ACCION USA Financial Education Overview
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Transcript of ACCION USA Financial Education Overview
Lending. Supporting. Inspiring.
Empowering Microentrepreneurs
Through Education
ACCION USA
Financial Education Program
2www.accionusa.org
Microenterprise Market in the U.S.
• More than 87% of small businesses in the U.S. are microenterprises• Microenterprises employ one in six private sector employees
• AEO/FIELD estimate that there are 20+ million microentrepreneurs in
the U.S.– 5.13 million women-owned businesses– 2.5 million minority-owned microbusinesses– 4.3 million business owners with personal incomes <$10k
• Approximately 10 million lack access to services such as credit,
training, business advice
3www.accionusa.org
Financial Education Program: Origins
• 2002 New York
• Technical Assistance program launched after September 11th
• 2005 ACCION USA
• Seed funding provided by the Allstate Foundation
4www.accionusa.org
A Complement to our Lending Program
Business Development
• Brand awareness– Grassroots strategy– Web presence
• Partnerships – Entrée into new areas
• Drive contacts– Conversion into closed loans
• Hook for fundraising and sponsorship
Customer Service
• Enhance customer experience
• Save borderline applicants
• Improve client retention
• Encourage repayment
5www.accionusa.org
Interesting Facts
What percentage of America’s small businesses today rely on credit cards to finance day to day operations?
a.) 24%
b.) 59%
c.) 89%
d.) Who the heck knows?
6www.accionusa.org
Curriculum Development
Methodology
• Focus groups
• Consultant
• Daily interactions with clients
7www.accionusa.org
Your Money and You
• Topics
Money ManagementUnderstanding CreditSmall Business FundamentalsBusiness Taxes and Insurance
• Funded by Allstate
• Toolkits (workbook, quizzes, resource brochures)
• Roll out in New York, Boston, Atlanta and Miami
8www.accionusa.org
Build Your Credit
• Topics
How to build a credit history in the USHow to strengthen your credit history
• Funded by AIG
• Booklet, articles
9www.accionusa.org
Business Survival Strategies 2010
• Interviewed several ACCION Clients
• Topics include
Protecting creditFreeing up cash flowBuilding your business network
Words of Wisdom from AUSA Clients
– Power Points– Instructor Guide– Participant Handout
10www.accionusa.org
Supporting Materials
• Articles
www.univision.com
www.latinoaol.com
Web directories
• Tip sheets
• Podcasts(in Spanish) www.accionusa.org
11www.accionusa.org
Delivery Channels
Workshops
www.accionusa.org/workshops
• Organized with community, financial and corporate partners
• Fulfill key deliverable for many funders
• Facilitate networking
opportunities for attendees
One-to-one counseling
12www.accionusa.org
Quiz
• What ACCION USA event will be taking place on September 22nd ?
(Hint: It’s on ACCION USA Workshop Calendar)
13www.accionusa.org
Delivery Channels Continued
Speed coaching events
• Organized with corporate
partners
• 1-1 counseling for business
owners with industry experts
• Webinars
Quiz: Does anyone know what topic June’s webinar series focuses on?
14www.accionusa.org
Delivery Channels Continued
• Websitewww.accionusa.org/financialeducation
• Loan Process
15www.accionusa.org
Interesting Facts
What is the #1 Source of In-Bound Links for the ACCION USA Website?
a.) Small Business Administration
b.) University Small Business Development Centers
c.) Content sharing partnership with www.univision.com
d.) Credit Counseling Agencies
16www.accionusa.org
Train the Trainer
• Volunteer instructors
• Agent partners– Puerto Rico– Oregon– Minnesota– Idaho
• Other – Adult education programs, community organizations
17www.accionusa.org
Impact – Outputs**
Workshops• Participants
14,532 Participants
Participant demographics*
6,264 Women
2,853 Latinos
1,826 African Americans
1,998 Business Owners
* Incomplete reporting
One-on-one counseling• Sessions
8,212
= 27,000direct touches
** 2002-YTD (4/30/2010)
18www.accionusa.org
Impact - Outcomes
• Loans – 253 (through YE 2009)
• Increase in financial literacy
• 96% of workshop participants in New England reported an increase in their financial literacy after attending an ACCION USA workshop
• Workshop attendees exhibited a 15% average increase in correct answers in post quizzes. A survey of workshop participants in NY indicated that 85% of attendees found the Build Your Credit workshop to be helpful or very helpful.
19www.accionusa.org
Challenges
• Engaging our target audience
• Maximizing impact – how to measure beyond the outputs
• Building connections to our products
20www.accionusa.org
New Directions
• Continue integrating education into our lending process
• Leverage education program as a networking venue for small business owners (coaching clinics)
• Credit Coaching Pilot in Miami
• Enhancing impact measurement tools
21www.accionusa.org
Greg (check out the ACCION USA blog for more)
Greg’s journey with ACCION USA began in February 2009. He owns an
answering service business and needed a loan to keep up with his growing list
of clientele. When a damaged credit history and low credit score meant that he
didn’t qualify for a loan, Greg demonstrated two characteristics that
entrepreneurs tend to possess: persistence and a desire to learn. He
contacted our Boston office, determined to understand how he could improve
his credit history.
That call was the first of many. Throughout the next year, ACCION USA staff
member Melissa led Greg through the process of improving his score. With
her guidance, Greg took control of his debt, improved his credit score over 60
points, and regularly called to check in with Melissa. And his hard work paid
off: last month, Greg was approved for a loan.
22www.accionusa.org
Leveraging AUSA’s Value-Added Services
Communications
• Get email addresses and ask for contributions to Tip of the Month
Online Resources
• Refer clients interested in growing their businesses to tips on
www.accionusa.org/financialeducation
YOLA
• This is a great, low cost marketing tool for clients! Tell them about it!
1-1 counseling
• Refer clients in need of additional support to financial education team
Events
• Promote events to your clients! www.accionusa.org/workshops
Client Directory
• Encourage clients to sign up and use for your own reference
23www.accionusa.org
Who is on Your Financial Education Team?
• Andrea Stiles Pullas (Ecuador)
• Elizabeth Garlow (Boston)
• Shaina Peterson (Boston)
• Benjamin Himmelfarb (Miami)
• Nancy DelaCruz (NY)
• Clare Scanlan (NY)
Lending. Supporting. Inspiring.
Thank you!
Questions? Comments?
Please email us:
Andrea Stiles Pullas – [email protected]
Elizabeth Garlow – [email protected]