ACCION at high school
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ACCION at high school

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  • Sources: Center for Financial Services Innovation study; Board of Governors of the Federal Reserve System (2007). Report to the Congress on the Availability of Credit to Small Businesses. Washington: Board of Governors of the Federal Reserve System, October.; FIELD Institute Market survey 2005; Rosen, Harvey S. (1998). "The Future of Entrepreneurial Finance,"  Journal of Banking and Finance , vol. 22 (August), pp. 1105-07.; Knaup, Amy E. (2005). "Survival and Longevity in the Business Employment Dynamics Data," Monthly Labor Review , vol. 128 (May), pp. 50-56.; GPG Analysis;
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ACCION at high school ACCION at high school Presentation Transcript

  • US MICROFINANCE: High School Students Making a Difference
  • A Brief History of Microfinance
    • The idea of credit and savings has been around for centuries
    • Muhummus Yunus (Grameen Bank, Bangladesh) popularized the idea after winning a Nobel Peace Prize in 2006 for his work
    • Going mainstream – online lending such as Kiva.org and the support of major banks such as Credit Suisse
    • - Microfinance in the U.S. – Seeing the need to support microentrepeneurs in the U.S., organization such as ACCION International helped launch offices in the U.S. in 1991.
    • Today, ACCION USA is serving microentrepeneurs nationwide.
  • The Underlying Philosophy Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.
  • ACCION USA - Our Mission As a leader in U.S. microfinance, ACCION USA empowers low-to-moderate income business owners through access to capital and financial education. With economic opportunity, these entrepreneurs—often minorities and women—can build assets, better provide for their families, create employment and strengthen their communities.
  • Fast Facts about ACCION USA
    • History:
    • Pilot program in Brooklyn, NY in 1991
    • Branch Locations:
    • New York, Boston, Atlanta, Miami and Internet loans
    • Dollars lent:
    • 118 Million
    • Loan size:
    • $500-$50,000; average $6,000
    • Interest rates:
    • 8-15%
    • Historical Repayment Rate:
    • Over 90% repayment
  • Microenterprise Market in the U.S.
    • 22 million businesses owned by microentrepreneurs in the US
      • 5.13 million women-owned businesses
      • 2.5 million minority-owned businesses
      • 4.3 million business owners with personal incomes <$10k*
  • ACCION USA Portfolio
  • ACCION USA Portfolio 40% Women 61% Latino 27% African American
  • The Growing Importance of Domestic Microfinance Microenterprise is a vital part of the US Economy
    • Microfinance is central to building a strong economy
    Microenterprises are more vulnerable to hard times
  • Meet Josh at Bappin.com
  • Access to Capital
    • It is estimated that more than half of all microentrepreneurs in the US lack access to financing for their small businesses
    • Lack of credit or low credit score
    • Some industries are considered to be high risk
    • Lack of financial documentation or records
    • Business is informal—no commercial track record
    • Loan amount needed is too small
    • Language Barriers
  • ACCION USA Lending Impact
    • Provide alternative to predatory lenders
    • Create employment opportunities
    • Increase family income
    • Generate sustainable businesses
    1 Microtest Program Report, FY2008 Performance; 2 Estimates based on direct lending using ATX Impact Study methodology
  • What can YOU do to help?
    • Become a part of the ACCION USA high school network
    • Spread awareness!
    • Many small business owners who have not heard about microfinance may be able to benefit from ACCION USA’s services
    • Participate in the microfinance blogosphere at www.accionusavols.ning.com
    • Join the ACCION USA fan page on Facebook
    • Follow us on twitter! Search for hashtags #microfinance and #accionusa
    • 2. Fundraise!
    • Each loan that ACCION USA generates creates an average of 2.4 new jobs. In microfinance, small amounts can make a huge difference.
    • 3. Start a club at school to do both!
  • Key resources on the web
    • www.accionusa.org
    2. www.kiva.org 3. http://fieldus.org (The Microenterprise Fund for Innovation, Effectiveness, Learning and Dissemination)
  • Check out ACCION USA’s blog! @ACCION_USA #MifiMon www.accionusa.org/blog
  • And now… A Quiz!
  • QUIZ
    • Name one way that microfinance helps the economy.
    • What sort of people does ACCION USA typically serve?
    • What is the average ACCION USA loan size?
    • How many businesses are owned by microentrepreneurs in the U.S.?
    • What types of businesses do microentrepeneurs operate?
    • Who won a Nobel Peace Prize for microfinance in 2006?
    • What can High School students do to help?