Putting Financial Skills into Action: New FIELD Whitepaper
There’s a renewed awareness today that it’s not enough to simply be knowledgeable about financial concepts–it’s about applying that knowledge–even in simple ways. We all know that eating vegetables are good for us yet, more often than not we reach for the french fries instead. This simple scenario also holds true in the realm of financial skills. Many of us know that we need to save, budget and work on our credit score but all too often we give in to impulses and put things off until tomorrow.
This move from gains in financial knowledge toward putting these skills into practice has been termed ‘financial capability’. A commitment to building financial capability is growing amongst microenterprise organizations, as discussed by the Aspen Institute’s FIELD program’s new white paper on the topic. Microenterprise organizations like ACCION USA use financial products coupled with financial education, allowing microentrepreneurs to not just learn about managing finances, but to effectively put that knowledge into practice with a financial product.
How is ACCION USA building financial capability? ACCION USA’s small business loans, secured loans (guaranteed with the money of the applicant) and small dollar credit builder loans (for individuals with no credit history) allow microentrepreneurs to build a strong installment credit history through on-time payments over an extended period of time. Financial education on credit and other small business fundamentals is provided by AUSA staff throughout the application process and the life of a small business loan, building skills around credit management that lead to long-term financial success.
Keep your eyes peeled for new tools that are emerging to support work around financial education for microentrepreneurs, like ACCION USA’s e-learning course on credit, or other web-based training sites like assetplatform.org.
Billionaires Pledge to Give Away Half of Their Fortunes
Everybody in the non-profit sector should make sure to read the New York Times article “Pledge to Give Away Half Gains Billionaire Adherents” published yesterday.
According to Stephanie Strom close to 40 American billionaires including NYC’ Mayor Bloomberg, David Rockefeller, Bill and Melinda Gates, and Warren Buffett made the promise to donate at least half of their fortune to philanthropy.
The combined total of the donations will be close to $600 billion !
What do you think this means for microfinance and the non-profit sector?
Tags: LinkedIn
Music + Microfinance
I was intrigued when I first learned about Hope Sings, a new musical collaboration project that brings the uplifting stories of microentrepreneurs to life through original song. Unable to carry even the most basic tune, I’m always impressed by talented musicians. But knowing that people were writing songs about microfinance borrowers truly boggled my mind.
Marta Gómez, Colombian songstress
If you’re also curious about how Hope Sings is melding music and microfinance, check out the project’s June 23rd concert, presented by Marta Gómez, the acclaimed Colombian singer/songwriter that was deemed the “essence of Latin cool” by Billboard magazine. You’ll learn a new song or two, and help raise funds for ACCION USA’s international counterpart, ACCION International.
Who knew microfinance could be so cool?
Hope Sings
Wednesday, June 23, 2010, 7-10 p.m.
1359 1st Avenue (at 73rd Street)
$20 in advance, $25 cash at the door
Space is limited, reserve at http://hopesings.net/in-the-news
Microfinance? There’s an App for That.
Before you check out, "check in" with CauseWorld to earn karmas for ACCION USA.
Calling all iPhone and Android users! Thanks to the generosity of Citi, ACCION USA is now one of just 28 featured charities on the CauseWorld smartphone application. In a twist on the location-based social networking craze (think foursquare), CauseWorld’s over 300,000 users collect karmas by using their phones to “check-in” at retail stores, or to scan the bar codes of common retail products. Users then donate to the cause of their choice these karmas, which become (you guessed it) cold hard cash for their favorite charity.
Just think, you can enable a microloan to a hardworking microentrepreneur right here in the U.S. with every trip down the supermarket aisle. (Go for the Crest Whitestrips. Biggest karma for your buck.) All you need to get started is the free app, which is available for download at CauseWorld.com.
You can read more about CauseWorld on the New York Times’ “Bits” technology blog, The Wall Street Journal, and a bunch of other places. Thanks again to Citi and CauseWorld for supporting ACCION USA and U.S. microentrepreneurs.
Calling all Multi-tasking, Socially Conscious Network Administrators
Now through May 31st, with just one simple download, you can upgrade your network management software while helping to put a loan in the hands of struggling small business owners. That’s right. Ipswitch, Inc., developer of the WhatsUp Gold suite of innovative management solutions will donate $1 for every download of its WhatsUpGold products to ACCION USA through May 31st.
