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Access to Capital | Intro to CFRC Small Biz Programs


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Access to Capital | Intro to CFRC Small Biz Programs

  2. 2. WELCOMEGive your namePersonal characteristic about yourselfCity where you liveName of your current business or business idea
  3. 3. ACCESS TO CAPITALWhat are the barriers?© 2012 Community Financial Resource Center
  4. 4. MICRO ENTREPRENEURWhat are the challenges as a small business owner? © 2012 Community Financial Resource Center
  5. 5. MICRO FINANCE© 2012 Community Financial Resource Center
  6. 6. MICRO FINANCE A small business, registered orunregisteredWith five or less employeesRequiring seed capital of $35,000or less © 2012 Community Financial Resource Center
  7. 7. MICRO FINANCE© 2012 Community Financial Resource Center
  8. 8. Community Financial Resource CenterCAPITAL PARTNERS™ PROGRAM © 2012 Community Financial Resource Center
  9. 9. PROGRAM OVERVIEW PROGRAM DESCRIPTION & MECHANICS Provide business loans and business education together with opportunities to network with peers Peer lending loan program Built around the “group” concept Graduated loans as a means to building and (re) establishing credit Networking and professional support
  10. 10. PROGRAM OVERVIEW “What Makes CFRC Capital Partners™ Unique?”The ONLY organization on the West Coast tooffer peer loans modeled after Grameen BankNo prior business experience required…evena business idea will do!Work at your own pace
  11. 11. PROGRAM OVERVIEW FEW BARRIERSCFRC Capital Partners™ does not require: A business plan Tax returns No credit check No collateral
  12. 12. PROGRAM OVERVIEW HOW DOES IT WORK? Work in a group of three to eight members
  13. 13. PROGRAM OVERVIEW HOW DOES IT WORK? Create a group name and establish by-laws
  14. 14. PROGRAM OVERVIEW SYSTEM OF CHECKS AND BALANCES Group members are the loan committee Responsible for approving and rejecting loan requests Review business profiles Assure funds are being used for their intended purpose
  15. 15. PROGRAM OVERVIEW STEP-BY-STEP Loans are given in graduated amounts  From $500 up to $5,000 All group members must be current on loans in order for any one member to move through the program
  16. 16. PROGRAM OVERVIEW TRAINING Each loan level has its corresponding training  Taught by small business counselor  Covers business plans, business profiles, accounting, etc.
  17. 17. PROGRAM OVERVIEW LOAN DISTRIBUTION To be eligible for your first loan you must attend the Level One training beforehand. Following, trainings must be completed before moving up to the consecutive level.
  18. 18. PROGRAM OVERVIEW LOAN DISTRIBUTION Loans are distributed 2-4 weeks after loan request is submitted by group Non-refundable $75 fee for materials and training
  19. 19. PROGRAM OVERVIEW PROGRAM DESCRIPTION & MECHANICS The CFRC Capital Partners™ Loan Structure $5,000Interest = 10% annualized $4,000 $5,000 $3,000 $4,000Monthly Service $2,000 $3,000Fee = $3.00 $1,000 $2,000Example: $500 Loan $500 $1,000 4 month term $500 4-6 mo. 4-12 mo. 4-18 mo. 6-24 mo. 6-36 mo. 6-36 mo.Payment = $130.61 12 months 24 months 24 months 24 months 24 months The word “credit” comes from Latin and means to believe or trust. We believe in trust.
  20. 20. PROGRAM GUIDELINES ACCOUNTABILITY STRUCTUREGroup members are not legally responsible for each other’s loan.Each borrower is legally responsible for their own loan. In order for any member toadvance to the next loanlevel, ALL members must becurrent on their loan payments.
  21. 21. PROGRAM OVERVIEW “How do I participate?” Proof of Income Live in the County of Los Angeles Proof of 6 months residency Two forms of Identification Driver’s License, Passport, Government-Issued ID
  22. 22. PROGRAM OVERVIEW “What are the benefits?”Make loan decisionsBuild a strong businessStrengthen and build your credit profileParticipation in seminars and mixersPeer support and networking with otherbusiness ownersAccess to capital
  23. 23. ADDT’L SERVICES CONSULTING | COUNSELING | EXPANSION• Consulting Services for eligible CP members• 1-on-1 counseling• SEED & Expansion loans up to $250K
  24. 24. ADDT’L SERVICES SAVINGS PRODUCTS | FINANCIAL COACHING• Really high interest savings accounts• Personal Financial Coaching• Money Management Workshops
  25. 25. OTHER SERVICES NETWORKING | PROMOTION• Networking Events• Open Houses• Community Small Business Directory
  27. 27. QUESTIONS & ANSWERS CONCLUSION Questions & Answers
  28. 28. Capital Partners Orientation Thursday, July 12th 6:30 pm to 8:00 pm 4060 South Figueroa Street(Corner of Figueroa & MLK Blvd.)
  29. 29. KEEP IN TOUCH “Let us be your resource!” @CFRCLA @BankOnLA Text (323) 905-4060