Brewing a New Market for Microloans.
ACCION USA Staff are brewing up a new market for our microloans. Where, you may ask, are we stirring up this new business? Well, we like to think of ourselves as ‘loan brewristas’, taking the craft brew scene by storm in partnership with Samuel Adams on our Brewing the American Dream program.
As the craft brew scene in America blossoms, ACCION USA is working alongside the industry’s leader and pioneer Samuel Adams to champion small craft brewers by providing microloans to start or expand a home or contract brewing operation, storefront brewery or brewpub.
Our Craft Brewer Loan Fund is making a splash across the country, supporting unique brews like California based Mateveza , Roc Brewing Company in Rochester NY and Flounder Brewing in Hillsborough. Through a recent loan to a home brew supply shop, we feel we’re starting to make a real mark on an exciting movement.
A few years ago, I (Erica) read an article in New York magazine about a couple that had opened a homebrew shop in Brooklyn. I remember being impressed by knowing that something like this could exist, that a young couple, both former chefs could open their own hobby store in the midst of the greatest recession my generation has seen.
Danielle and Benjamin’s homebrew shop is nestled in a swampy yet very hip neighborhood called Gawanus in Brooklyn. You feel like a happy hobbit walking into their garden level brew dwelling- upon entering you see a magnificently organized candy store for the likes of hobby craft brewers. When they responded to my direct email about the Brewing the American Dream Program, I biked over as quickly as I could to explain the awesome benefits that ACCION and Sam Adams have to offer their crafty community.
When Benjamin and Danielle opened Brooklyn homebrew they did it without the help of a bank or a credit card. They started selling from their home at first and later expanded to their store front on 3rd avenue. The issue Danielle and Benjamin were encountering was having space to keep enough inventory-they are able to sell out of their entire stock, sometimes in just one weekend! Once Danielle and Benjamin submitted their application and a few documents, ACCION USA was able to approve them for a loan of $10,000 to buy a larger fridge and to rent a storage space nearby to keep their beer booty.
As the American craft beer renaissance continues to take off in Brooklyn, so does their business.
At ACCION, we are very excited to be contributing to an incredible movement of entrepreneurial creativity. In addition to providing capital, mentorship, and PR support, our Craft Brewer Program has offered brewers the opportunity to apply for the Samuel Adams Experienceship. Stay tuned for more details on how you can help us select our winner!
-Erica and Elizabeth, ACCION USA Loan Brewistas.
Tags: beer, beer loan, beer microloan, brewer, brewery, brewing the american dream, loan money, micro brewer, microbrewer, microfinance, microloan, Sam Adams
Restaurant Review: Make Dardanel Your NEXT Night Out!
This blog post was written by Jeff Park, co-chair of the Microfinance Council of ACCION USA. His blog was inspired by a monthly group dinner at microfinance clients restaurants in New York City. Please join us for our next dinner at Arepas Cafe on July 25th at 7:00 p.m.
hand paintings at Dardanel
New York is unrivaled when it comes to the diverse selection of superb food outings and eateries. No other area in the United States dares packs as many crafted restaurants of iron caliber in one dense footage as Manhattan. This is all the more why we often forget that each individual restaurant tells a story. On an unassuming corner of 58th street and 1st avenue, Dardanel may at first appear to be one of the many Midtown restaurants that serve small tapas style portions of unbelievably delicious Mediterranean fare. Yet what the food or decor does not tell, the spirit of the hardworking staff does.
The ACCION USA Microfinance Council and friends arrived for a group outing. The restaurant is tastefully decorated true to the Mediterranean senses of a breezy summer’s wind. There is a fresh fish display at the front that immediately draws you in, and inside is a time portal that shuns the outside world of hackneyed modernity. With string music and murals that extend a panoramic scene of Bodrum, Dardanel showcases what seldom money alone can accomplish: a sense of belonging in a story to be told, a neighborhood experience to be shared.
Besides the great selection of Turkish wines, the newest region of trendy vinoculture, the fish are selected and directly from the Mediterranean. Ranging from Branzini to Dorado, grilled to fried, every palate is covered in their generous and customizable selections. This is no surprise, for Eddie is a seasoned restaurant entrepreneur. He, like many others, have learned from his past mistakes to build a sustainable positive cashflow business model in his life calling to share his hometown Turkish delicacies. Food and beverage ventures often face trouble finding financing from conventional lenders because their business is innately risky. When Eddie was refused several times from major commercial banks , he turned towards ACCION USA for help. Because ACCION USA is a non-profit microlender that works one-on-one with each client, giving many aspirers like Eddie a chance in his aspiring business, his dream was bolstered.
Eddie shares with us his past successes and failures and then his undying vision to expand his franchise. He shares his strategic and tactical concerns over the dining party, from the width of the restaurant foyer, to the size of his restaurant entrance’s ability to sync more eye contact. As the Council discussed our upcoming events and volunteer projects to be managed, it was heart warming to know that our work is directly benefiting people like Eddie and many more. At the end of the night, we asked Eddie about how he attained the colorful panoramic landscape painting that spans the restaurant, which is difficult to explain unless you visit the restaurant yourself. He shared with us that his local entrepreneur friend, who is also an aspiring painter, was commissioned to depict something that he and only his friend could have known of from back home.