Every dollar donated will go to ACCION USA’s national microlending program which provides lower-income entrepreneurs across the nation with affordable credit and financial education needed to build, sustain, or expand their small businesses. They’re thrilled to support the success of the smallest of small businesses, having humble beginnings of its own just 20 years ago. Today, Ipswitch, Inc.’s Network Management Division develops the comprehensive IT Management software that’s assuring the availability, health and security of over 100,000 thriving networks (and counting) worldwide.
So, while all you patient Network Administrators answer your 30th password reset request this week and stand on the front lines of the relentless war against spam mail, take comfort in knowing your work can empower a local entrepreneur to build a successful business and earn a living wage. Download WhatsUp Gold today.
Tags: $1 donation, inc., ipswitch, microfinance donation
ACCION USA In the Running for a $1 Million Grant
We’ve got a big secret to share. For the past three months, ACCION USA has been knee deep plotting and planning its biggest microloan marketing and awareness campaign to date. Today, we’re happy to fill you in on the details.
ACCION USA is proud to be one of eight nonprofit organizations chosen to compete for a $1 million grant in Giving Made Simple, an online voting campaign where Sam’s Club members will help choose how to direct $4 million in charitable giving. In order to get the top $1 million grant, we’ll need to get the top number of votes in the entrepreneurship category.
Giving Made Simple is challenging us to put out networks to work! We’re in the running alongside some amazing small business support organizations— the Corporation for Enterprise Development (CFED), Community Reinvestment Fund (CRF) and Kiva will all be vying for the funds—and will need each and every one of our supporters helping to spread the word about our campaign.
Here’s how to get involved:
- Sam’s Club Members: Vote! If you’re one millions of people in the U.S. that belongs to Sam’s Club, VOTE NOW and VOTE OFTEN – you can vote once a day each day through May 2. We did the math and know that we’ll need about 750,000 votes to win, and each time you vote ACCION USA brings us one step closer.
- Spread the word by donating your profile picture for a day at www.DonateProfilepicture.Org. You’ll let all of your friends know that you support ACCION USA, and will inspire others to get involved. The video gives more detials.
- Calling all student groups: We need you to use your creativity and social networks to spread the word on campus. Learn how you can win a trip for two to the Microfinance USA 2010 Conference and support AUSA’s Giving Made Simple campaign by participating in our Student Challenge. Learn more here.
We’ll keep you posted here on what we’re doing to promote the campaign and hope you’ll check back for updates!
Microfinance at Work in Miami: Local Success Story Video Series
ACCION USA’s “Microfinance: It’s Not Charity, It’s a Chance” awareness and holiday fundraising campaign launched earlier this month and has since won critical acclaim. Thanks to everyone who has helped spread the word by sharing our video on Twitter, Facebook, email, and more. With nearly $3,000 raised, we’re at a steady pace to reach our final goal of $10,000 by the end of the year!
As part of the campaign, Main Street Microfinance will be bringing you video blogs of donors and borrowers from across the United States to inspire others to join the cause. Check out our first client video interview, from Miami, Florida:
Meet Everardo, owner of Branford’s Originals Hot Sauce. Using family recipes from his native Panama, Everardo concocts a wide variety of unique hot sauces and barbeque sauces (try the best selling Roasted Garlic sauce to add tangy spice to your grilled chicken.)
With a small business loan from ACCION USA, Everardo was able to expand his business and he now carries 10 sauces. You can find his sauces in Sedano’s Supermarkets and Whole Foods throughout Florida. If you’re outside the state, pick up a gift basket on the Branford’s website for the spicy food lover on your holiday gift list.
Thanks to Benjy Himmelfarb in Miami for the interview and video footage!
Top 7 Local, Online Retailers: Buy Local, Give Local this Holiday Season
As the holiday season kicks off, consumers are faced with the lingering question that haunts us every year. Where should I do my holiday shopping?
Check out Funky Urban's unique graphic T's
While the bargains and catchy jingles sported by huge mega stores seem inviting, I urge you to take a moment to think about the number of mom-and-pop retailers in your local area who would benefit much more from your business this holiday season. You can learn more about who these small business owners are in our new video.
