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Microfinance – Get Into Business

Microfinance – Get Into Business. Innovative Access to Financial Services for low income entrepreneurs. A Revolutionary Idea from Far Away. Grameen Bank 1970’s founded by Mohamed Yunus $27 total loans for 40 women-basket weavers to buy their materials and startup their own microenterprise

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Microfinance – Get Into Business

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  1. Microfinance – Get Into Business Innovative Access to Financial Services for low income entrepreneurs

  2. A Revolutionary Idea from Far Away • Grameen Bank 1970’s founded by Mohamed Yunus • $27 total loans for 40 women-basket weavers to buy their materials and startup their own microenterprise • No Collateral – formed a group to jointly guarantee their loans • Poor people pay back loans 99% of the time • Escape the Poverty Trap • Today, 2 million loans a year • 10,000 members per month out of poverty • The idea is simple, give people a Hand Up, not a Hand Out.

  3. Microfinance in Canada • Handful of Canadian Institutions use Idea • Vancity’s own Peer Lending Program over 7 years old • Focus on low income entrepreneurs, marginalized groups, new immigrants • Increase access to financial services • Vancity helped over 600 entrepreneurs get started! Four Women Un Gato – A Vancity Peer Lending Group

  4. Why is Vancity Involved? • Our Mission is “Working with people and communities to help them thrive and prosper” • Canada’s largest Credit Union with $10.5 billion in assets & 340,000 members, 42 branches throughout the lower mainland • Community Leadership – We share 10% profits community & Provide Access to Financial Services to people who cannot get it • Investment into our community – serving as a catalyst for the self-reliance and well being of our community and membership • A Commitment to increase access to financial services from savings, home ownership to startup business loans

  5. We Deliver Micro Credit Products Tailored to fit Small Business needs • The right loan for the right stage of business Conventional Lending $35,000 + Microloans $5,000 - $35,000 Peer Lending < $5,000

  6. Vancity’s Peer Lending Program Group based lending • Access to Business Credit based on group Collateral • An opportunity to build or improve their credit rating • A support network of business peers

  7. Access to Peer Loans Based on Repayment Ability $ 5,000 $4,000 $3,000 $2,000 • Start with $1000 Each Group Member • Minimum 3 month term up to 24 months • Interest + VanCity Prime + 3% $1,000

  8. How Does it Work?

  9. Keep The Group Strong to Keep Growing

  10. Other Community Business Loans • Micro-Loans • $5000 to $35,000 Business Loans for Experienced Entrepreneurs with Good Credit History and a Formal Business Plan • Advice and Business Loans for Entrepreneurs with disabilities • $5000 - $35,000 Business Loans for Entrepreneurs with disabilities with one on one assistance

  11. Questions ? Get Started • Form a Group • Complete the Workbook • Lets Meet

  12. Vancity Community Business Solutions Contact: peerlending@vancity.ca

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