Posts Tagged ‘entrepreneurs’
Posted on November 2, 2009 - by boris
USA: St. Cloud State University microloan program links students, entrepreneurs…
When Lori Langerud sought reading, writing and spelling help for her four dyslexic children, she found few options in the St. Cloud area.
So she became a certified instructor and this summer formed her own company to help other families who have dyslexic children. The struggling economy made it almost impossible for her small, startup business, Reading Resources, to get financial help from traditional lenders.
A new program at St. Cloud State University came to her aid. The university’s Microlending Program provides loans and consulting services from students for companies that don’t qualify for bank loans.
Source: http://www.sctimes.com/article/20091031/NEWS01/110310005/1009/SCSU-microloan-program-links-students–entrepreneurs
Posted on October 29, 2009 - by boris
Yosefo loaned over Sh11 billion to entrepreneurs in Tanzania since its formation…
Micro lender Youth Self Employment Foundation (Yosefo), which marks its 12th anniversary today, loaned over Sh11 billion to 28,000 entrepreneurs in the country since its formation, its senior manager has said.
Executive director Altemius Millinga said on Monday that this year alone, the microfinance institution (MFI) has between January and September disbursed loans worth Sh3.5 billion. He said 70 per cent of the beneficiaries of its lending have been women and 48 per cent of the borrowers are based in rural areas.
He said the MFI was created during the era when employment in the formal sector was difficult to secure and many public entities were being privatized with the aim of supporting the government to increase youth and women employment through giving them loans to develop businesses.
Source: http://thecitizen.co.tz/newe.php?id=15207
Posted on October 14, 2009 - by boris
Omidyar Network has established a new entity in India to expand the firm’s level of investment…
Omidyar Network, a philanthropic investment firm, announced that it has established a new entity in India to expand the firm’s level of investment in the rapidly growing economy. The organization has engaged Jayant Sinha to lead Omidyar Network India Advisors, the newly formed entity.
The Indian office will enable Omidyar Network to increase investments and partner more closely with India-based portfolio organizations in order to support India’s economic and social transformation.
“I am confident that Omidyar Network’s investment in high-impact entrepreneurs and innovative organizations will catalyze economic opportunity and social impact in India,” said Sinha. “I am excited to lead the organization to encourage market-based approaches that have the potential to improve millions of lives.”
Source: http://www.reuters.com/article/pressRelease/idUS39832+14-Oct-2009+PRN20091014
Posted on October 8, 2009 - by boris
Does China need microfinance?…
The concept of distributing small loans to the poor has flourished across Asia since its introduction in Bangladesh three decades ago. Yet it has a notably minimal footprint in China.
A casual observer might say China doesn’t need microfinance. After all, it is now the world’s third-largest economy. But beyond the prosperous cities, millions of people still languish in poverty. China has the second-largest number of poor after India. About 254 million people in China lived on less than $1.25 a day in 2005 (as measured in purchasing power parity dollars), according to the World Bank. The income gap is widening between rural and urban areas and has today reached a historical high.
Microfinance is one tool that can reduce this entrenched poverty by providing entrepreneurs with credit, just as it has in other developing countries. Loan sizes would be larger than in India because GDP at purchasing power parity per capita in China is higher at $5,962 versus $2,972 in India, according to 2008 World Bank figures.
But loans would still be used for income-generating activities such as raising livestock, buying materials for micro-businesses and farming, and setting up small trade and services. This is especially pertinent as the government seeks to create a “harmonious society” in part through poverty reduction and human development.
Source: http://online.wsj.com/article/SB10001424052748703298004574457922639779290.html?mod=googlenews_wsj
Posted on September 9, 2009 - by boris
Nigeria: Many headaches of micro finance customers…
When micro finance banks were introduced to help small scale entrepreneurs enlarge their businesses, people were happy over the idea. However little did the citizens know especially market men and women about their longevity in the banking industry?
Some micro finance banks go to market places and encourage the market women to save money on a daily basis with the promise that when the deposits reach certain amount, depositor could get loan to do business.
However, some of these banks now have problems and could no longer pay depositors their money hence hiding the truth from their customers who ignorantly continued to patronize them by depositing their money with them.
Source: http://allafrica.com/stories/200909080741.html
Posted on August 11, 2009 - by boris
Underemployed people start their own micro businesses and become entrepreneurs…
The California Association for Micro Enterprise Opportunity recently performed an estimate of the demand for micro enterprise assistance and microfinance among California entrepreneurs.
The results are dramatic. With an additional statewide investment of $150 million, local nonprofit micro enterprise development organizations throughout California could serve more than 100,000 clients over the next 24 months with technical assistance and capacity building.
