ACCION USA Financial Education OverviewPresentation Transcript
Empowering Microentrepreneurs Through Education ACCION USA Financial Education Program
Microenterprise Market in the U.S.
More than 87% of small businesses in the U.S. are microenterprises
Microenterprises employ one in six private sector employees
AEO/FIELD estimate that there are 20+ million microentrepreneurs in the U.S.
5.13 million women-owned businesses
2.5 million minority-owned microbusinesses
4.3 million business owners with personal incomes <$10k
Approximately 10 million lack access to services such as credit, training, business advice
Financial Education Program: Origins
2002 New York
Technical Assistance program launched after September 11 th
2005 ACCION USA
Seed funding provided by the Allstate Foundation
A Complement to our Lending Program
Entrée into new areas
Conversion into closed loans
Hook for fundraising and sponsorship
Enhance customer experience
Save borderline applicants
Improve client retention
What percentage of America’s small businesses today rely on credit cards to finance day to day operations?
d.) Who the heck knows?
Daily interactions with clients
Your Money and You
Small Business Fundamentals
Business Taxes and Insurance
Funded by Allstate
Toolkits (workbook, quizzes, resource brochures)
Roll out in New York, Boston, Atlanta and Miami
Build Your Credit
How to build a credit history in the US
How to strengthen your credit history
Funded by AIG
Business Survival Strategies 2010
Interviewed several ACCION Clients
Freeing up cash flow
Building your business network
Words of Wisdom from AUSA Clients
Organized with community, financial and corporate partners
Fulfill key deliverable for many funders
Facilitate networking opportunities for attendees
What ACCION USA event will be taking place on September 22 nd ?
(Hint: It’s on ACCION USA Workshop Calendar)
Delivery Channels Continued
Speed coaching events
Organized with corporate partners
1-1 counseling for business owners with industry experts
Quiz: Does anyone know what topic June’s webinar series focuses on?
Delivery Channels Continued
What is the #1 Source of In-Bound Links for the ACCION USA Website?
a.) Small Business Administration
b.) University Small Business Development Centers
c.) Content sharing partnership with www.univision.com
d.) Credit Counseling Agencies
Train the Trainer
Other – Adult education programs, community organizations
Impact – Outputs**
1,826 African Americans
1,998 Business Owners
* Incomplete reporting
** 2002-YTD (4/30/2010)
Impact - Outcomes
Loans – 253 (through YE 2009)
Increase in financial literacy
96% of workshop participants in New England reported an increase in their financial literacy after attending an ACCION USA workshop
Workshop attendees exhibited a 15% average increase in correct answers in post quizzes. A survey of workshop participants in NY indicated that 85% of attendees found the Build Your Credit workshop to be helpful or very helpful.
Engaging our target audience
Maximizing impact – how to measure beyond the outputs
Building connections to our products
Continue integrating education into our lending process
Leverage education program as a networking venue for small business owners (coaching clinics)
Credit Coaching Pilot in Miami
Enhancing impact measurement tools
Greg (check out the ACCION USA blog for more)
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, ACCION USA staff member 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 .
Leveraging AUSA’s Value-Added Services
Get email addresses and ask for contributions to Tip of the Month
Refer clients interested in growing their businesses to tips on www.accionusa.org/financialeducation
This is a great, low cost marketing tool for clients! Tell them about it!
Refer clients in need of additional support to financial education team
Promote events to your clients! www.accionusa.org/workshops
Encourage clients to sign up and use for your own reference
Who is on Your Financial Education Team?
Andrea Stiles Pullas (Ecuador)
Elizabeth Garlow (Boston)
Shaina Peterson (Boston)
Benjamin Himmelfarb (Miami)
Nancy DelaCruz (NY)
Clare Scanlan (NY)
Thank you! Questions? Comments? Please email us: Andrea Stiles Pullas – [email_address] Elizabeth Garlow – [email_address]