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Microenterprise Development: Asset Building Strategy for California’s Latino Entrepreneurs

Microenterprise Development: Asset Building Strategy for California’s Latino Entrepreneurs. California Association for MicroEnterprise Opportunity (CAMEO). California Association for Microenterprise Opportunity (CAMEO).

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Microenterprise Development: Asset Building Strategy for California’s Latino Entrepreneurs

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  1. Microenterprise Development:Asset Building Strategy for California’s Latino Entrepreneurs California Association for MicroEnterprise Opportunity (CAMEO)

  2. California Association for Microenterprise Opportunity (CAMEO) • California’s Statewide Microenterprise Association (SMA) made up of 130 nonprofit organizations, individuals and agencies • Mission: To create and promote economic opportunity and community well being through California’s microenterprise development organizations • Programs: - Trainings to help build our members’ capacity & best practices that will then enable them to scale up their services - Advocacy to build public awareness and direct resources

  3. Microenterprise Defined • Businesses of 5 or less employees • Start up on less than $35K • Targets low and moderate income individuals; women, emerging/minority populations, disabled • Businesses operating in lower income communities • Locally owned

  4. Microenterprise Development Defined • Broad spectrum of “economic opportunity” • Business assistance -Training; networks; business incubation; technical assistance; mentoring; loan packaging -Financing: Micro and small business loans • Planning and managing the start up and growth stages • Helping informal businesses become stable and keep financial records, pay taxes, etc. • Creating an asset, the income from which will leverage other assets, e.g. homeownership

  5. Microenterprise Development Microenterprise development both reduces barriers to entry and enhances success: * 80% of clients of microenterprise development organizations (MDOs) succeed as opposed to 50-80% failure of small businesses overall

  6. Trends affecting CA MicroEnterprise • Self Employment is THE labor market trend: increased 24% 2001-05 • Changing Demographics: immigrant and women entrepreneurs; retirees starting businesses; 75% of college students want own business. • Rise of “Artisan Economy” -Creative freelancers providing highly targeted, and customized services & products • Technology -Broadband expanding in rural areas -Home-based businesses increasing

  7. MicroEnterprise Development in CA • Trends indicate increased needs for entrepreneurship education and small amounts of capital BUT CA’s MDOs are reaching less than 1% of estimated 2 million low and moderate income entrepreneurs with training, business assistance and micro loans (<$25K) • 69 MDOs served 18,000 businesses in 2007 • 30 nonprofit Micro Lenders made 1,500 loans for $12 M. Avg. loan size-$8,700

  8. MicroEnterprise Development in CA cont’d What do our organizations need? • Long term grants • Low cost capital investments • Partnerships between organizations to increase lending capacity and reach underserved markets

  9. CAMEO’s Goals Have our members: • Scale up services and loans • Reach new markets: Latinos, self employed *100,000 entrepreneurs served by 2017

  10. CAMEO Programs • “Making the Case” using statistics to secure funding for programs that are working with Latino microentrepreneurs. • Collection of powerful data. In what industries are Latino microentrepreneurs working? • Using social networks and partnerships to reach out to Latino Entrepreneurs • Diversifying your sources of funding: Targeting funders that are taking an interest in the microenterprise development field • Getting onto the Internet Commerce Highway: Helping Latinos onto the Broadband On-Ramp • You can go GREEN: Green Business Opportunities for Latino Entrepreneurs

  11. CAMEO’s Goals Open new sources of funding for our members: • Raise $50 million in new capital • $15 M in operating funds

  12. Capital CAMEO Goal: Five-fold increase in clients served within five years Collaboration Capacity Building Call to Action By Government CAMEO Micro Lending Action Plan for California

  13. CAMEO’s Role • Advocate for State policies to support ME • Provide research on impacts • Promote Microenterprise as an asset building strategy: -Economic self sufficiency for families -Economic opportunity for new entrepreneurs -Locally owned businesses -Micro Business = Job growth

  14. Evelyn Torres Program Operations ManagerCAMEOetorres@microbiz.org 415.348.6214

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