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
Do You Know a Micro-Social-Entrepreneur?
This blog was published in a different version on the New York Social Entrepreneurs (NYWSE) blog here.
I recently met an ACCION USA client named Maria. The day that I met her, she had just been approved for a loan to purchase more inventory for her NYC Green Cart, where she sells fruits and vegetables in the South Bronx. And just one week prior, Maria had given birth to her third child, who was in her arms while she completed her loan disbursement.
Upon meeting Maria, I immediately connected her business with the mission of many social ventures. And while I’m only beginning to understand the breadth of the conversation surrounding the definition of “social entrepreneurship,” I intuitively feel that all female microentrepreneurs have an inherent social mission. My logic is in part derived from my experiences working in the microfinance field – experiences that have entrenched my belief in localized social change and the positive reverberations that it can cause. I’m now becoming more comfortable defending the belief that all female microentrepreneurs are social entrepreneurs, since well… no one can seem to agree on the correct definition anyway.
So if many female microentrepreneurs don’t intentionally incite a wake of social change, can they still be categorized as social entrepreneurs? Let us know what you think…
Tags: entrepreneurship, green cart, new york city, social entrepreneurship, success story, us microfinance
Microfinance Week in Review- Week ending June 18
Some of the week’s news in the microfinance, green business initiatives and the small business sector:
- Microfinance Tied to Economy, Study Finds – Michigan State University News
- The Reality of a Sweet American Dream- Queens Courier
- Groupon Coupons: The Small Biz Challenge- Bloomberg Newsweek
- No Profits, No Loans: How to Survive- CNN Money
- Underbanked Strategies- The New Faces- American Banker
- Domestic Microfinance Steps into Credit Breach- Bloomberg Newsweek
Tags: accion usa georgia, client story, CNN, microfinance, small business, success story, U.S. microfinance
Why We Do This: Greg’s Microfinance Success Story
Elements of financial education appear throughout the lending process. From teaching individuals about the high costs of payday loans to showing business owners how to separate their personal and business finances, ACCION USA equips and empowers entrepreneurs with the education to achieve their financial goals.
Every so often, one of those days comes along that brings you back to the roots of what you do. It’s that client, that partner, that sale or proposal – that something that stands out and reinforces your daily work. It’s what causes you to go home with a smile on your face.
I’m fortunate to work in a place where these days come frequently – weekly, not quarterly. At ACCION USA, our success comes from our clients, and you’ve probably seen our many client success stories. Read one, and you’ll see the power of matching a microloan with the entrepreneurial spirit. It’s exciting, and it’s inspiring.
What you might not see, though, is the added value of financial education – an element of ACCION USA’s service portfolio that makes us unique among microfinance organizations. Elements of our financial education program are weaved into each and every client success story. Whether the client attended a legal counseling workshop, used our online budgeting worksheet, or received a half-hour of technical assistance from a loan consultant, financial education is ever-present in our work.
One of our most recent success stories is a true testament to this service.
Greg’s journey with ACCION USA began in February 2009. He owns an answering service business and needed a loan to keep up with his growing list of clientele. When a damaged credit history and low credit score meant that he didn’t qualify for a loan, Greg demonstrated two characteristics that entrepreneurs tend to possess: persistence and a desire to learn. He contacted our Boston office, determined to understand how he could improve his credit history.
That call was the first of many. Throughout the next year, my colleague Melissa led Greg through the process of improving his score. With her guidance, Greg took control of his debt, improved his credit score over 60 points, and regularly called to check in with Melissa. And his hard work paid off: last month, Greg was approved for a loan.
Greg is proof that financial education can give hard-working, determined individuals the boost they need to realize their entrepreneurial dreams. And all I’m left to say is congratulations. Congratulations to Greg on his persistence and drive to grow his business. Congratulations to Melissa for her dedication.
And congratulations to all of ACCION USA’s supporters for helping connect them. You make this all possible.
Tags: accion usa, client, Financial Education, microfinance, microloan, service, small business, success story, technical assistance, value added, workshop
Back to School, Back to Small Business
Patsy and her daughter, Yanique, at Expressions Education Center
With the end of summer upon us, our minds turn to fall, when kids (and some adults) return to school and the rest of us return to work from our late-summer vacations. Patsy and Yanique, of Expressions Education Center, have already been thinking about and preparing for back-to-school season for the last few months. As they wrap up their summer camp session, they are registering elementary-school students for the fall term of their after-school tutoring program.
Patsy, a native of Jamaica and a teacher by trade, started Expressions out of her Brooklyn home fifteen years ago when she saw that her students needed more one-on-one help with their schoolwork. Soon after, Patsy’s business grew to occupy a building in Flatbush, and her daughter Yanique joined to help her mother develop business strategy. They hired additional teachers to meet their community’s growing interest.
Having no luck with local banks, Patsy had to rely on expensive credit cards to finance her initial business investment. She received a loan from ACCION USA last year in order to make some renovations required by the city government, and used part of the loan to begin paying down her expensive debt. For small business owners like Patsy, who have to rely on credit cards for large investments, ACCION USA provides one of the only low-cost options available.
Patsy and Yanique’s business is much more than just an after-school day care center for kids with working parents. They have created a fun environment for holistic academic and nutritional learning that kids are excited to come to after school. Patsy and Yanique have even begun expanding their music class options from piano and flute to more unique instruments like trumpets and drums. They also plan to continue their popular baking contests – in addition to being a good way to teach kids the valuable lesson of how to follow directions, there aren’t any complaints about consuming the resulting sweets.
For the Fall schedule, check out the events page of Expressions’ website!
Tags: education, expressions, success story