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Published byMarco Malsbury Modified over 9 years ago
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How to start a
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Define Campus MFI A group or organization founded or led by students that offers equitable financial services to disadvantaged community members off-campus
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Campus MFI Examples
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The Campus Microfinance Alliance is a platform for students to learn how to practice microfinance.
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How we help Campus MFIs Annual conference Start Up Kit ( Startupmfi.wikispaces.com) Intensive technical assistance – Site Visits Lend for America Fellowship Alchemy Listserv & Member Monthly
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Yale University in New Haven, CT Founded 2001 ~50 student staff 2012 Operating Budget: $13,000
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University of North Carolina Founded in 2009 ~130 student volunteers 2012 Operating Budget: $68,000
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Brown University Founded in 2008 7 Full-time staff 2012 Operating Budget : $280K
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Before you start Is microfinance right for you and your campus community? – Commitment – The Team – Skills – University Support – Market Research
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Start-Up 501(c) 3 Student organization Academic Yale; Rutgers; Brown; UNC Chapel Hill; Georgetown; University of Wisconsin; Grinnell College Arizona State; Fordham University Northwestern; Duke; University of Alabama; Notre Dame; St. Cloud State; Bentley Legal Structure
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Products & Services Business Training Course Financial Literacy Class Small Business Loans Tax Prep Credit Builder Loans Consumer loansSavings Alternative payday loan products Access to Markets Bank On Technical Assistance: Loan packaging Financial Coaching
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Fundraising Community Reinvestment Act (1977) –Banks Ask on campus for funds –Think experiential education, community engagement, community service –Professors, department chairs, Dean/President/Provost office, Center for Service Learning, Center for Social Entrepreneurship –Business plan competitions
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Sustainability Structure: Example - Departments –Executive Board (co-CEOs, COO, CFO) –Fundraising Department –Lending Department –Finance Department –External Relations Department Leadership transitions
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What to do first ‘Voices of my community’ exercise to get to know your community – Go off campus and have conversations with community members
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Consider the following Geography: Is there a neighborhood close to campus that is underserved by local providers? What does it look like and what are its main challenges? Are there central places where I can go to speak to local community members? Demographics: Where is there a potential match between their cultural characteristics (ie, low income Hispanic microbusinesses) and our capacities? Psychographics: What are the attitudes, values, challenges, and preferences of community members?
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Take-home Exercise Voices of my community
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