It is often difficult to think about supply-side economics when the notion of capital is not nearly as sizable as the Federal Bank’s balance sheets, but in my heart I was glad to see the impact one loan extends beyond the traditional scope of scalability that I have statically assumed before. I walked away from the night, confirming the true impact that microfinance makes in the United States, especially in an unlikely Manhattan, and knew that it was not only my responsibility but my privilege to continue giving back.
Tags: accion usa. accion, microfinance
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
Attention Microfinance Students! 2 Days in New York, 40 breakout sessions and 800 attendees…for only $75!
ACCION USA, Opportunity Fund, and Kiva bring you the Microfinance USA 2011 Conference this May 23-24 in New York City!
Are you a student interested in local economic development? Are you passionate about being part of the growing microfinance movement in the U.S. – and interested in learning from industry experts about the impact you can make? If so, this conference is not to be missed. Microfinance USA provides a unique setting for networking and learning from the industry’s top practitioners, funders, and researchers.
Topics that will be discussed at this year’s conference include:
- What does “Microfinance” mean? – debating and defining our terminology
- Impact of microlending in the U.S.
- Social Entrepreneurship and Microfinance
- Promise and Peral of Microfinance Impact Evaluations
Over two days, you can:
- Network with leading practitioners and researchers in the U.S. microfinance field
- Attend plenary sessions and panels led by the nation’s leading microfinance voices.
- Deepen your understanding of the challenges facing Microfinance Institutions through case-study analysis.
- Experience microfinance first-hand by touring local microenterprises in New York.
- Debate current microfinance topics during small group sessions and networking dinners.
- Discover how students LIKE YOU are impacting the domestic microenterprise industry in remarkable ways
- Collaborate with student microfinance clubs and young professionals across the country
For More Information please visit the website:
http://www.microfinanceusaconference.org/home/
Student Price: $75
Tags: accion usa, Economic, Financial services, kiva, microfinance, microfinance USA conference, new york city, Opportunity Fund, United States
Want To See The Way Microfinance Works From The Inside?
Join us, December 1st at 5:00PM EST for “Underwriting: Microfinance Behind the Scenes,” an exciting webinar about how to underwrite a microloan presented by the Microfinance USA 2011 Conference. We’ll be hosting two of the industry’s leading loan underwriters: Neil Boss, Senior Underwriter at ACCION USA and William Cardenas, Senior Loan Consultant at Opportunity Fund.
Their online presentation will include:
- Case studies of recent loan approvals
- Common microloan application strengths and weaknesses
- Internal processes (and the evolution of processes) that have lead to improved and quicker loan decisions
- Plenty of time for virtual Q&A with webinar participants
The webinar will give a sneak peek into the types of topics and sessions that the Microfinance USA 2011 Conference will explore. We’re excited to co-present the conference in New York City on May 23-24, 2011, in partnership with Opportunity Fund and Kiva. We’ll make sure you’re the first to know when registration opens later this year. In the meantime, this webinar is not to be missed! Register now and mark your calendars for this exciting event.
Tags: accion usa, kiva, loan, microcredit, microfinance, new york city, Opportunity Fund, United States
On the 41st Day Before Christmas…
Walking through downtown Boston this morning, I heard, for the first time this season, the faint but familiar sound of “Jingle Bells” ringing through the city blocks. It’s hard to believe it, but we are now six weeks away from Christmas and entering the bustling holiday season. And I’m not afraid to bring the first cheer to ACCION’s blog!
By doing so, I hope to plant a seed early in the shopping game: buy local. Now if you’re a regular local shopper, you don’t need any convincing. If you buy locally occasionally, you’re probably easily swayed (especially by the mobs at Target and Macy’s!). But I am particularly encouraging those who don’t fall into either of these categories (and it wasn’t long ago that I myself was in this mix) to simply think about shopping locally this holiday season.
Even if you use this mentality for one gift this year – just one! – you will play a vital role in supporting your neighborhood and the entrepreneurial community across our country. You will help alleviate the plight of small businesses, recently addressed in a poignant New York Times article. Part of ACCION’s work is to connect these hard-working entrepreneurs with the resources they need, including capital, financial education, and business mentoring.
How will you choose to shop this holiday season?
Today, we’re connecting them with another resource: you.
And we’re helping you by bringing a little ease and creativity to your holiday shopping! Here are a few ideas (all inspired by ACCION’s own clients from across the country) to get you started:
10. Pick up a cool piece of vintage clothing for your niece.
9. Save the pet lover in your family the hassle of cleaning the dog.
8. Grab your brother a gift card to a local coffee shop.
7. Extend the gift with a few weeks of housecleaning services.
6. Send personalized and memorable cards to family, friends, and (for you professionals) clients.
5. Treat your mom to a day of pampering.
4. Send tasty ethnic treats to your co-workers and neighbors.
3. Surprise your parents with a full car detail.
2. Buy a bracelet or CD from a foundation that supports ACCION’s clients.
1. Help ACCION continue supporting all of these entrepreneurs by making a donation in someone’s name.
This season has a different meaning to everyone. For many this is the best time of year; for many it is not. But the invariable truth remains that shopping locally can serve not only as a present for your loved one, but moreover, a gift for a small business owner. In many ways, it can be a gift for yourself, as well: the peace of mind knowing that you supported your local community and brought a greater sense of thought, creativity, and care to your purchase.
