More Microlending for Small Business--Samuel Adams Brewing the American Dream

Just ahead of the big announcement by the Economic and Community Development Institute (ECDI) that they are opening an office in Toledo and bringing their business microloan programs to northwest Ohio (most of their operations have been in Columbus), here's a bit of info about a microlending aimed at food and beverage businesses.  Samuel Adams, the craft brewery that grew to a force in the beer business, is partnering with several nonprofits engaged in microloans across the country to provide loans ranging from $500-$25,000 to start or grow a business. 

Besides the loan program, they also host some "speed counseling" and other educational events.  They also include a list of regional business resources that include lending, food incubators and shared kitchens, educational programs and business associations.

It's not an exhaustive list, but here's more on microlending, business incubators, and food business incubators.   Try them all out.

Another Place or Two to Find Microfinancing for Americans

Microfinancing--the loaning or granting of very small sums of money for business or personal finance--has been hard to catch on in this country.  We've had a few posts on this blog dealing with potential sources, and this week we found a couple more places to search.

One was right in central city Toledo, Lifeline Toledo.  It's a central city ministry that collaborates with other groups working for the empowerment of people in Toledo, like Food for Thought and the Neighborhood Health Association.  They operate the Mobile Medical Unit that goes through neighborhoods helping the medically underserved.  Among its other ministries, it also offers a microloan program-- in amounts ranging from $50 to about $500--for very small business start ups and needs.  While the website does not outline the application procedures in detail, they are available upon request.

On a national scale., the Association for Enterprise Opportunity now has a search engine to help identify their member organizations in your community.  Organizations in the AEO provide different types of support for very small businesses, including (sometimes) microfinancing.
 

Finding Aid for Refugees

There was a previous posting about the urban legend of the availability of lots of cash for immigrants to America.  While immigrants build their businesses by working hard and investing in business first and consumer stuff after they make the money, there does exist a variety of help for refugees to the United States.
local ethnic self-sufficiency groups

Who are “refugees?”  According to U.S. law, a refugee: “is a person who is outside his or her country of nationality or of last habitual residence and faces in his or her own country “persecution or a well-founded fear of persecution on account of race, religion, nationality, membership in a particular social group, or political opinion.”  This now includes people victimized by human trafficking.  The programs that help these people are funded by the federal government, but to find where to get assistance, you have to find the state and local organizations who receive grants from the HHS Office of Refugee Resettlement, who in turn provide services.  Here’s a map of state and local agencies that provide coordination for services like health care, translation, services for elderly refugees, and individual development accounts.  

In addition, there’s a page that outlines various refugee services to be financed by the federal government.  These are meant to be a source of information for nonprofits and local agencies who might want to apply for a grant.  However, if you are an individual in need of assistance, or know someone who is, go to the bottom of each page and see if they have a list of current grant recipients.  These will be local organizations that provide the federally funded service, and these are the people you want to contact.  These include lists of providers of microenterprise assistance (helping refugees find funding and technical assistance for business enterprises), and recipients of Wilson-Fish grant recipients (a federal program that emphasizes more flexible cash assistance and integration into the community), and a new microenterprise home based child care program.  Another program is RAP-P, the Refugee Agricultural Partnership Program, which helps establish refugees with successful farm businesses.  For more possible sources of assistance, see the National Immigrant Farming Initiative to find projects in your region.

Finding More Microlenders in the United States

I’ve written about microfinancing and microgrants for for-profit outfits before, but wished to add news about an established group and its activities in the United States. Kiva is a nonprofit organization that has given aspiring business people in economically developing countries a chance to get microloans, while giving people in affluent countries a chance to loan them the money.  What is less known is that they have partnered with nonprofits in to provide microloan opportunities for business microloans in the U.S.

Kiva’s partner page lists their partners around the world, but you can limit by world region.  In North America, they partner with ACCION, a nonprofit that loans in the Texas and Louisiana areas, as well as ACCIONAmerica, which loans across the United States, the Opportunity Fund,(California)  and Grameen America.  Check out these organizations if you are interested in getting a microloan, or Kiva if you have an interest in financing a microloan for up-and-coming business people in the United States, as well as other countries.

Kiva is also working with ACCION America to work in specific cities.  The first was Detroit, and its first round of financing has already been distributed.  More financing will be available in the future, so check it out if you are interested and in the Detroit area.  And stay tuned for more microfinance opportunities in other cities.

A Microfinance Directory--If You Don't Mind Checking Behind It.

In these days of economic doldrums and tight credit, people are in dire need of sources of money to start a business.  For very small businesses, a microloan, given by a lender who understands the peculiarities of a one-man shop that is brand new, could make all the difference.  But often, banks don't do this kind of lending.  So where do you find an alternative?

FIELD, the microenterprise Fund for Innovation, Effectiveness, and Learning Dissemination set up just such a directory a couple of years ago.  It is searchable by name of organization, state, and focus.  However, take the information with a grain of salt: apparently, it hasn't been updated recently, so the information is a couple of years old.  But it could point you to an organization in your area that can loan you small amounts of start-up money.  Some of the organizations also offer technical assistance and mentoring.  While it's NOT "free money," it's useful and nothing to sneeze at.