japanese and Mandarin and has worked in marketing, technology, and design.
- Alvaro Gutierrez is a Lending Intern. Alvaro studied Business Administration and has experience teaching and working with entrepreneurs in his home country of Chile. Alvaro also worked as an Business Executive in The Nielsen Company.
- Kimberly Edwards is a Lending and Financial Education Intern from Columbia University doing her year-long field placement at ACCION USA. Kimberly has previous microfinance experience working at Self Help in North Carolina.
- Alicia Quinn is a Volunteer Partnerships and Business Development Intern. Alicia is graduate intern from Columbia University doing her year-long field placement at ACCION USA. Alicia worked in health care administration for 7 years in Vail, Colorado.
- Etel Echevarria is a Lending Intern. A native to Argentina, Etel is completing her MPA at City University of New York. Etel previously interned at Make The Road New York.
- Matt Roth is a Lending In tern. Matt recently returned from the Peace Corps in El Salvador and is also working part-time in homeless outreach in New York City.
- Lauren Yothers is a Communications Intern who studied at the University of Miami. Lauren speaks Spanish and Portuguese and also worked in community development with a renowned activist and anthropologist in Haiti.
- Mauricio Delgado is a Lending Intern. A native to Ecuador, Mauricio completed his Business Administration degree from Queens college. Mauricio has many experiences working with small business in his home country and in the U.S.
- John Remson is a Resource De velopment Intern. John recently graduated from the University of Maryland with a degree in Government and Politics. John previously worked as an enumerator for the United States Census Bureau.
- Marisa Casellas is the Kiva Intern and a graduate student at NYU Wagner. Marisa worked for three years at the Hispanic Federation of New York and is fluent in Spanish and Italian.
In Boston:
- Hajar Elaalej is a lending summer interns. Hajar recently graduated from Boston University with a double major in Economics and International Relations. She is from Morocco however, moved to Boston to finish her studies in 2008. She served at BU as the President of the Arab-Israeli Peace Alliance.
- Brinya Bjork is a Microtest Inte rn studying Business Administration from Notre Dame University. She has many experienences working as an advocate for the disabled, immigrant, women, homesless, and victims of natural disaster.
- Ryan Quillard is a Microtest Intern hailing from the University of Notre Dame where he studies Business Adminisatration. He has interned and/or worked at the Center For Homesless, Big Brothers and Big Sisters and as a swimming instructor in New Orleans.
- Carolyn McMahon is Managing Intern for Microtest. She is completing her Masters degree from the Fletcher School at Tufts University. She has vast experience in Justice working at a microcredit bank in Senegal, with a peace and justice organizations in San Fransc iso and San Deigo. She is driven to combine her experience and knowledge of microfinance with peace building initiatives.
Welcome to our newest Accionistas-Much of the success of ACCION USA is owed to the extraordinary talent and efforts of interns and volunteers.
- New York Interns returning from lunch at client restaurant, Dardanel
Tags: accion, accion usa, Aspen Institute, kiva, kiva fellows, microfinance, microtest
Celebrate National Small Business Week – Anne Mironchik
ACCION USA is celebrating National Small Business Week by spotlighting some of our clients and their businesses.
Talk about sticking with something you love – Anne Mironchik has been playing music for over 30 years! After graduating from the Manhattan School of Music in 1988, Anne started
teaching music to help support herself as she pursued her music career. She recently released a new album entitled Cookin in the Kitchen which includes her original work as well as the jazz standard “Laura” by Johnny Mercer. She was selected as a finalist with the UniSong International, which dubbed the demo version of Cookin’ in the Kitchen “…a juggernaut of a song!”
Anne runs her own production company, through which she released her most recent album. Anne’s loan from ACCION USA helped her with the production of this album. She also provides consulting and administrative assistance to two companies on a regular basis. Anne has recently started studying with jazz piano great, Mike Longo, and has really started to work on becoming a mature, accomplished jazz performer.
Celebrate small business week and check out Anne’s website to check out her music. Also don’t miss the chance to meet Anne Mironchik during the client tour at the 2011 Microfinance USA Conference on May 23 and 24th!
Department of Minority and Women-Owned Businesses adds Corporate Alliance Program
In addition to their government contractor certification, The M/WBE Program has launched the Corporate Alliance Program (CAP), an initiative that will connect City-certified Minority and Women-owned Business Enterprises to contracting and capacity-building opportunities in the private sector. The CAP program will match certified Minority and Women-owned Business Enterprises with private contracts, provide corporate skills training, and training for with the private sector. Read more about the program
How can the Division of Minority and Women-owned Businesses help your business?
