Posts Tagged ‘small business’

Weekly Microfinance News & Announcements 4/27/2012

posted: 2012-04-27 @ 2:16 pm EDT

Give small businesses access to the capital they need

By Rep. Sam Graves, FoxNews.com, Having grown up on a family farm, I am all too familiar with the effects a drought can have on a crop. Today’s small business owners are facing a drought of a different type – a dearth of capital.

First Fund to help Smallholder farmers with Long-Term Loans

By Microfinance Focus, Incofin Investment Management, Fairtrade International (FLO) and Grameen Foundation will establish a ‘First Fund’ to focus on the unmet demand of smallholder farmers for long-term loans.  Starbucks Coffee Company will also join as the fund’s first anchor private investor with a commitment of $ 1.3 Mn. The fund will offer investors both financial and demonstrable social results.

Environment Improving for Small Business?

By Small Business News, Is the environment improving for small businesses? Some say it is. Here are some ideas about how to make the most of current trends and about where we, as small business owners, may be headed. Is your business showing signs of improvement?

Small Business Survey Finds Merchants Feel They Have No Choice But To Turn Away From Traditional Lenders

By PRWeb, A new survey of small business merchants who turned to cash advances for financing found that many small businesses either didn’t think they’d be able to qualify for financing from traditional lenders or had already been declined.

Claims about the small-business tax cut (Part 1)

By Josh Hicks, The Washington Post, The Small Business Tax Cut Act would provide a 20-percent tax deduction for companies with fewer than 500 employees. The House passed the measure by a vote of 235-173, and it’s up to the Democrat-controlled Senate now to decide whether the legislation should go to the president’s desk.

Business Loans and Hand-Holding, Beer Optional

By Nick Leiber, Business Week, When Jim Koch launched the Boston Beer Co. (SAM) in 1984, he learned that ventures like his shouldn’t waste time trying to get a bank loan. “What one of the bankers said to me was, ‘We’re not in the business of taking risks. We don’t get paid to take risks. Look at our margins.”

Health care, taxes top issues for small business

By Joyce M. Rosenberg, boston.com, As president of the National Federation of Independent Business, the biggest advocacy group representing small business owners in the U.S., Danner helped oversee the organization’s attempt to overturn the health care overhaul. Last month, the NFIB’s lawyers were among those arguing against the law before the Supreme Court.

Weekly Microfinance News & Announcements 3/9/2012

posted: 2012-03-09 @ 6:00 am EST

Delays Shave $2 Billion From Loan Program That Would Benefit Small Business

by Catherine Clifford, Entrepreneur The delays in getting the CDFI program off the ground come on the heels of another Treasury-administered program, the $30 billion Small Business Lending Fund, which was widely considered a failure. Once touted by the Obama Administration as a way to …

Too Small to Bail?

by Robert Kuttner, The American Prospect The good news is they’re making more small-business loans; the bad news I’m hearing from smaller banks is that the big banks are in there cannibalizing their best customers. Given all the money that was poured into the big banks via the Troubled Asset …

Bad Girl Entrepreneur Candace Klein Launches SoMoLend

by MarketWatch (press release) SoMo’s software is designed to use the Web to match borrowers with lenders, connecting business borrowers seeking loans of $35000 or less with investors looking to make a return on investment. It is designed to serves mall businesses that don’t have …

The Rise and Decline of Indian Microcredit | David Roodman’s Microfinance Open Book Blog

by David Roodman (blog) Here are two graphs of data from the Mix Market showing the rise and decline of microcredit in Indiaor at least in Andhra Pradesh It is SKS that exhibits …

CEOs Say Change Volcker Rule, Other Pending Fed Regulations

by Eric Morath, Wall Street Journal (blog) A group of chief executives on Wednesday called for major changes in Washington, including modifying parts of the Dodd-Frank financial overhaul bill and balancing the federal budget. Such action will spark job creation and economic …

MICROCAPITAL BRIEF: Grameen America to Open Additional Branches in California Michigan and Nebraska

by Brendan Millan, MicroCapital Muhammad Yunus, founder of Grameen Bank of Bangladesh, has reportedly announced that Grameen America, a nonprofit microfinance institution (MFI) based in the US state of New York City, will open additional branches in California, Michigan and Nebraska …

Weekly Microfinance News & Announcements 2/24/2012

posted: 2012-02-24 @ 5:00 am EST

Starbucks Says 3-Month Old Loan Fund Is Already Creating Jobs

By Alan Kline, American Banker Schultz said in the letter that Starbucks expects to introduce more corporate partners over the next couple months as it aims to grow the fund to a point where it will have made loans in all 50 states by the end of this year. He also asked for Geithner’s help in identifying more partners so that more CDFIs could participate in the program.