So, will you consider buying locally this year?
Tags: Boston, Buy Local, local business, microfinance, New York Times, small business, success story
A Pilot Seminar Initiative
It’s a rainy Tuesday night in East Boston; a nice night to stay at home or in the shop. Yet at 143 Border Street in East Boston, dozens of entrepreneurs trickle in to grab a seat for the second night of a seminar series on Business Financial Management. The energy and excitement grows, as business owners from around East Boston and the greater Boston community, fill up a conference room at the Neighborhood of Affordable Housing (NOAH), and East-Boston based community development corporation, to participate in a class on ‘Understanding Financial Statements’.
Seminar participants
This is the second class of a six-part seminar series for Latino business owners on Business Financial Management. The series was designed by a collaborative group of business assistance providers and community organizations including ACCION USA, the Hispanic American Chamber of Commerce, East Boston Savings Bank and NOAH. These organizations came together with a common goal of facilitating a comprehensive series on managing business finances, led entirely in Spanish, while providing a space for business owners to make connections with one another.
Seminars take place every Tuesday night for six weeks and are led by professionals in financial planning, accounting, and ACCION USA. The continuous flow of questions, answers and comments last week indicated that many entrepreneurs have real questions around how to organize and reconcile their expenses, while others have examples and ideas that they are willing to share.
Small businesses are essential to building strong communities and a healthy economy.
Tags: accion usa, Boston, business, East Boston, massachusetts, microfinance, small business, United States
Brazil! Meet Two Inspiring Female Brazilian Entrepreneurs in Boston
ACCIONistas Erica Dorn and Amelie Busch, had the opportunity to visit two ACCION USA female entrepreneurs in Boston recently. This short video about their trip is an inspiring look into what microfinance can do not only for small business but also women hoping to improve their livelihood. A small loan from ACCION USA can enable women to be financially self-sufficient while growing a business that strengthens the economy. Those are just two reasons why female entrepreneurs ought to have better access to financial capital and a chance to be the strong and fabulous women that they all are!
Visiting Two Female Entrepreneurs in Boston from ACCION USA on Vimeo.
Tags: accion usa, Boston, business, credit card, microfinance, Saving, small business, United States
Microfinance Week in Review: Week Ending August 27th
Some of the week’s news in the microfinance, green business initiatives and the small business sector:
- Quest for the Perfect Credit Score- CNN
- No Down Side for Pittsburgh Businesses as Students Arrive- Pittsburgh Review
- Small Businesses are Official’s Business- The San Diego Union Tribune
- Five Things Small Businesses Want From Washington- NACS Online
- Small Businesses Loan Programs Need Cash ASAP- CNN
Tags: credit, credit cards, loan, microcredit, microfinance, pittsburgh, small business, Washington D.C.
Microfinance: What’s In It for Today’s Teens?
This post is presented as part of our Youth Microfinance blog series. By nurturing student thought leadership, ACCION USA is helping to build future leadership for the microfinance industry as a whole. We hope that you’ll enjoy the ideas and perspectives of ACCION USA’s youth leaders as well as Main Street Microfinance’s regular posts from industry professionals.
By: Percy Allison
What attracts a high school senior to microfinance?
It may be hard to draw the comparison between a stu![soccer2.jpg_0[1]](http://www.accionusa.org/blog/wp-content/uploads/2010/08/soccer2.jpg_01.jpg)
dent’s soccer struggle and the effort of the entrepreneur, but I would argue that the raw similarities are surprisingly real.
During four years of struggling to become the varsity starting goalie I learned about risk, drive, persistence and perseverance.
Every entrepreneur is taking a risk. They are starting their own business. They are taking a chance to succeed. Every young person takes risks. Every young person needs someone to give them a chance to prove to the world that they too can do it. Whether it is the teacher staying after class and giving an inspirational pep talk or the football coach giving the quarterback another chance after he threw the game-losing interception – every young person needs someone to believe in them – and so does the entrepreneur.
This is why so many young people are fired up by microfinance. It is other people being creative and finding their own way. So are we. It is other people putting their heart out for something. So are we. It is other people being courageous, intelligent and believing in themselves and more importantly believing in the world to support them. I guess that is the big thing. They believe. As young people, that is the most important thing. We believe. We are new to life and we believe in it. We want to find our way. These entrepreneurs share that same contagious passion. How could we not be inspired? How could we not see ourselves in the ACCION USA client?
There are a ton of organizations and a variety of ways to help alleviate poverty and do good. But among all of those, microfinance finds a special place in the heart of teens. In this way, helping the entrepreneur is like helping ourselves — seeing them achieve is seeing ourselves achieve. And it all is confirming our belief that in the end, success is believing in yourself.