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Mfa week 3 presentation combined

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Presentation slides for week 3 of the San Diego Microfinance 101 course at Point Loma Nazarene University. Presentations by International Rescue Committee, CDC Small Business Finance, and ACCION San Diego

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Mfa week 3 presentation combined

  1. 1. International Rescue Committee Center for Financial Opportunity
  2. 2. 9,900,000 Refugees World Wide* Europe 1,733,700 N.Africa, C/SW Asia, Mid East 3,811,800 *United States Committee for Refugees and Immigrants - December 31, 2006 Africa 2,421,300Americas & the Caribbean 1,035,900 East Asia and the Pacific 875,100 3,811,800
  3. 3. US Refugee Program
  4. 4. IRC Resettlement Services Wide assortment of services from arrival to attainment of citizenship (up to five years) Primarily for refugees-- expanding to serve asylees and other immigrant populations
  5. 5. Resettlement Offices
  6. 6. IRC San Diego 5348 University Avenue, San Diego CA 92105 619-641-7510619-641-7510 Founded in 1975 Resettled > 20,000 refugees Wide spectrum of programs
  7. 7. 60,192 74,652 73,311 Refugee Arrivals 2007-2010 US 48,281 2007 2008 2009 2010 400 788 1294 1052 IRC/SD
  8. 8. FY2010 Refugee Ethnic Breakdown
  9. 9. IRC Center for Financial Opportunity Financial Security Bundled Services Case Management
  10. 10. IRC Center for Financial Opportunity Microenterprise Development Overview “From Hardship to Entrepreneurship” - Microenterprise vs. Microfinance - Funding -Common businesses - Why is there a need? Entrepreneurship”
  11. 11. IRC Center for Financial Opportunity Microenterprise Development: Client Characteristics - 47% Men, 53% Women - Regions: East Africa(50%), Iraq and Middle East (30%), Other (20%)Middle East (30%), Other (20%) - In US less than 5 years: 58% - Low-Income: 90% - Previous Biz Experience: 40% -CA Minimum Wage: $8/hour
  12. 12. IRC Center for Financial Opportunity Issues and Challenges for Refugee Entrepreneurs: • Access to Capital • Access to Technical Assistance• Access to Technical Assistance • Access to Additional Services • Ongoing Support • Linguistically and Culturally Appropriate
  13. 13. IRC Center for Financial Opportunity Microenterprise Development Loans - Character-based- Character-based - Maximum Loan: $15,000 - Average Loan size: $7,500 - Loans made per year: 15 to 25 - Default Rate: 5%
  14. 14. IRC Center for Financial Opportunity Microenterprise Development Technical Assistance -Advising and Consulting -Business Planning -Marketing -Licensing and Permitting -Bookkeeping
  15. 15. IRC Center for Financial Opportunity Microenterprise and Financial Education: Credit Building Program -Credit Building loans $100 and $300-Credit Building loans $100 and $300 -Average Score at Program Entry: NA -Average Score after 6 Months: 642
  16. 16. IRC Center for Financial Opportunity Example Said from Somalia
  17. 17. IRC Center for Financial Opportunity ExampleSameer from Iraq
  18. 18. International Rescue Committee Center for Financial Opportunity www.theIRC.org Joel Chrisco, Program Supervisor Joel.chrisco@theIRC.org 619-641-7510 Ext. 247
  19. 19. ACCION San Diego Lending. Supporting. Inspiring. Joe and Vi Jacobs Center 404 Euclid Avenue Ste. 271 San Diego, CA 92114San Diego, CA 92114 T: (619) 795-7250 T: (800) 967-4429 F: (619) 795-7260 www.accionsandiego.org
  20. 20. ACCION’s History •ACCION San Diego is an affiliate of ACCION International, an organization that began lending in Latin America in 1961 •ACCION USA began a pilot program in New York•ACCION USA began a pilot program in New York in 1991 •ACCION San Diego office opened in 1994 •Now located in 9 U.S. states •Each office is privately owned, funded & operated
  21. 21. Services We Provide • Small business loans up to $35,000 • Build or re-build positive credit history • Help transition clients to banks • Technical assistance • Referrals to other business services • Publicity/networking opportunities
  22. 22. Where does ACCION get its money? • Private donations • Grants from foundations• Grants from foundations • Grants or low-interest loans from banks • City and government funds