The Nonprofit Lookbook: Lessons in Social Enterprise from the Fashion World

By Saras Chung, The Nonprofit Quarterly In 2006, Mohammud Yunus had just won the Nobel Peace Prize for his work with the Grameen Bank, inspiring hundreds of social entrepreneurs across the country to test out the theory of microlending in areas of poverty and severe need.

A Conversation With: Muhammad Yunus

By Neha Thirani, New York Times (blog) Muhammad Yunus, the economist who founded Bangladesh’s Grameen Bank, visited Mumbai recently where he spoke to India Ink about his vision of “social businesses,” his forced departure from Grameen and the recent controversies that have dogged micro-finance in India and elsewhere.

Why Commercial Loans Remain Tough to Get

By Myles Dannhausen Jr. Truthout According to Multifunding, which ranks banks based on their ratio of small business loan balances (loans to small businesses with balances of $1 million or …

Startup Fundraising Platform ProFounder Shuts Its Doors

By Leena Rao, TechCrunch ProFounder, which is the brainchild of Kiva co-founder Jessica Jackley and fellow Stanford Business School alum Dana Mauriello, allowed entrepreneurs to share a percentage of their revenues with investors (their friends, family, and community) over …

Smart Power

By Maria Otero, CGAP Smart Power is about addressing the basic necessities of people’s lives, understanding their challenges and empowering them to help themselves—much like we have been doing for decades through microfinance. This concept of Smart …

Congress Addresses Financial Inclusion and Client Protection Principles

By Holly Padgett, Center for Financial Inclusion In December 2011, a bill was introduced in the United States Senate that would advance concepts of financial inclusion in USAID’s (United States Agency for International Development) approach to microfinance and international development …

Starbucks CEO: Washington fails on job creation

By Ashley Killough CNN His company is now spearheading its own employment program, raising funds for a campaign called “Create Jobs for USA” that distributes loans to small …

Should we have a FDA for financial products?

By Suzy Khimm, Washington Post (blog) Eric Posner and Glen Weyl don’t think that Dodd-Frank goes far enough to curb risky financial products, so they’d like a federal agency to vet them first: ( AFP/GETTY IMAGES ) The financial crisis of 2008 was caused in part by speculative investment in …

Weekly Microfinance News & Announcements 2/17/2012

posted: 2012-02-17 @ 9:42 am EST

Obama’s SBA Budget: Doing Less With More

By Robb Mandelbaum, New York Times Microloan counseling would not fare as badly, but other programs that serve the most disadvantaged small businesses, like HubZones and outreach to Native …

Social entrepreneurs use startups to change the world

By VentureBeat With 50000 visitors to its website per day (higher than any other nonprofit with the exception of Wikipedia), Kiva is often cited as the premier success story in this space. Kiva’s President, Premel Shah, recently recognized as a young global leader by …

Who Needs to be Educated for Us to Achieve Financial Inclusion?

By Center for Financial Inclusion Maybe the first focus of financial education should not be at the client level. Maybe the appropriate starting point is for those of us employed by the microfinance industry to better understand our clients’ financial needs, capabilities, and aspirations.

Could Google Wallet be Google’s next failure?

By Marguerite Reardon, CNET (blog) On Friday, Google temporarily disabled the ability to set up new prepaid cards in its Google Wallet app after it was discovered that if someone lost his Google Wallet-enabled phone and the screen of the device wasn’t locked that someone finding the …

Starbucks’s Schultz to Expand Jobs Fund After Raising $2 Million

By Leslie Patton, Bloomberg Businessweek Josh Davis cofounder of Gelato Fiasco Inc in Brunswick Maine received a $140000 loan from Coastal Enterprises Inc through Create Jobs for USA to open a …

Kabbage Crunches UPS Shipping Data to Approve Small Business Loans

By Penny Crosman, American Banker “If you have a FICO score below 720, banks won’t look at you for a small business loan,” says Kathryn Petralia, co-founder and COO of Kabbage, a provider of working capital to small online merchants. “It’s horrible, perverted logic because small …

The Lessons of Microfinance History

By David Roodman, CGAP The chapter would tell stories, such as how Yunus came to devise his form of microcredit, how John Hatch came to village banking. And it would show statistics—how many borrowers and savers there are, in what countries they can be found.