With an additional investment of $49 million, 6,500 micro loans could be made for amounts averaging $15,000.
Tens of thousands of jobs could be created.
Source: http://www.sacbee.com/opinion/story/2092701.html
Posted on July 20, 2009 - by boris
Mellow sponsoring seminar for small businesses in Mount Pocono…
Pocono Record posted:
MetroAction has partnered with Sen. Robert J. Mellow to present its Small Business Institute from 9:15 a.m. to 4 p.m. Wednesday and Thursday at Mellow’s office, 102 Pocono Blvd., Mount Pocono.
The Small Business Institute is a practical, hands-on, learning program designed to help entrepreneurs sharpen the skills needed to develop, manage and grow a successful business.
According to the U.S. Small Business Administration, roughly 50 percent of small businesses fail within their first five years. MetroAction, a local non-profit business and community development organization, is dedicated to building better businesses and helping entrepreneurs grow and prosper.
Posted on July 10, 2009 - by boris
$1 million in micro loans is being offered to Michigan entrepreneurs…
Detroit Free Press posted:
Michigan is making $1 million in micro loans available to entrepreneurs in key industries in an effort to increase the number of successful start-up companies in the state.
The program, which is being overseen by the Ann Arbor SPARK economic development group, was quietly rolled out in May. So far, only two start-up firms have applied for the loans, but the money is expected to help 20 to 30 companies within the next two years, said Skip Simms, manager of the Michigan Pre-Seed Capital Fund and director of SPARK’s business acceleration services.
“There’s not been a program like this in Michigan,” Simms said. “We believe there’s a big need.”
(more…)
Posted on July 6, 2009 - by boris
GBF gets N5m grant from Citi Foundation for SME’s development…
Vanguard posted:
Citi Foundation has awarded Growing Businesses Foundation (GBF) a grant of $35,000 (N5.11 million) for the implementation of the 2009 Citi Micro Entrepreneurship Awards (CMA) scheduled to hold at the end of the year.
According to a statement by Cecile Agwu, programme Director, GBF, the CMA is a global initiative by CitiBank to promote and encourage micro-entrepreneurship and micro-enterprise around the world. In 2008 the program was implemented in 27 countries including Nigeria.
She noted that in Nigeria, GBF has implemented awards with Citibank Nigeria Limited since 2007 in conjunction with the Central Bank of Nigeria’s annual MicroFinance Conference and Awards.
(more…)
Posted on July 2, 2009 - by boris
Merging Policy with Practice to Help India’s Poor…
India
n the subtext of India’s recent economic success story lies “the stubborn statistic of 400 million to 600 million people living in poverty,” according to Shanta Devarajan, chief economist of the World Bank’s South Asia region.
Devarajan spoke as part of a panel discussion on “India’s Underprivileged Majority: The Real Development Story” at the Wharton India Economic Forum, held in Philadelphia in March.
(more…)
Posted on June 25, 2009 - by Gavin
Microfinance: How Anyone Can Support Small Businesses, Our American Roots…
Napsnet.com
(NAPSI)-Small businesses are the epitome of the American
way–improving one’s life and supporting a family by offering
useful services and products to communities by hard-working,
industrious people. According to the Association for Enterprise
Opportunity (AEO), today, small businesses comprise a whopping 87
percent of all businesses in the U.S., and chances are that you
know or shop at one near you. The recent emergence of Web-based
microfinance in the U.S. lets anyone directly fund the small
businesses that supply local communities with unique character
and opportunities.
Microfinance In The U.S.: How You Can Take Part
There are many microfinance organizations in the U.S. that make
microloans, and getting involved is easy.
Posted on June 17, 2009 - by Gavin
Loans To SMIs Total RM120 Billion Todate…
Bernama.com
KUALA LUMPUR, June 17 (Bernama) — A total of RM120 billion todate has been given out in loans by the country’s banking system to entrepreneurs and small traders especially in the small and medium sized industries (SMIs), the Dewan Rakyat was informed Wednesday.
Deputy Finance Minister Senator Datuk Dr Awang Adik Hussein said the loans involved 500,000 accounts which accounted for 40 percent of the RM300 billion loans allocated.
“The rate (approvals) for SMIs loans currently stands at 80 percent, which means for every 10 applications, eight are approved,” he said in reply to a question from Ahmad Kasim (PKR-Kuala Kedah) who wanted to know if the ministry kept a detailed view of the banks in keeping it easy for entrepreneurs and small traders to have access to loans.
Ahmad also wanted to know the measures taken by the ministry to ban moneylenders who took aggressive measures when recovering their money.