By becoming certified as a Minority and Women Owned Business, you are eligible to receive increased opportunity for government contracts and financial assistance. Furthermore, by being listed in the Directory of MWBEs you will receive free advertising for your business. The MWBE Program can also provide you with courses on business, as well as one-on-one guidance on opportunities to sell to the government. If your business is 51% owned by a woman or an individual from a recognized minority group, you are eligible to become an MWBE. You also will receive exclusive invitations to networking events. You will also become a part of the Corporate Alliance Program (CAP Program). The CAP program will match certified Minority and Women-owned Business Enterprises with private contracts, provide corporate skills training, and training for contracting with the private sector.
Interested in applying for the MWBE program? Find out more information on ACCION USA’s website or call Karla Pineda at 646-833-4534.
Microfinance Week In Review: Week Ending April 7, 2011
Some of the week’s news in the microfinance, green business intiatives and the small business sectors:
- “Microlending Program Focuses on Hospitality Business“ – New York Times
Four years ago, Riccardo Romero could not find a bank to finance his first restaurant, so he ended up opening the Arepas Cafe in Astoria, Queens, with money from friends and a $10,000 loan from Acción, a nonprofit microlender that has seeded small businesses across the country. Riccardo Romero was unable to obtain traditional bank loans to open and expand his restaurant, Arepas Cafe, in Queens. Read More
- “Credit Crunch gives ‘Microlending’ a Boost” - Wall Street Journal
With lending conditions still tighter than they were before the economic downturn, many U.S. consumers are turning to microloans to help them consolidate debt, pay medical bills, start a business or keep one afloat. Read More
- “Make the Next Bailout Serve Small Business” - Bloomberg
TARP did a better job of helping Wall Street firms than it did at solving the problems of small business borrowers. While the TARP panel disbanded on Apr. 3, policy makers should learn from the shortcomings identified in its report to prevent small business from getting hammered again during the next financial crisis. Read More
- “Will SBA’s New Online Tool Boost Small-Buisness Lending?” - AOL Small Business
As part of the Small Business Administration’s newly redesigned website, the agency announced Friday the launch of its online Lender Toolkit, a section of the site intended to give small-business lenders access to more in-depth information and resources on the SBA’s loan programs. According to the SBA, the new site strengthens its collaboration with lending partners in order to make it easier for lenders to provide small businesses with the best loan programs and financing options. Read More
ACCION USA Partner Spotlight: Citi
ACCION USA has had the pleasure to be partners with Citi for the last 7 years. Citi serves as great support on a national and local level, funding everything from our micro lending and financial education programs, to product innovation, to program expansion, to even some of our new strategic initiatives like our green loan program.
Currently Citi and ACCION USA have teamed up in Miami to strengthen small businesses in Miami. In 2009 Citi awarded grants totaling $90,000 to Miami-Dade College’s School Of Business and ACCION USA to address these issues. ACCION USA has provided more than $6 million in over 1,100 loans to low and moderate income micro entrepreneurs in Miami-Dade County since its offices opened there in 2003. ACCION USA also offers a Small Business “Bootcamp” where we provide “speed coaching” to empower entrepreneurs. In providing funding as well as financial education, both Citi and ACCION USA are ensuring that small businesses in Miami have the tools they need to survive. Small businesses create jobs and by creating jobs, we are doing our part to help with the economic recovery.
For more information about Citi’s community development programs visit their brand new website: http://www.citicommunitydevelopment.com/
Microfinance Week in Review: Week Ending March 11, 2011
Some of the week’s news in the microfinance, green business intiatives and the small business sectors:
- “ACCION USA micro-lending organization aids immigrants, women, and small-business owners” - New York Daily News
- “Small Business News: The Miracle of Small Business Budgeting” – Business Insider
Long heralded as an enlightened way to lift the downtrodden out of poverty, “microfinance” has come under a cloud. The stories of lives being changed by a $27 microloan and picture-perfect scenes of smiling women with colorful handlooms, empowered by affordable credit, have been replaced by headlines about borrowers driven to suicide. At best, microfinance seems to be failing to achieve its most noble goal: poverty alleviation. At worst, some lenders are contributing to a cycle of indebtedness and abuse, just like the loan sharks they were to replace. Read More
100th anniversary of International Women’s Day -March
In commemoration of the 100th anniversary of international women’s day ACCION USA is happy to highlight some of the many inspiring women microfinance loan recipients who through their small businesses make a big difference in their communities every day.
Lucia Saenz — La Licuadora — Miami, FL
Originally from Peru, Lucia’s first job was working at a small café in Miami for minimum wage, to be able to provide for her 2-year-old daughter, Lucia worked 80-90 hours a week. After learning enough about the business Lucia was able to buy her own small café thanks to money collected from savings, family and friends. Two years later, she was ready to grow and opened a second restaurant thanks to a $14,000 loan from ACCION USA. Her new restaurant, La Licuadora, Peruvian food, has helped the community by creating 13 new jobs allowing Lucia to work fewer hours and spend more time with her family
Rebecca Irfan — Little Blessings Day Care — Fitchburg, MA
Rebecca’s home-based day care center was put at risk when the piping in her restroom needed to be replaced. A $3,000 ACCION USA loan allowed Rebecca to make the repairs and keep her business, which provides family income for Rebecca and services to local low-income families, open.