Microfinance in Bangladesh: It’s Not What You Thought

By Elizabeth Rhyne, Huffington Post (blog) The model of microfinance in Bangladesh, as it originated at Grameen Bank, involved tiny loans to women with fixed terms and amounts, group liability, weekly meetings, forced payments into a group savings account, and a set of 16 social pledges chanted …

Weekly Microfinance News & Announcements 1/27/2012

posted: 2012-01-27 @ 6:00 am EST

Microfinance: A Help or Hindrance to the Poor?

By Morgan Wharton, PolicyMic While these situations represent legitimate fears associated with the social contract that microfinance clients must adhere to, they should not be sufficient enough to deter potential clients from accepting microcredit. Roodman also criticizes the …

Debate: Moving Financial Inclusion Beyond Microfinance

By Microlinks If microfinance has not achieved its objective in substantially reducing poverty, what are the pathways to financial inclusion that will contribute to this objective?

Share the Wealth: ‘Bank On Baton Rouge’ opens doors for needy individuals

By Jay Meyers, LSU That world is a reality for one in four people living in Baton Rouge who are either unbanked or underbanked, meaning they don’t use a bank or credit union …

First National Bank to Offer Mobile Wallet Solution to Unbanked

By Bryan Yurcan, Banktech South Africa’s First National Bank is partnering with retailer Pep to offer its mobile wallet device to the unbanked and underbanked.

Combining microfinance and health

By Microfinance Focus Microcredit Summit Campaign and Freedom from Hunger have joined hands to reach more than 700000 microfinance clients with health education and services over the next five years. The goal of the alliance is to work …

Muhammad Yunus – A History of Microfinance | TEDxVienna

By Vlad Gozman, TEDxVienna … University where he developed the concepts of microcredit and microfinance. He is the author of Banker to the Poor and two books on Social Business Models, and a founding board member of Grameen America and Grameen Foundation.

Grameen’s business empire

By The Economist Muhammad Yunus, winner of the 2006 Nobel peace prize, founded Grameen Bank in 1983 to provide tiny loans to poor rural women. Grameen became a global model for microfinance. It also spawned 48 other firms in sectors that stretch from textiles to mobile …

Peer to peer lending: the murky future with America’s new consumer protector

By Alex Lee, Reuters Blogs (blog) By way of background, peer to peer (P2P) lending microcredit institutions sprang up in 2005 in order to provide needy borrowers with viable alternatives to normal commercial bank loans. This industry had as its backbone, the seemingly novel concept of …

Weekly Microfinance News & Announcements 1/20/2012

posted: 2012-01-20 @ 6:00 am EST

What’s an Entrepreneur? The Best Answer Ever

By Eric Schurenberg, Inc.com As an entrepreneur, you surely have an elevator pitch, the pithy 15-second synopsis of what your company does and why, and you can all but repeat it in your sleep. But until recently, I’d never seen a good elevator pitch for entrepreneurship itself—that is, what you do that all entrepreneurs do?

Kiva’s Secret Project To Let You Give Peer-To-Peer Loans | SOCAP

By SOCAP Blog But many lenders assumed–not surprisingly, given Kiva’s marketing and web design–that the smiling face on the other end of the PayPal transaction got the exact cash they lent out. A minor kerfuffle ensued in 2009 when a blogger broadcast …

Social impact is an integral part of investors agenda – Microfinance Focus

By Microfinance Focus Bob Annibale speaks about the vision of Citi Microfinance for the global microfinance sector. … There also are significant unbanked and underserved communities in the United States and we have some very interesting partners and initiatives there too, particularly for savings and asset building. At Citi, we continually look for innovative solutions to tailor our existing products to our wide variety of clients and partner MFIs and to specialized banks, microfinance funds and donors. Mobile …

Banorte targets Mexico’s underbanked with mobile-based service

By Finextra … has teamed with payments specialist Rev Worldwide to launch a mobile-based financial services programme aimed at the country’s millions of underbanked. …

Obama to Elevate SBA Chief

By Emily Maltby, The Wall Street Journal President Barack Obama said Friday that he will exercise his executive authority to elevate the head of the U.S. Small Business Administration to a cabinet-level position.

