3. 20 million microenterprises in the United States, but less than 1% are receiving credit or business assistance
4. 400%-3,000% interest rates are charged by some alternative lenders, such as loan sharks and fringe banks“FY 2008 Program Performance Data Overview”. FIELD: Aspen Institute
5. Impediments to Domestic Entrepreneurs Loan amounts offered too big Most banks issue loans averaging $194,000 There are 700 microenterprise programs in the U.S., 369 have a loan average of $35,000 Poor credit history Min. Required = mid 650s Avg. = mid 750’s Insufficient business history Businesses are start-ups, off the books, initial phases Group vs. Individual Independent business culture Looser ties to community Gender Breakdown Men primary owners of small businesses Barrier to Entry Start up and operational costs are much higher
19. Grameen America Borrowers Live below the poverty line Average income in 2009 was $15,000 90% single mothers Interest and determination to start a business Nowadays there are not many jobs out there so someway we need to survive. We’re making it and Grameen America has helped us do that. - Lisette, GA Borrower
20. Facts about ACCION USA History: Pilot program in Brooklyn, New York in 1991 Locations: New York, Boston, Atlanta, Miami and Internet loans (serving over 46 States) ACCION USAempowers entrepreneurs to invest in their business, family and community through financial literacy and capital.