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ACCION USA Financial Education Overview

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  • 59% of small firms in this country rely on credit to finance day to day operations within their businesses. Business owners’ use of credit for small inventory purchases account for 11% of VISA and MC total revenue Three-quarters of small business owners saw a large cut in credit card limits in 2009 According to a recent NY Times article, The number (59%) is growing. This is up from 44% at the end of 2008.
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ACCION USA Financial Education Overview ACCION USA Financial Education Overview Presentation 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
    • Business Development
    • Brand awareness
      • Grassroots strategy
      • Web presence
    • Partnerships
      • Entrée into new areas
    • Drive contacts
      • Conversion into closed loans
    • Hook for fundraising and sponsorship
    • Customer Service
    • Enhance customer experience
    • Save borderline applicants
    • Improve client retention
    • Encourage repayment
  • Interesting Facts
    • What percentage of America’s small businesses today rely on credit cards to finance day to day operations?
    • a.) 24%
    • b.) 59%
    • c.) 89%
    • d.) Who the heck knows?
  • Curriculum Development
    • Methodology
    • Focus groups
    • Consultant
    • Daily interactions with clients
  • Your Money and You
    • Topics
      • Money Management
      • Understanding Credit
      • 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
    • Topics
      • How to build a credit history in the US
      • How to strengthen your credit history
    • Funded by AIG
    • Booklet, articles
  • Business Survival Strategies 2010
    • Interviewed several ACCION Clients
    • Topics include
      • Protecting credit
      • Freeing up cash flow
      • Building your business network
      • Words of Wisdom from AUSA Clients
      • Power Points
      • Instructor Guide
      • Participant Handout
  • Supporting Materials
    • Articles
    • www.univision.com
    • www.latinoaol.com
    • Web directories
    • Tip sheets
    • Podcasts
    • (in Spanish)
    • www.accionusa.org
  • Delivery Channels
    • Workshops
    • www.accionusa.org/workshops
    • Organized with community, financial and corporate partners
    • Fulfill key deliverable for many funders
    • Facilitate networking opportunities for attendees
    • One-to-one counseling
  • Quiz
    • 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
    • Webinars
    • Quiz: Does anyone know what topic June’s webinar series focuses on?
  • Delivery Channels Continued
    • Website
    • www.accionusa.org/financialeducation
    • Loan Process
  • Interesting Facts
    • 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
    • Volunteer instructors
    • Agent partners
      • Puerto Rico
      • Oregon
      • Minnesota
      • Idaho
    • Other – Adult education programs, community organizations
  • Impact – Outputs**
    • Workshops
    • Participants
      • 14,532 Participants
    • Participant demographics*
    • 6,264 Women
    • 2,853 Latinos
    • 1,826 African Americans
    • 1,998 Business Owners
    • * Incomplete reporting
    • One-on-one counseling
    • Sessions
      • 8,212
    • = 27,000
    • direct touches
    • ** 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.
  • Challenges
    • Engaging our target audience
    • Maximizing impact – how to measure beyond the outputs
    • Building connections to our products
  • New Directions
    • 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
    • Communications
    • Get email addresses and ask for contributions to Tip of the Month
    • Online Resources
    • Refer clients interested in growing their businesses to tips on www.accionusa.org/financialeducation
    • YOLA
    • This is a great, low cost marketing tool for clients! Tell them about it!
    • 1-1 counseling
    • Refer clients in need of additional support to financial education team
    • Events
    • Promote events to your clients! www.accionusa.org/workshops
    • Client Directory
    • 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]