ZestCash Closes $73 Million in Funding

by Juan Carols Perez, PCWorld Traditional “payday” lenders offer small, short-term loans to borrowers who are known as underbanked, because they can’t get loans from banks and other ..

Weekly Microfinance News & Announcements 1/6/2012

posted: 2012-01-06 @ 10:40 am EST

Development as Industry Building is microfinance’s greatest strength

By Microfinance Focus In his book, David also recommends investing less in microcredit for fear of bubbles, favoring the development of safer services such as savings, insurance, and money transfers, and—lastly—looking to new technologies to revolutionize financial …

As Banks Start Nosing Around Facebook and Twitter, the Wrong Friends Might Just Sink Your Credit

By Adrianne Jeffreys, BetaBeat But there’s a nightmare scenario: if banks learn how to use social media, they could gather information they aren’t allowed to ask for on a credit application—including race, marital status and receipt of public assistance—or worse, to redline segments of the social graph.

2012: The Year Of The Entrepreneur?

By Scott Gerber, TIME Even in the developing world, entrepreneurship has emerged as a driving force behind the eradication of poverty thanks to Kiva and other micro-loan financiers. Whereas a traditional office or retail space was a necessity less than a decade ago, today, …

Small Signs That Small Business Lending Is Up

By Angus Loten, Wall Street Journal A study by Pepperdine University found that more than 60% of small-business loan applications last year were denied. According to the National Federation of Independent Business, a Washington, DC-based small business lobby group, most small-business …

Bring Back Boring Banks

By Amar Bhide, New York Times The Dodd-Frank financial reform act of 2010 did nothing to secure large deposits and very little to curtail risk-taking by banks. It was a missed opportunity to fix a regulatory effort that goes back nearly 150 years. Before the Civil War, …

What the world can learn from the Indian microfinance crisis?

By Microfinance Focus 2 A better understanding of the needs of low income clients for financial products so that the industry evolves from the simple regime of the “one size fits all” conventional Grameen loan to a set of (3-4) products specifically designed for the clients …

Weekly Microfinance News & Announcements 12/30/11

posted: 2011-12-30 @ 9:09 am EST

The Year in Microfinance

By Elizabeth Rhyne, Financial Access Initative Blog This year the microfinance sector got hit with three whammies. The first was the crisis in Andhra Pradesh, where rapid loan growth….

Small Business Story of the Year: The Rise of Alternative Lending

By Rohit Arora, Small Business Trends Supporting small business was among the top economic stories of the year, and the rise in lending to those growing companies was the most important development in 2011.

Banks still waiting on most Dodd-Frank rules

By Danielle Douglas, Washington Post A year and a half has gone by since the Dodd-Frank financial reform act was signed into law, but barely a quarter of the rules in the legislation have been finalized, though federal regulators are rolling out key components of the bill. …

The philanthrocapitalism debate

By Felix Salmon, Reuters Blogs (blog) Organizations such as GlobalGiving, Kiva, and DonorsChoose have made a great start, but this revolution has a long way to go. And we mean revolution, maybe even a mass extinction of traditional nonprofits that cannot engage their givers….

A Brighter Future — Maybe

By Angus Loten, Wall Street Journal Banks with assets of more than $10 billion approved 10% of total loan requests last month, up from 9.3% in October and 9.2% in September, according to a Biz2Credit analysis of 1000 small-business loan applications. Small-business loan approvals by …

How to Use Retirement Funds to Start a Business

By Laurie Kulikowski, The Street Rolling over a qualified retirement plan is a good way to inject equity into your business without penalty, says Steve Stovall, vice president of business development at Benetrends…

12 Days of Giving

posted: 2011-12-22 @ 10:41 am EST

Support microfinance this holiday season by shopping from a client who has been able to start or grow their business with a microloan! All of these small businesses are clients of ACCION and Opportunity Fund.

