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Administration for Children and Families US Department of Health and Human Services
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Office of Community Services -- Asset Building Strengthening Families...Building Communities

Strategies for Microenterprise and Small Business Development

Focus:

The call focused effective ways to work with AFI participants interested in starting or expanding small businesses.

Key Points:
  • AFI funds may be used to support a new business or to expand an existing one.
  • As with other asset purchases, funds must be disbursed to a third party and be consistent with the terms of a business plan approved by a financial institution, a microenterprise development organization, or a non-profit loan fund, and that includes a description of the services or goods to be sold, a marketing plan, and projected financial statements.
  • It is important to take credit status into consideration when working with participants interested in a business asset purchase.
  • IDAs may be more suitable for existing entrepreneurs than for brand-new startups.
  • Very likely, business start up or expansion will involve other sources of capital, such as loans, as well as the IDAs and AFI matching funds.
  • The quality and thoroughness of business training and coordination with financial education are important; and the type of training must adapt for new and more experienced entrepreneurs.
  • SCORE (Service Corps of Retired Executives) may be a source of mentors, but matching mentors and participants must be done carefully.
Presenters:
  • Margaret Miley, MIDAS Collaborative, Allston, Massachusetts
  • Ramona McKinney, Good Faith Fund, Arkadelphia, Arkansas
  • Maria Coto, Partners for Self-Employment/Microbusiness USA, Miami, Florida
  • Francisca Montes, Anew America, Berkeley California
  • Anne Yeoman, Assets for Independence Resource Center
Resources:
  • Strategies for Microenterprise and Small Business Development (.doc 81KB) (.pdf 68KB)
  • Sample Business Action Plan (.doc 115KB) (.pdf 45KB)
  • Sample Business Plan Checklist (.doc 32KB) (.pdf 66KB)
  • Sample Curriculum Outline (.doc 53KB) (.pdf 30KB)

For more information on this topic, please contact the Assets for Independence Resource Center: http://www.acf.hhs.gov/assetbuilding; info@idaresources.org; 1-866-778-6037.