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Crowdfunding for Your Clients Explained; The AHEAD Grant

Crowdfunding Explained, a Webinar

Register for Crowdfunding: A New Rung on the Funding Ladder on September 22, 2016 at 11:00am and find out what crowdfunding can do for your clients.

Clients with limited access to capital face will take different paths on their way to bankability. CDFIs and business coaching organizations need a lot funding options to serve this diverse group. One relatively new option is crowdfunding.

For business owners with a healthy network of personal and client relationships, and the willingness to invest in new marketing strategies, crowdfunding is a viable option to launch or expand an enterprise. An added benefit of a crowdfunding campaign is that it can attract new customers and validate the market for new products and services. Most clients need help structuring and running a campaign; and this webinar will outline the steps so that you can be a resource for your clients.

Kathleen Minogue, founder of Crowdfund Better, will provide insight into the principles that distinguish crowdfunding from other types of capital-raising, as well as assessment criteria to help you ascertain which clients are a good fit for this strategy. Don’t miss this opportunity to add this ‘access to capital’ option to your tool kit.

Micro Census is Open

For the past few years, CAMEO has partnered with FIELD at the Aspen Institute to conduct a census of California’s microbusiness programs using the microTracker platform.

It’s important to stand up and be counted. CAMEO members that fill out the Census by September 16, 2016 will receive $100 toward lunch for staff members, like Asian Business Association did (see photo of staff at Egg Slut in LA’s Grand Central Market) and others did last year. Email Andrew when you’ve completed your ‘free lunch’ as well as help with filling out the Census.

Note that you need to create a new account with a new user ID and password.

You rely on CAMEO to advocate on behalf of the sector. We rely on you for your data. This data fuels our advocacy and supports our members at the state and national level. The better data we have, the stronger our case is, and the easier it is to express the vital role MDOs play in the small business sector. Download a sample form to help you gather your data together.

The AHEAD Grant and Other Member News

Congrats to all the members who received an AHEAD Grant from the Federal Home Loan Bank of San Francisco. They have awarded $1.5 million in grants. You can view a complete list of this year’s winners, along with details about the organizations and initiatives the grants will support. CAMEO will use our grant money to run the Go To Market program in Fresno. A big thank you to Charles Schwab for their bank sponsorship.

  • Centro Community Partners
  • Community for Innovation, Entrepreneurship, Leadership & Opportunities (CIELO)
  • El Pajaro Community Development Corporation
  • Jefferson Economic Development Institute
  • National Asian American Coallition
  • Pacific Community Ventures
  • Prospera
  • West Enterprise Center, Inc.
  • Women’s Economic Ventures
  • Working Solutions

In Other News…

Pacific Community Ventures Small Business Lending is now offering microloans in amounts of $10,000=$50,000 to help California small businesses add jobs, purchase equipment, expand their inventories, repair machinery, or get through construction. They were also featured for their work with small businesses for this year’s Super Bowl.

Viola Gonzalez, former CEO of AnewAmerica, is running for Oakland City Council.

Small Business California’s survey results are in with 858 respondents. The survey takes the pulse of small businesses across the state.

The Goodies

New opportunities for training, conference information, funding, scholarships, and other information that have crossed our desks since the last Must Know. I have posted a running tab of current Industry Goodies on the CAMEO website that lists items that were in past emails. Check it out to make sure you’re not missing anything, like grants whose deadlines are still alive!

BBoR Update: Happy One-Year Anniversary! CAMEO is pleased to be one of 77 signatories to the Small Business Borrower’s Bill of Rights. Year two will concentrate on evolving and refining the BBoR. CAMEO and our partners, Opportunity Fund and Small Business Majority will be hosting a briefing in Sacramento on October 12. Stay tuned on how you can participate.

Washington Update: Policymakers are back in town after the August recess, but less than 20 work days remain until Congress leaves the Capitol again, as campaigning for both Presidential and Congressional races will consume the entire month of October. With so little time left and an election providing uncertainty, Ann Sullivan tells us what Congress will tackle first.