Awang Adek said the rise in the level of approvals for loans was largely due to the SMI Loan Guarantee Scheme introduced by the government under the economic stimulus package. (more…)
Posted on June 15, 2009 - by Gavin
PRESS RELEASE: Oikocredit Unveils results of International Empowerment Study…
Microcapital
AMERSFOOT,NETHERLANDS, - At Oikocredit, it’s essential to know exactly how fair finance affects the lives of those it serves. In the first phase of an international study covering four countries (Bulgaria, Kenya, Peru and the Philippines) Oikocredit has examined the notion of fair financing and women empowerment.
Using in-depth interviews, we asked what women empowerment means to our microfinance clients. What is it, how does it work and what does it look like? Is the concept a notion of the North? Or is it genuinely relevant to the small entrepreneurs of the South?
The empowerment and advancement of women is part of Oikocredit’s bid to closely evaluate social performance. We wish to know the real life effect of microfinance on standards of living: access to education, health and general household impact.
Oikocredit board president Shobha Arole said the study was the first step towards ensuring the organization’s contribution to women empowerment through its field work.
“A lack of access to basic education, economic and property rights means 70 per cent of the world’s poor are female,” Dr Arole said. “These are the groups who are marginalized, victims of violence and vulnerable in every sense of the word.” (more…)
Posted on June 10, 2009 - by Gavin
Kiva Brings Microlending Home To U.S. Entrepreneurs In Need…
Tech Crunch
The financial crisis has made a lasting impact on small businesses around the world and here at home in the United States. With the credit crunch creating a virtual standstill of lending, small businesses in the U.S. are facing an uphill battle to find funds, especially if their financial history isn’t stellar. Kiva.org,
one of the web’s most interesting innovators in the micro-lending space, is hoping to come to the aid of U.S. entrepreneurs and small businesses by launching a pilot expansion that would allow individuals anywhere to make small loans to low-income U.S. entrepreneurs through Kiva’s platform.
Kiva is a peer-to-peer lending site that facilitates micropayment loans between citizen lenders and extremely low-income entrepreneurs in developing countries. Through Kiva’s platform, anyone can loan $25 or more to support an entrepreneur and the specific progress of the loan can be tracked from initial funding to repayment. Upon receiving repayment, lenders can withdraw their funds from Kiva or lend again to another entrepreneur, thereby continuing the lending cycle.
In April alone, Kiva members loaned $4.5 million to entrepreneurs, a 56 percent year-over-year increase and a record month for Kiva. Since the microfinance platform’s birth in 2005, over $75 million has been loaned through Kiva.org to support more than 180,000 individuals from 44 developing countries. Kiva’s president, Premal Shah, says this new initiative to include U.S. businesses increasingly made sense as the financial markets deteriorated and traditional lending began to dry up even in the U.S. (more…)
Posted on June 8, 2009 - by Gavin
Dead aid or sustainable development?…
Austrian Times
Kenya is famous for producing Europe’s Roses. Some 36 per cent of the roses sold in Europe come from Kenya’s Rift Valley, flown here from Nairobi via Amsterdam and Frankfurt. This article is about another Rose.
Austrian Times correspondent and CEO of the Austria for Africa Association John Morris has been to the Rift valley and filed this report about Rose the orphan.
Rose is from the Luo tribe, the same as Barrack Obama’s father, and she now lives with her Aunty and Uncle and attends Morop Girls School just north of Nakuru, Kenya some 10 km south of the Equator and she is benefiting from secondary education and she is playing soccer for a girl’s team, but like many of her team mates, she is dependant on good will around her to help her through to adulthood. She is being sponsored by an Austrian based family. This Rose has a chance to bloom.
There are thousands of human “Roses” in Kenya, orphaned and without hope, in need of guidance and support.
Kenya’s Rift Valley is a magnificent volcanic landscape made famous by the Hollywood Movie “Out of Africa” starring Meryl Streep and Robert Redford, but it hides a reality: Rose’s parents like so many others in Kenya’s Rift Valley have died from HIV which has reached endemic proportions. The death rate caused by HIV is so extreme that about 10 percent of the children are now without natural parents and their future looks uncertain. Only around 60 percent of Kenya’s children get secondary education and provision of higher education is very low. (more…)
Posted on June 8, 2009 - by Gavin
Microfinancing benefits 51,000 Quezon City residents…
Manila Bulletin
The Quezon City microfinance program has benefitted 51, 000 borrowers with the release of approximately P800 million in loans to small entrepreneurs since its inception in 2002.
Dr. Larraine Sarmiento, head of the Sikap Buhay Entrepreneurship and Cooperative Office (SB ECO) attributed the success of the project mainly to the city government’s resiliency to provide sufficient livelihood to the urban poor and unemployed sector.