On the twelfth day of giving a small business owner sold to me:

TWELVE Fluffy pillows- Mary sells quilt kits and “alphabetables” pillows out of Chicago, Illinois.

ELEVEN Lipsticks applyin’ – Based out of Texas, Joelle sells fashion forward products with natural anti-aging elements.

TEN Chocolate treats – Handmade in San Francisco, Kika offers chocolate-covered caramelized cookies, tropical shortbreads and Brazilian honey cakes.

NINE Oils and vinegars – Jeff and Tabatha import the finest and freshest extra virgin olive oils and aged balsamic vinegars to their tasting bar and retail store in Austin, Texas.

EIGHT Cups-a-brewing – Based in Chicago, Alberto imports fair trade, award-winning coffee from Guatemala.

SEVEN Darling bags – Based in San Francisco, Jen provides organic, environmentally-friendly handbags and gorgeous dry-cleaning garment bags.

SIX Salsas roasting – Based out of Albuquerque, New Mexico, the Cervantes family handcrafts this salsa in small batches.

FIVE Golden earrings – Based out of New York city, Alicia designs and crafts beautiful jewelry, inspired by her African and Jewish heritage.

FOUR Golfing clubs – Founded in 1995, Golf Circuit sells golf apparel, equipment and accessories.

THREE Bars of soap – Juwon & Aaron started their Life-Soap business in Denver, Colorado. They give 90% of their after-tax profits to bring clean water to children and communities around the world.

TWO Hand-sewn clutches – Amy’s purse business is based out of New York, New York. All of Amy’s handbags are designed by Amy and hand-sewn.

ONE Cup of delicious green teaOut of San Diego, California, Maria sells delicate yet versatile and unique tea that is sure to lead to a sensory experience!

To support more small businesses, check out ACCION’s Microfinance Holiday Marketplace

Weekly Microfinance News & Announcements 12/16/11

posted: 2011-12-16 @ 2:35 pm EST

Small business loan demand shows new economic gain

By Lynn Adler, Reuters Small businesses re-engineered themselves during the recession and are now more confident and profitable, with lower-risk loan …

Indian Microfinance Crisis – One year later

By Microfinance Focus The only microfinance practitioner on the panel, Suresh Krishna, Managing Director of Grameen Koota concluded the discussion. “IFMR and MicroSave have done a good job post AP crisis. One message I take from here from both MicroSave and IFMR is that …

Big Ideas for Small Business

By Ed Paisley & Sean Pool, Center For American Progress High-growth startup companies are one of the most important drivers of job creation in the economy today. They are also vital to tackling some of our most pressing long-term societal challenges such as improving our health care, education, and energy systems…

Wise Ethical Investment Seeks Profit

By Geoff Nairn, Wall Street Journal The microfinance industry has evolved considerably since the 1970s, when Grameen Bank pioneered microloans in Bangladesh. Today, there are more than 3000 microfinance institutions serving more than 150 million customers in over 100 countries. …

Uptown Microlenders Help Immigrant Women Launch Businesses

By Yumna Mohamed, The Uptowner Among other microlenders operating uptown is ACCION USA which, since its establishment in the US more than 20 years ago has provided 18000microloans with a …

Crowd-Sourced Giving Changes Philanthropy

Hosted by Neal Conan, NPR Websites like Kickstarter, Kiva and Giving Tree are changing how people donate money. With what’s known as microphilanthropy, individuals, non-profits and even small businesses raise money directly from individual donors. Journalist and author Laura …

Fed Seeks to Protect Even a Small Bank

by Daniel Indiviglio and Wayne Arnold, New York Times The central bank spent nearly two years scrutinizing the takeover of the tiny Bonneville Bank by the prepaid debit card firm Green Dot. The soundness of even niche banks matters. But in the too-big-to-fail era, the watchdog’s slow process is an …

Google joins with Seattle angels to bankroll non-profit education microloan upstart Vittana

by John Cook, GeekWire Vittana, the Seattle non-profit that’s facilitating micro-loans to students in developing countries, has received a $250000 grant from Google. Others backing the organization include entrepreneurs Hadi and Ali Partovi; former Microsoft VP Mike Murray; …