Sacramento Update: The California Secure Choice Retirement Savings Program (SB 1234) passed and will create a portable retirement savings program that all workers can access, which will allow small business owners and their employees to start saving for retirement without putting additional liability on employers. Participation is voluntary, and employers are not required to contribute toward employees’ savings plans. The contributions are automatically deducted from payroll at no added cost to business owners.

Attention CDFIs: The Department of Treasury (Treasury) is seeking your comments on the CDFI Program’s forms and applications. Federal agencies are required to give stakeholders the opportunity to comment on the agency’s forms and information gathering processes. Treasury is soliciting feedback on the Financial Assistance Application and the Technical Assistance Application. Comments are due by September 12, 2016.

Professional Development Opportunity: You’re invited to join the CFED Assets & Opportunity Network and Center for Financial Security for a new four-part virtual Listening & Learning Series on Financial Coaching & Counseling. The last one is on Wednesday, September 14 from 12:-1:30pm PDT. The A&O Network has also released Financial Coaching Census.

PayDay Lending Rules: The Consumer Financial Protection Bureau (CFPB) has proposed a rule aimed at reshaping the market for payday loans and other short-term credit. The proposal would require lenders to ensure that the consumer has the ability to repay the loan, provide notice that the lender is withdrawing funds from the consumer’s account and cease automatic withdraws if the consumer’s account is overdrawn. Comments on this proposal are due September 14, 2016.

Asset Building: Bay Area AFN presents Consumer Engagement. Join a conversation with leading experts and practitioners who will introduce and describe consumer engagement as an effective strategy to move consumers to desire the very tools and services that will help them build financial assets, skills and confidence. Register for the Wednesday, September 14, 2016 from 2:00-4:00pm PDT at the United Way of the Bay Area, 550 Kearny St #1000, San Francisco, CA 94108.

OFN Conference: Registration is now open for Opportunity Finance Network’s annual conference – Rethink. It takes place October 24-27, 2016 in Atlanta, GA. Early bird registration ends September 16.

For Your Clients: Small Business Majority is hosting Access to Capital 101: Funding Options to Start and Grow Your Business every other Wednesday, the next ones are September 21 and October 5. They present an overview of alternative lending options including community development financial institutions, SBA’s loan guarantee program and reputable online options, key questions to consider when seeking funding, the Small Business Borrowers’ Bill of Rights and helpful tools and resources.

SUSTYbiz16 Conference: The upcoming elections will impact the future of sustainable business. ASBC’s 5th Annual Summit, September 25th-27th brings together a remarkable cast of political pundits, advocacy groups and business leaders to help see past the clutter of the 24-hour news cycle. It will be an exciting few days as we visit the Obama White House, lobby Congress, applaud this year’s SUSTY Award recipients and enjoy fascinating conversation among sustainable business leaders.

Inland Empire 2035 Economic Forecast Conference: Join UCR School of Business Administration on September 29, 2016, 8:00-11:30am Riverside, CA at Riverside Convention Center, 3637 5th St, Riverside, CA 92501. Use discount code cameo16 for a $25 discount. Register for the conference.

Conference: Save the Date for the 6th Annual Asset Building SymposiumFostering Economic Equity in a Changing Bay Area on November 3, 2016.

New Report: Opportunity Fund released a very important research report, Unaffordable and Unsustainable: The New Business Lending on Main Street.” Until now, we have been relying on stories to explain what’s happening with online lending. Now we’ve got some data on the loans and cash advances being offered to small businesses by short-term, high-cost alternative lenders. Cliff notes on findings: 94% interest rates; average payment is 1.78x income -YIKES.

Free Fundraising Tool: Take the Leaky Bucket Assessment for Effective Fundraising. By taking this Assessment, a nonprofit will have a better understanding of their fundraising resources and see where they stand in relation to other nonprofits.