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