Washington State Microenterprise Association Strengthening Rural Families RuFES Session, SeaTac,...
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Transcript of Washington State Microenterprise Association Strengthening Rural Families RuFES Session, SeaTac,...
![Page 1: Washington State Microenterprise Association Strengthening Rural Families RuFES Session, SeaTac, WA.](https://reader036.fdocuments.in/reader036/viewer/2022062422/56649f395503460f94c564aa/html5/thumbnails/1.jpg)
Washington State Microenterprise Association
www.WaMicrobiz.org
Strengthening Rural FamiliesStrengthening Rural FamiliesRuFES Session, SeaTac, WARuFES Session, SeaTac, WA
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Founded by practitioner coalition
Membership based organization
Capacity building focus
Funding intermediary
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Business with 5 or fewer employees
Owner is an employee (self-employed)
Requires $35,000 or less in capital
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Non-profit and community based organization Target various client populations Structured entrepreneurial training and
education One-on-one technical assistance Workshops and access to resources Access to capital (loans) Other resources..
List of members and resources
www.wamicrobiz.org
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Statistics say: 486,504 Microenterprises in WA 17.4% of all employment 80,273 Rural employees 568,573 urban employees 86% of all businesses in WA 23 MDO’s serving 15 of 39 counties
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Increase in household income (78%, 2 yrs)* Increased home ownership (14-22%, 2 yrs)** Access to financial services Economic literacy Business assets and equity (250%, 2 yrs)*
*FIELD**Welfare to Work
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SavingsCredit CardsFriends and FamilyBank Loans InvestorsOther Resources........?
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SBA Microloans Up to $35,000 (Just raised to $50,000) Average $13,000 Start-up, newly established and growing
small business Funding provided through intermediary
http://www.sba.gov/services/financialassistance
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USDA Intermediary Relending Program Loans to new or existing business Saving or creating jobs Communities with populations of 25,000 or
less Typically larger loans (average $100,000)
http://www.rurdev.usda.gov/WA/BusIRP.htm
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$500 - $35,000 New, Existing and Growing Typically target disadvantaged populations Microenterprise focus: 5 or fewer
employees Training and technical assistance support
WSMA is working with community groups to develop lending programs for their
communities
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Matched savings for asset development (housing, education and small business)
Individuals develop an action plan and initiate savings
Access funds when reached their savings goal
Usually offers credit and budget counseling
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Work with organizations interested in pursuing microenterprise development
Provide networking and learning opportunities
Provide access to funding opportunities
Work with policy makers to increase access and capacity
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2008-2009 over $225,000 in short-term project grant awards: Served 1,022 clients with training and
technical assistance 49 loans packaged Over $380,000 in loans $11,900 average loan amount 48 businesses started 38 businesses expanded Created programs where previously not existed
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WSMA’s PRIME Program
Learning Clusters (5 new, 10 existing)▪ Best Practice▪ Program Development▪ Networking▪ Outcome and Performance Measures
Micro-Loan Platform
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Washington State Microenterprise Association
www.WaMicrobiz.org
Teresa Lemmons, Executive Director
[email protected](253) 661-0930