Global Microcredit: An Economic Solution to Improving Women’s Human Rights Wisconsin Women’s Business Initiative Corporation March, 2005 Sherry Saiki West Allis Program Director & Loan Officer

Wisconsin Women’s Business Initiative Corporation Statewide economic development organization 501(c) 3; founded 1987 Offices in Milwaukee and Madison Local, Regional, National and International Partnerships Emphasis: women, low-income individuals, people of color

Mission Quality business education Technical assistance Access to capital We assist men and women!

Economic Impact Entrepreneurship Start-up and Expanding Business Guidance Increasing self-sufficiency “Full-time” Business Ownership and/or “Patchwork” Approach

2004 Impact Loan Performance 58 loans $1,420,500 approved $24,500 average loan size Training Performance 369 workshops 1754 participants Loan Client Demographics (Through June, 2004) 78% women owned businesses 59% minority owned businesses

WWBIC’s Primary Services Business Education & Workshops Creative Financing Solutions One-on-One Assistance Networking Opportunities Business Laboratory Economic Literacy & Individual Development Accounts (IDAs)

Business Education & Workshops 350+ Workshops Annually Milwaukee, Madison, Green Bay, Fox Valley, Beloit, Janesville, Racine, Kenosha areas & other Entrepreneurship, business planning, marketing, financing, bookkeeping Experiential, hands-on, guest experts

Creative Financing Solutions Certified CDFI (Community Development Financial Institution) Direct Lending Programs: –Microloans –Gap Financing Loan Packaging Services: –SBA Prequalification Program –Business Financing Seminars –“Can We Talk?” Sessions –Business Assistance & Referral

Access to Capital We focus our assistance on: Business owners that can’t borrow Business owners that can’t borrow from a traditional financial institution from a traditional financial institution Start-up businesses Start-up businesses Gap financing for bankable customers Gap financing for bankable customers

Micro Loan Details $50,000 loan maximum Follow SBA business eligibility standards 8% – 13.5% interest rate Up to a 6 year term $100 loan fee and closing costs Loan proceeds cannot be used for debt refinance or real estate purchase

Loan Process Completed loan application with attachments $50 application fee Preliminary review ( 5 –7 day turnaround) Experience Credit Viability Complete review (2 –6 week turnaround) Access to technical assistance programs

One-on-One Assistance Business Consulting Networking Opportunities Business Mentoring

Special Initiatives Business Laboratory: –Coffee with a Conscience –Coffee House; two locations –Experiential Training Opportunity –Showcase clients Economic Literacy Series –“Make Your Money Talk” –Individual Development Accounts West Allis Small Business Development Program –No Cost Business Education and Training –Micro Loan Fund

Issues Facing Today’s Micro- entrepreneurs Work History Transportation Child Care Medical/Mental Health Housing Credit History Welfare or Public Assistance Lifestyle/Family Situations Isolation

Benefits to Clients Self evaluation & business viability assessment – “reality check” Improve business skills Better chance for business success Access to capital & expertise Build stronger credit Networking & contacts

Benefits to Providers & Organizations Resource for your clients Referrals to other resources WWBIC is a statewide organization Partnerships; filling the “gaps” Workshops in your community Regularly scheduled Customized/Ad Hoc

How to Contact WWBIC Milwaukee: Fax: N. Dr. Martin Luther King Jr. Drive Milwaukee, Wisconsin Website: WWBIC Affiliations: A Certified Development Financial Institution (CDFI) A U.S. Small Business Administration Microlender