She noted that majority who are included in the 18-year-old and above bracket have always wanted to be employed especially during these times of crisis.
However, Sarmiento advised the jobseekers not to be discouraged by failures in past job applications particularly in interviews saying that engaging in business may be a good option.
Sarmiento who also heads the Quezon City Anti-Poverty Integration Task Force also reminded jobseekers that the Sikap Buhay program has now nine conduits to cater to their microfinance needs for small scale businesses.
Posted on June 4, 2009 - by Gavin
EU unveils micro-credit plan for small businesses…
AFP
BRUSSELS (AFP) — The European Commission unveiled plans Wednesday to free up 100 million euros (142 million dollars) from the EU budget to provide credit to people wanting to set up small businesses.
When supplemented by funds from international financial institutions like the European Investment Bank group, the commission said, around 500 million euros would be available for micro-credits.
The plan could help people struggling to find money because they are too young, have been unemployed or due to the credit crunch sparked by the global financial and economic crisis.
“This new facility will extend the range of targeted financial support to new entrepreneurs and help them to overcome the squeeze on credit,” commission President Jose Manuel Barroso told reporters.
The move would also see such entrepreneurs supported by mentoring, training, coaching and the possibility to increase the capacity of their businesses once they are off the ground, the commission said.
The Party of European Socialists, campaigning ahead of elections to the European parliament starting Thursday, criticised the plan and other commission proposals aimed at cutting unemployment. (more…)
Posted on June 3, 2009 - by Gavin
ACCION and enConfianza Microfinanciera Partner to Serve More Microentrepreneurs in Mexico…
International News
ACCION Signs Technical Assistance Contract to Increase Impact in Major Microfinance Market
BOSTON, /PRNewswire/ — ACCION International, a pioneer and leader in microfinance, and enConfianza Microfinanciera, a microfinance company based in Mexico City, have announced a new partnership aimed at providing innovative and client-oriented financial services to more microentrepreneurs in Mexico.
Throughout the long-term technical assistance contract, ACCION’s microfinance experts will advise enConfianza on best practices in the areas of credit methodology, risk management, project and process management, and human resources and organizational development.
Founded in 2007, enConfianza is an institution that, despite its short lifespan, has designed and implemented a series of new developments to benefit entrepreneurs at the base of the economic pyramid in Mexico. enConfianza offers a variety of working capital products to its clients, who reside and run their microenterprises in Mexico City, Mexico State, Morelos, Queretaro, Hidalgo and Guerrero.
ACCION International is an innovator in financial access, pioneering many of the best practices and emerging standards in the industry. Over the past four decades, ACCION has helped to build and strengthen some of the most successful microfinance institutions (MFIs) in the world. (more…)
Posted on May 25, 2009 - by Gavin
UAE firm to launch first microfinance unit in Oman…
Emirates Business 24/7
The first microfinance project in Oman is to be launched by PlaNet Finance UAE to give financial assistance to entrepreneurs.
Microfinance schemes provide financial services to those on low income. In the GCC only Saudi Arabia and Bahrain currently have such organisations. Now a new joint stock company called Greenfield is being formed to create a microfinance institution (MFI) in the Sultanate of Oman.
“PlaNet Finance is in the process of registering the first MFI in Oman and the initiative is supported by business groups such as the Ajith Khimji Group and MB Holding and philanthropist Samir Fancy,” Programme Manager Sawsen Ayari told Emirates Business.
“The headquarters of the Greenfield MFI will be in Muscat with branches planned in Salalah and other parts of Oman. The maiden MFI in Oman will provide financial and non-financial services to poor Omani entrepreneurs, especially female entrepreneurs. The project is being implemented with the support of the Omani Ministry of Social Development.” (more…)
Posted on May 19, 2009 - by Gavin
Wickman students lend money to help entrepreneurs…
Contra Costa Times
CHINO HILLS – A new program at Wickman Elementary School is helping students learn business skills and the value of global partnership.For the past two years, Wickman Elementary sixth-graders have been participating in a microfinance loan program to help struggling entrepreneurs in developing countries start businesses of their own.
The students earn the money back from the profits acquired by the entrepreneurs.
Funds for the loans were provided by students who were asked to donate money for the program that would normally be used for a Christmas gift, said Wickman Elementary Principal Rob Clements.
The program is under the Kiva organization, which connects lenders to the entrepreneurs through its Web site kiva.org.
The Wickman Elementary initially participated through a combination fifth- and sixth-grade class taught by John Setterland. (more…)
The MiFi Report
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