Global Microcredit: An Economic Solution to Improving Women’s Human Rights
Wisconsin Women’s Business Wisconsin Women’s Business Initiative CorporationInitiative Corporation
March, 2005
Sherry Saiki
West Allis Program Director & Loan Officer
Wisconsin Women’s Business Wisconsin Women’s Business Initiative CorporationInitiative Corporation
• Statewide economic development organization
• 501(c) 3; founded 1987
• Offices in Milwaukee and Madison
• Local, Regional, National and International Partnerships
• Emphasis: women, low-income individuals, people of color
MissionMission
Quality business education
Technical assistance
Access to capital
We assist men and women!
Economic Impact
• Entrepreneurship
• Start-up and Expanding Business Guidance
• Increasing self-sufficiency
• “Full-time” Business Ownership and/or “Patchwork” Approach
2004 Impact2004 Impact
Loan Performance
58 loans $1,420,500 approved $24,500 average loan size
Training Performance
369 workshops 1754 participants
Loan Client Demographics (Through June, 2004)
78% women owned businesses 59% minority owned businesses
WWBIC’sPrimary Services
• Business Education & Workshops
• Creative Financing Solutions
• One-on-One Assistance
• Networking Opportunities
• Business Laboratory
• Economic Literacy & Individual
Development Accounts (IDAs)
Business Education & Workshops
• 350+ Workshops Annually
• Milwaukee, Madison, Green Bay, Fox Valley,
Beloit, Janesville, Racine, Kenosha areas & other
• Entrepreneurship, business planning, marketing,
financing, bookkeeping
• Experiential, hands-on, guest experts
Creative Financing Solutions
• Certified CDFI (Community Development Financial Institution)
• Direct Lending Programs:– Microloans– Gap Financing
• Loan Packaging Services:– SBA Prequalification Program– Business Financing Seminars– “Can We Talk?” Sessions– Business Assistance & Referral
Access to CapitalAccess to Capital
We focus our assistance on:We focus our assistance on:
• Business owners that can’t borrowBusiness owners that can’t borrow
from a traditional financial institutionfrom a traditional financial institution
• Start-up businessesStart-up businesses
• Gap financing for bankable customersGap financing for bankable customers
Micro Loan DetailsMicro Loan Details
• $50,000 loan maximum
• Follow SBA business eligibility standards
• 8% – 13.5% interest rate• Up to a 6 year term• $100 loan fee and closing costs• Loan proceeds cannot be
used for debt refinance or real estate purchase
Loan ProcessLoan Process
• Completed loan application with attachments
• $50 application fee
• Preliminary review ( 5 –7 day turnaround)Experience CreditViability
• Complete review (2 –6 week turnaround)• Access to technical assistance programs
One-on-One Assistance
• Business Consulting
• Networking
Opportunities
• Business Mentoring
Special Initiatives
• Business Laboratory:– Coffee with a Conscience– Coffee House; two locations– Experiential Training Opportunity– Showcase clients
• Economic Literacy Series– “Make Your Money Talk”– Individual Development Accounts
• West Allis Small Business Development Program– No Cost Business Education and Training– Micro Loan Fund
Issues Facing Today’s Micro-entrepreneurs
• Work History• Transportation• Child Care• Medical/Mental Health• Housing• Credit History• Welfare or Public Assistance• Lifestyle/Family Situations• Isolation
Benefits to Clients
• Self evaluation & business viability assessment – “reality check”
• Improve business skills
• Better chance for business success
• Access to capital & expertise
• Build stronger credit
• Networking & contacts
Benefits to Providers & Organizations
• Resource for your clients
• Referrals to other resources
• WWBIC is a statewide organization
• Partnerships; filling the “gaps”
• Workshops in your communityRegularly scheduled
Customized/Ad Hoc
How to Contact WWBICHow to Contact WWBIC
Milwaukee: 414-263-5450
Fax: 414-263-5456
2745 N. Dr. Martin Luther King Jr. Drive
Milwaukee, Wisconsin 53212
E-mail: [email protected]
Website: www.wwbic.com
WWBIC Affiliations:
A Certified Development Financial Institution (CDFI)
A U.S. Small Business Administration Microlender