Lyn Genet Recitas — Neighborhood Holistic — New York, NY
After a traditional bank left Lyn $10,000 short of opening Neighborhood Holistic, a yoga center, ACCION USA stepped in to provide the extra capital Lyn needed. Today, a previously abandoned Harlem brownstone now serves as a community center that employs 12 people and provides Lyn with family income.
Milka Luciano — Abuela’s Cocina — New York, NY
An $8,000 loan from ACCION USA helped to finance a new refrigerator, allowing Milka to keep
the business that employs her whole family up and running. Milka’s loan also allowed her to
make other business improvements that boosted revenue and her family’s income.
Women perform two-thirds of the world’s work and produce half the world’s food, but earn just 10% of the income and own 1% of the property*. Use a microloan to support women! and let them enjoy the financial independence Lucia, Rebecca, Lyn and Milka now posses.
Gain financial indepence!
Support Microfinance!
Microfinance Week in Review: Week Ending February 25, 2011
Some of the week’s news in the microfinance, green business initiatives and the small business sector:
- “Small Businesses Weigh Recovery Act” – Wall Street Journal
In the two years since President Barack Obama signed the $787 billion Recovery and Reinvestment Act into law, some small-business owners attribute their companies’ survival to the stimulus package—yet many say the provisions in the 1,100-page law have fallen short of their expectations. Read More
Treasury Secretary Timothy Geithner Tuesday said bank lending is improving for small businesses but remains constrained as community banks continue to repair balance sheets and adjust to new regulations. Read More
- “ACCION San Diego celebrates $15 million in micro-loans” – San Diego Union Tribune
ACCION San Diego, a local micro-lending organization that provides financing and free educational resources to small businesses, announced that it has issued $15 million in loans to San Diego County business owners since it was established in 1994. The nonprofit organization has grown steadily over the past 17 years, and saw a surge in demand during the recession for its loans, which range from $300 to $35,000 and are issued to business owners who lack access to traditional financing. Read More
- “10 essential online tax resources for small businesses” – USA Today
With record-keeping and quarterly payments, tax planning is a year-round event for the small business owner.Tax-related activities, though, inevitably take on a new sense of urgency as April 15 looms near. While tax time can seem overwhelming for the time-pressed small business owner, there are many online tools and forums available to make the process a little easier and stress-free. Here are ten of our favorites…Read More
- “Ten Minutes with an Entrepreneur: Tory Burch” – Tory Burch Blog
Check out this great advice by Tory Burch in spirit of last night’s great Small Business Mentoring Event by the Tory Burch Foundation for ACCION USA’s loan recipients… enjoy!
Microfinance USA Week in Review: Week Ending February 18
Some of the week’s news in the microfinance, green business initiatives and the small business sector:
- Citibank Survey Finds Increasing Optimism Among Small Businesses – Press Release
The majority of the nation’s small business owners believe 2011 will be better than (44 percent) or the same (42 percent) as 2010, with only 15 percent expecting it will be worse, according to the latest Citibank small business survey. Moreover, Citibank’s latest survey shows an increase in entrepreneurs’ optimism about both current and future business conditions, offering a strong indication that after battling through the recession, small businesses are finally poised for growth. Read More
The U.S. Small Business Administration faces a 45 percent drop in funding under President Barack Obama’s budget request after receiving extra funding in economic stimulus legislation. The agency, which supports companies through loan programs and disaster assistance, would get $985 million in the fiscal 2012 plan Obama proposed today, a cut from the spending levels of 2010 supplemented by $962 billion in stimulus funding. Read More
- “Peering into the Peer-to-Peer Lending Boom” – AOL Daily Finance
Peer-to-peer lending, or social lending, refers to financial transactions that occur directly between individuals without the involvement of a traditional financial institution. And it’s not some passing fad. The Lending Club recently announced it had passed $200 million in total loan originations. Not bad for a business that opened its doors in 2007. And it’s just one of many sites such as Kiva.org, Zopa.com, GreenNote.com, and Prosper.com. Read More
- “Boston Beer founder brings loan program to Ohio” – Cincinnati Enquirer
Founder of The Boston Beer Co., Jim Koch, center, was on hand Friday to announce the expansion of the philanthropic Samuel Adams Brewing The American Dream program, in conjunction with ACCION USA, the country’s leading not-for-profit micro-lending organization, and local micro-lending organization Bad Girl Ventures during a press conference held in the brewhouse of the Samuel Adams Brewery in Over-the-Rhine Friday February 11, 2011. The program will provide funding for qualified Ohio applicants of current or aspiring small businesses in the food, beverage and hospitality industry. Read More