washington state microenterprise association strengthening rural families rufes session, seatac, wa

Washington State Microenterprise Association

www.WaMicrobiz.org

Strengthening Rural FamiliesStrengthening Rural FamiliesRuFES Session, SeaTac, WARuFES Session, SeaTac, WA

Founded by practitioner coalition

Membership based organization

Capacity building focus

Funding intermediary

Business with 5 or fewer employees

Owner is an employee (self-employed)

Requires $35,000 or less in capital

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

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

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

SavingsCredit CardsFriends and FamilyBank Loans InvestorsOther Resources........?

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

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

$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

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

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

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

WSMA’s PRIME Program

Learning Clusters (5 new, 10 existing)▪ Best Practice▪ Program Development▪ Networking▪ Outcome and Performance Measures

Micro-Loan Platform

Washington State Microenterprise Association

www.WaMicrobiz.org

Teresa Lemmons, Executive Director

teresa@wamicrobiz.org(253) 661-0930