  23. 23. Our Eligibility Requirements • Live/work in San Diego County • Six months of business history or previous experience in the industry for start-ups • Income/expense documentation• Income/expense documentation • Capacity to make payments • Reasonable credit report • Collateral and/or co-signer may be required dependent upon level of risk • Character
  24. 24. How Much Will the Loan Cost? • Interest rate starts at 12% APR • Administrative fees (charged only at disbursal): •<$5,000: $75 maximum•<$5,000: $75 maximum •>$5,000: 4% -6% of loan amount depending on loan is security. • $10-$25 minimum fees for securing interest in collateral
  25. 25. Timelines How long will it take to get financing? • 48 hours for quick loans $300-$2,000 •2 weeks for loans $2,001 to $35,000 How long will I have to pay back the loan? • Depends on size of the loan • Typically 12-60 months
  26. 26. Next Steps • Obtain application by mail, email or fax or on our website: www.accionsandiego.orgon our website: www.accionsandiego.org • Compile and submit supporting documentation for loan request • Loan Officer will call to schedule site visit
  27. 27. Additional Resources • SCORE – (619) 557-7272 • Small Business Development Center – (619) 482-6391 or (760) 795-8735 (N. County)– (619) 482-6391 or (760) 795-8735 (N. County) • Consumer Credit Counseling – 1-866-889-9347 • Credit Agencies – Experian 1-800-311-4769 – Equifax 1-800-685-1111 – Trans Union 1-800-916-8800
  28. 28. Questions?
  29. 29. In uncertain times, be certain about your lending partnerIn uncertain times, be certain about your lending partner
  30. 30. Small Business Loans
  31. 31. CDC Small Business Finance background and roles CDC’s are financial intermediaries certified by the SBA to administer SBA 504 loans (commercial real estate loans), and other alternative loan products. CDC roles: direct lending, loan intermediary, loan packaging, CDC roles: direct lending, loan intermediary, loan packaging, Creative financing: partnering with other lenders to complete request, loan guarantees Statistics (loan volume, conversion ratio, default rate, interest rates)
  32. 32. Loan Evaluation What is underwriting??? How do you decide who to finance? Areas of Evaluation (credit, cash flow,Areas of Evaluation (credit, cash flow, collateral, experience, capital, character, business plan, co-signer, economic conditions)
  33. 33. Credit Credit www.annualcreditreport.com Know what is on your credit and make sure it’s all accurateaccurate Scores History How to establish good credit
  34. 34. Capacity Historical profits of business as reported on tax returns. Projections. Outside sources of income: other employment,Outside sources of income: other employment, spousal income, military, disability, retirement, rental income, alimony, child support, etc.) Personal Liquidity.
  35. 35. Capital Capital Owner’s injection Equity Balance sheet (retained earnings or equity)Balance sheet (retained earnings or equity) Equity requirements for existing businesses.
  36. 36. Collateral What is collateral? How important is it? What if you don’t have collateral? Business and Personal Assets.Business and Personal Assets. How much equity do you have in your home?
  37. 37. Experience How much experience do you need for a start up business? What is your background? What if you have no experience in the industry you areWhat if you have no experience in the industry you are starting your business in?
  38. 38. Character Character business history credit reports personal interviewpersonal interview responsiveness references
  39. 39. Business Plan What to include in a business plan. How important is a business plan? Projections
  40. 40. Conditions How does the economy affect your industry? How recession proof is your business?
  41. 41. Co-Signer To mitigate weaknesses in other areas, you can bring a co-signer on board to guarantee the loan. Requirements of a co-signer…stable income, good credit, possibly personal assets to secure loan.credit, possibly personal assets to secure loan.
  42. 42. Success Story: San Diego United Sports Center
  43. 43. Creative Partnering World Famous Dog Wash
  44. 44. Contact Information Susan Lamping Senior Community Loan Officer Main line: (619) 291-3594 ext. 8639 Direct line: (619) 243-8639Direct line: (619) 243-8639 slamping@cdcloans.com CDC Small Business Finance 2448 Historic Decatur Road, Suite #200 San Diego, CA 92106