Microfinance Week In Review: Week Ending May 13, 2011
Here is some of the latest news in the microfinance, small business, and green business sectors:
- “Microfinance USA Conference to Ignite Action for Consumer Protection and Increased Microfinance Services in the United States” – San Francisco Chronicle
Confidence among U.S. small companies fell to a seven-month low in April, damped by a deteriorating outlook for the economy, a private survey showed. The National Federation of Independent Business’s optimism index decreased to 91.2, the lowest since September, from 91.9 the prior month, the Washington-based group said today in a statement. Seven of the measure’s 10 components dropped. Read More
- “Small Business Week May 15 through May 21, 2011“ - Press Release
Our country started as an idea, and it took hard-working, dedicated, and visionary patriots to make it a reality. Successful businesses start much the same way — as ideas realized by entrepreneurs who dream of a better world and work until they see it through. From the family businesses that anchor Main Street to the high-tech startups that keep America on the cutting edge, small businesses are the backbone of our economy and the cornerstones of America’s promise. Read More
Microfinance Week in Review: Week Ending May 6, 2011
Large, publicly traded businesses have a vast array of options when they want to capitalize growth. Small businesses? Not so much. In fact, there are only three primary sources of growth capital for a small business: Read More
“Can Business Inspire Consumer Behavior Change?” -The Guardian
Over the last few years, the penny has finally dropped that consumers are not going to change their behaviour when it comes to a more sustainable pattern of consumption. Only about 20% are enthusiastic enough about green issues to put their money where their values are and demand greener products. So what is a green-minded company to do? Should it be brave enough to change itself and trust customers will follow? And how does it reach past that 20% of early adopters to engage the vast majority of customers? Read More
Microfinance Week In Review: Week Ending April 29, 2011
Here is some of the latest news in the microfinance, small business, and green business sectors:
- “Mexico’s Compartamos 1Q Net Profit Rose 14.8% On Higher Fees“ – Wall Street Journal
Mexican microfinance lender Banco Compartamos (COMPART.MX) said Monday its net profit rose 14.8% in the first quarter as the company generated greater income from delinquency fees and a voluntary life-insurance product. Compartamos, which specializes in small loans to individuals and small businesses, reported net profit of 459 million pesos ($39.5 million), or MXN1.10 per share excluding shares repurchased, compared with MXN400 million or MXN0.96 per share in the year-earlier period. Read More
Hear Compartamos CEO Carlos Danel speak on balancing mission, profit, and impact in microfinance at the 2011 Microfinance USA Conference.
- “Micro-lending site Kiva goes green” - Reuters
Kiva, a site that enables person-to-person loans, has just added a new category of green loans to help borrowers move to cleaner and safer forms of energy, green agriculture, transport and recycling. Loans made through Kiva generally go to individuals or entrepreneurs in the developing world, but some do go to people in the U.S. Read More
- “How to Cut Small-Business Operating Costs“ – PC World
Most people expect that running a small business means heading to the bank, hat in hand, asking for a five- or six-figure loan just so they can get through the month. Thanks to modern technology and the Web, however, that’s no longer the case. Savvy business owners know that numerous cheap and free tools work just as well as their expensive, brand-name counterparts. Here’s where to look for business bargains. Read More
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
Microfinance Week In Review: Week Ending April 1, 2011
Some of the week’s news in the microfinance, green business intiatives and the small business sectors:
- “5 can-do companies made in America” – MSN Money
Despite the impressive growth in emerging markets, the U.S. still ranks consistently high for the kind of moxie and can-do attitude it takes to invent breakthrough technologies and products, and in creating fast-growing, job-producing companies, say academics at Babson College in Massachusetts who study these things. A recent count, by a Babson College professor, of the most entreprenurial companies in the world shows that 60% of them are based in the U.S., even though the U.S. accounts for only 23% of the global economy. Read More
- “Documentary looks at ‘rock star’ of banking” – Pittsburgh Tribune-Review
When I first started reporting on women entrepreneurs in conflict and post-conflict zones in 2005, nearly everyone, from IMF officials in their offices to development workers in the field, told me the only women I would find would be “selling cheese by the side of the road.” Women, I was told again and again, did not own the kind of growing businesses that created jobs and economic growth. This, it seemed, was strictly the purview of men. Read More
To Catch A Dollar – Microfinance in the USA
On March 31st, To Catch a Dollar, a film that explores the beginnings of the Grameen Bank in the United States, will be shown in theaters around the country.
In recent months, many questions have arisen over whether microfinance is capable of achieving its goal of aiding the poor. However, in the United States microfinance has been hailed as one of the roads to economic recovery. The idea is that increased lending to small businesses and entrepreneurs will create jobs and stimulate the economy. Microfinance seems to appeal to the American Dream: If given the opportunity and if you work hard, you will be able to succeed. Is there something different in the microfinance approach in the United States? Perhaps To Catch a Dollar may hold some answers.
Discuss this topic and more at the Microfinance USA Conference.
