- MMS Has Lending On Upward Trend
- More Impacts of Micro Evidence
- The Goodies – This week’s highlight includes the Small Business California survey of California businesses. Please forward the 2014 SBC Survey to your clients. It will take about 10 minutes or less. The results of the survey will be sent to every Assembly person, State Senator, and Representative in the state, the Governor, and our two Senators. The deadline is March 7, 2014.
MMS Has Lending On Upward Trend
The first six months of the MMS pilot project are promising. The three organizations are using the software to successfully handle more loan applications at a faster rate than previously. A total of 113 deals were generated with 36 of them making it to the underwriting process. The end results: 20 loans at a loan volume just shy of $500,000. We expect as the lenders embrace the program, loan generation to double.
Maybe there’s an increase in demand, but our members tell us that MMS played a crucial part in increasing their loan production.
Devon did five loans in one month; this is unprecedented for us. We couldn’t have done it without MMS. We’ve just hired another loan officer and are excited to expand our loan program. — Marsha Bailey, CEO of WEV, 2/20/14
And borrowers couldn’t be happier about the high-touch value that participating organizations bring to the loan process and business development.
…you have made a huge impact on my life. In the face of continual adversity, coupled with all of my hard work and limited resources, I am thrilled to have the support of my community. This month marks the 5th year of my business, and I am excited for new growth and possibilities! — anonymous
To learn more about joining the MMS Cohort, reach out to Susan Brown, our Microlending Specialist.
More Impacts of Micro Evidence
We’re always on the lookout for evidence of the economic impact of independent businesses on the local economy.
Recently, Women’s Initiative surveyed 753 clients and how they impacted the local economy through increased sales, income, jobs, and sales tax. They found that even through the Great Recession, “their clients multiplied their annual gross revenue more than thirteenfold within the first 18 months after training.”
In 2012 alone, our clients provided 2,313 jobs for others through their businesses. Including the jobs that they created for themselves, this amounted to a total of 5,317 local jobs created and retained in 2012.
Download the report: Investing Locally: The Economic Impact of Microenterprise on the Community.
New opportunities for trainings, 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!
CAMEO in the News: Maria Contreras-Sweet mentioned CAMEO during her Senate confirmation hearing to head the SBA! You can watch the entire Senate Small Business Committee hearing (you’ll need to jump ahead to 27 minutes into the video for the beginning or to 1:26 to hear the CAMEO mention). Join the US Hispanic Chamber and Small Business Majority in their effort to ensure she receives a quick confirmation as head of the SBA.
New Paper: Boku Kodama of Renaissance Marin spent his holiday break researching and writing about redefining entrepreneurship to open it up to those who hadn’t considered it before, yet had limited options. The result is a paper that frames the work he was doing with people with disabilities (Entrepreneurs Enable Forum), encorepreneurs (older workers locked out by age discrimination), and 18 to 25 year-olds. The paper is “5 Reasons Why Everyone Needs To Be An Entrepreneur” and provides a lot of food for thought and possible messaging for you and your programs.
For Your Clients: CAMEO is co-sponsoring a Certification Course for Veterans and Service Disabled Veterans. It’s a two week class offered by CAMEO member Joe Molina. Participants who follow the daily action items in this course will be able to complete the initial submission of information required for receiving a VBE or DVBE Certification. It starts on the first Monday of each month. The next one starts on March 3, 2014. Your clients can use the CAMEO discount code “CAMEO12014” to receive a $120 discount off the $199 tuition fee (so it costs $79.)
Grant Opportunity: The SBA announced a $3 million grant opportunity to provide entrepreneurship training to veterans under the SBA’s Boots to Business program. Public and private institutions are invited to submit proposals to provide entrepreneurship training, curriculum development and program management support services. The deadline is March 3, 2014.
Free Webinar: Aspen’s Field Insitute and Citi host “Asset Building through Credit Pilot: Initial Findings.” This webinar will provide an overview of the initial findings from the Asset Building through Credit pilot, with a focus on lessons for delivering a secured card. The event will include a dialogue regarding implications for replication. The webinar is on Tuesday, March 4, 2014 at 10:00am PDT // 1:00pm EDT.
For your Clients: It’s time for our friends at Small Business California to survey California businesses. Please forward the 2014 SBC Survey to your clients. It will take about 10 minutes or less. The results of the survey will be sent to every Assembly person, State Senator, and Representative in the state, the Governor, and our two Senators. The deadline is March 7, 2014.
Media Training: The American Sustainable Business Council (ASBC) is hosting a four-part Media Training Series (March 12, 20, 26, and April 2). Topics to be covered: training for business policy, broadcast meeting, writing op-eds, and social media. ASBC has two offers for CAMEO members: 1) a 50% discounted pricing of $75 for the entire series and 2) three free spots to the the first three people who email me and want the spots (by doing so, you’re committed to attending). Click the link above for more info on the series. And email me for the discount codes.
Healthcare Webinars: The Small Business Administration and Small Business Majority are committed to helping businesses navigate the changes and opportunities in health care through the webinar series What the Healthcare Law Means for your California Small Business. The next one is on March 12, 2014 at 10:00am PT. Lo Que Significa La Ley de Salud para su Pequeña Empresa in Spanish is on March 19, 2014 at 10:00am PT. Note the Small Business Health Option Program’s online enrollment function is on hold and will be back online in the fall. Businesses can still purchase insurance through the traditional paper process, working with your Certified agent or the SHOP Service Center.
Industry Conference: What do you get when you mix 500 savvy social enterprisers, 3.5 days of top notch programming, the building momentum of a national movement, and the nation’s “it” city? Find out at Social Enterprise Alliance’s Summit 14 in Nashville on April 13-16, 2014. Build the social enterprise field, connect and strengthen skills. CAMEO’s network receives a 33% off discount with discount code CAMEO33. For more information click on the link above.
For Your Clients: Tax prep season is in full swing. The IRS has a number of instructional YouTube videos to help prepare your taxes.
AEO Conference: Registration is open for AEO’s Big Easy Takeover! Connect with hundreds of industry professionals who are committed to giving Main Street microbusinesses the resources they need! Help America’s 25.5 million microbusinesses unleash their power. The conference is May 5-7, 2014. An additional enticement is the New Orleans Jazz Fest happening right before the conference. The hotel will extend the discounted room rate if you come early…let’s show AEO that CAMEO members know how to party! CAMEO members are eligible for a $50 discount off the AEO nonmember rate and can access it by entering the code SMA2014 at registration.