Not only will you be helping small business owners, but you’ll find that local businesses offer bonuses you won’t find in larger stores. Small business owners pride themselves on providing great customer service. The small storefront means that , you will less likely be battling crowds for the last pair of gloves on the rack, the freshest flowers, or that prime piece of meat for your holiday celebration dinner.
So this holiday season, give back to the people who make up your local small business community by shopping locally. You won’t be disappointed.
To make it as easy as possible for you to support local small businesses, no matter your location, we’re giving you a list of small, local retailers that sell online—all are ACCION USA clients, and all are locally owned small businesses that are giving back to their communities.
- Funky Urban- cool printed t-shirts and hats for men, women and children.
- Jonathan Garcia Photography- sells and ships beautiful photos both framed and unframed.
- Bijules NYC Inc- gorgeous hand crafted jewelry and clothing.
- Dope Jams- an eclectic mix of records, books, DVDs and other odds and ends
- Diversity In Art- online art gallery dedicated to providing ethnic & cultural art that is representative of our own diverse backgrounds.
- iZon Greetings- special customized greeting cards for the holidays and all year round.
- Deborah’s Kitchen- scrumptious all natural, low sugar spreadable fruit and relish.
I’d love to hear from you—where are the local deals for holiday gift shopping near you?
10 Reasons Why Microfinance Isn’t Charity
‘Tis the season for holiday fundraising, and along with holiday cheer we’re sharing our message that microfinance gives hard-working people the chance they need to support themselves. Our holiday fundraising site, www.itsnotcharity.org, is up and running and even though it’s cold outside, you can make our donation thermometer get on the rise.
What Donors Want to Know
How does a donation to ACCION USA impact our clients? Well I’ll tell you. And you may just see yourself, your mother, cousin, best friend, or next door neighbor in these ideas as well.
10 Reasons to Give to ACCION USA and Microentrepreneurs
- Know somebody who needs a job? Our microentrepreneurs create or retain an average of 2.4 jobs
- Sustainability: Our loans gets recycled into the loan fund where it grows and then gets lent to the next entrepreneur
- Impact: Our loans help microbusiness owners increase their income about 20% on average
- Entrepreneurs have to start somewhere. We can offer loans to start-up businesses as young as 6 months old. Most banks are looking for 2 years in operation
- Universal Education. Our stellar financial education program, from tip sheets to webinars, is free and open to everybody
- The America Dream. 67% of our microentrepreneurs have immigrated to the US to achieve their dreams, like owning a small business
- Business survival. An astonishing 97% of ACCION USA’s established businesses and 90% of start-up businesses stay open, even in this economy!
- Giving people the credit they deserve. People near our branch offices with no credit history can start building it with one of our loans
- Be a part of our socially conscious partner community. Join the ranks of Kiva, the designer Tory Burch, Samuel Adams, and many more
- It’s not charity, it’s a chance. And you can’t beat that!
Want more reasons why you should give the gift of a chance? Watch our video to learn more about microfinance in your local community. You can even dance while you’re watching…
Microfinance Video Launch: It’s Not Charity, It’s a Chance
Over the past few weeks, we at ACCION USA have been thinking a lot about the impact microentrepreneurs have on our communities. Since their local impact is such a large part of our lives, we decided to put together an amazing microfinance video about it! The video launched yesterday as part of our It’s Not Charity campaign to raise donations this holiday season. And better yet—each dollar raised will be matched 100% by ACCION USA’s Board of Directors!
Making the microfinance video was an exciting opportunity for us to creatively think about what our communities get back from supporting microentrepreneurs. First, microentrepreneurs create new employment, which provides more people with the opportunity to earn a living wage, support their families, and spend their income at other businesses. Second, microentrepreneurs enliven and enrich the communities we live in—we all value the human connection and conversations we share with our local business owners on a daily basis.
Third, and perhaps most importantly, microfinance doesn’t mean giving charity—it means a chance. That’s why we’ve chosen “It’s Not Charity, It’s a Chance” as the overall theme of our campaign.
Consider giving back to your local community by donating to ACCION USA this holiday season and buying from local businesses. In the meantime, check out www.itsnotcharity.org and the video above!