Watch a preview for the conference here: http://www.youtube.com/watch?v=OcH1Y7lxQnU
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 25, 2011
Some of the week’s news in the microfinance, green business intiatives and the small business sectors:
City Council Speaker Christine C. Quinn today launched Credit Ready NYC – a Citywide initiative to increase lending throughout the five boroughs by providing resources to small businesses struggling through the credit crunch. The Council partners included: ACCION USA, Chase Bank, Citibank, New York State Small Business Development Center, NYC Business Solutions, Project Enterprise, Queens Business Outreach Center, Seedco Financial Services, Inc., Sovereign Bank, State Bank of Long Island, Sterling National Bank, TD Bank, N.A., Dime Savings of Williamsburgh, United States Small Business Administration, and the NYC Department of Consumer Affairs. Read More
- “Small Business Needs Funds to Compete – Geithner” – Wall Street Journal
U.S. Treasury Secretary Timothy Geithner on Tuesday told policy makers and entrepreneurs that U.S. small businesses need greater access to capital to spur innovation. “The financial crisis caused a great deal of damage to the capacity of innovators to access capital, and we can’t promote innovation and investment in the United States unless we help innovative companies get the funding they need to succeed,” Mr. Geithner said in remarks prepared for a Treasury-sponsored conference. Read More
- “Crowd-funding sites getting attention from investors“ - Los Angeles Times
Fundraising websites that rely on social media focus on helping people raise money for such things as hospital bills and tuition. But recent six- and seven-figure campaigns show that they could be another way for start-ups to secure funding. Read More
- “To Catch a Dollar: Poor Women, Small Business And a Chance to Succeed in America” – Huffington Post
To Catch a Dollar, a documentary opening at the end of the month, follows industrious women on their quest to pull themselves out of poverty with the help of Grameen America, an arm of Nobel laureate Muhammad Yunus’ iconic microcredit bank. The film explores Grameen’s efforts to empower struggling women by providing them means to establish their own businesses. Read More
How Does Microfinance Impact the United States?
In the wake of the controversy surrounding Muhammad Yunus and the recent anti-microfinance sentiment, one cannot help but wonder about the role of microfinance in the United States. The case study in India may present a negative view of microfinance, but in the United States there seems to be a different story developing. (Learn more about the case study in India at the Microfinance USA 2011 Conference)
The Small Business Jobs Act that was signed last year suggests that the United States is moving in the direction of microfinance to improve the economy. This Act increases the amount of loans available to small businesses and entrepreneurs. Will this help communities in the United States? From what I’ve seen as an Accionista, I believe that it will.
Microfinance helps the development of small businesses in the United States. Many budding entrepreneurs are unable to get a loan from the bank to start their business. Microfinance institutions are able to provide these smaller loans to medium to low income entrepreneurs. The impact of their small business then has a ripple effect on the local community and its economy.
Small businesses improve the community. When a small business opens in an area, that business owner creates ties to the area and the people in it. The health of his business becomes dependent on the health of the community surrounding it.
Small businesses create jobs. Small businesses on average create between 3-5 jobs each year. These jobs also tend to hire members of the community in which they open. Not only does this create jobs in the community in which it opened, but it also improves ties between members of the community.
Sandra Talks With Her Customers
Small businesses inspire quality.
Small businesses have a lot of competition from large corporations here in the United States. One thing that small businesses can offer over many large corporations is a commitment to quality and customer service. Small businesses need to rely on their customer’s opinion of them, rather than the promise of cheap prices. Therefore maintaining a high quality product or service is more important to a small business than it is for larger businesses.
Because of its ability to help increase the development of small businesses, I believe that microfinance in the United States is extremely important, especially on the road to our economic recovery and I am happy to be involved.
Do you think microfinance in the USA is important? Share your ideas and come to the 2011 Microfinance USA Conference to discuss with top industry professionals whether microfinance is important in the USA. Register now to take advantage of the Early Bird Discount that ends today: www.microfinanceusaconference.com
Microfinance Week in Review: Week Ending March 18, 2011
Some of the week’s news in the microfinance, green business intiatives and the small business sectors:
- “Claudia Cardozo from ACCION USA to Address RILPBN” - Providence Business News
Claudia Cardozo a business development officer at ACCION USA, to address RILPBN Friday April 8, 2011 6:00 PM at El Macuto (Ada’s Creation) 1137 Broad Street Providence, RI 02905. she will be talking about access to capital for micro-entrepreneurs in Rhode Island. Read More
- “Online Video Offers Low-Cost Marketing For Your Company“ - New York Times
Online video is becoming a first stop for many customers. It is akin to what the Web page was a decade ago — something that can give early adopters an edge over competitors. It gives them a channel to talk directly to customers in ways previously accessible only to large companies that could afford TV advertisements. Read More
More than 128 million of the world’s poorest families received a microloan in 2009—an all-time high, according to a report released today by the Microcredit Summit Campaign. Read More
- “SBA Salutes Small Businesses that Drive America’s Economy at National Small Business Week May 18-20“ - Business Wire
The nation’s top entrepreneurs will be honored at the U.S. Small Business Administration’s National Small Business Week events May 18-20 in Washington, D.C. Under the theme, “Empowering Entrepreneurs,” a series of events and educational forums will mark the 58th anniversary of the agency and the 48th annual proclamation of National Small Business Week. Read More