Money Smart for Small Business Third Quarter Town Hall 2018

Money Smart for Small Business Third Quarter Town Hall 2018

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Welcome. Thank you for standing by for the, duration of the call our, participants. Will be in a listen-only mode I would, like to inform all parties that today's conference is being recorded. If you, have any objections you may disconnect at, this time I would, now like to turn the conference over to Lesley Evans thank you you may begin. Hello. And, welcome. To the third MoneySmart. For small business townhall, webinar, of 2018. I'm Lesley. Evans, acting. Community Affairs Associate. Director at the Federal, Deposit Insurance Corporation, FDIC. I'm. Responsible. For leading a great team of community, affairs staff, in, headquarters, and in, the regional. And field offices as well as, the outreach and program development staff that. Creates, a host the resources. Responsive. To the needs of, our stakeholders, which, include all of you, financial. Institutions and community, organizations. That work on economic inclusion. I hope. You all know the, community affairs staff that's the team of people at FDIC, that networks with you provides. Technical assistance, and disseminate, financial. And economic, inclusion, resources. Across the country, our. Goal is to reach people who are unbanked, and underbanked who. Are networks, targeted. Resources, outreach. Events, and technical, assistance, one. Of the many important, populations, that we've targeted, our. Efforts, towards, rural communities, since we. Have a rule, organization. Presenting. Today I want. To quickly mention our work in rural America, our. Staff, focuses much, of our much of this rule work, collaborating. With in work groups we. Have three of them we. Have a broad rule work group a Native, Americans, work group and an Appalachian, work group our. Goal, is to collaborate, nationally. And focus, on efforts to network lift and support rule serving, financial, institutions, and other, large, rule serving partners and state olders we. Plan and host webinars. Roundtables. And other meetings to identify collaborative. Opportunities. For capacity-building and, other, economic. Inclusion initiatives. Our. Presenters. Today are from, the opportunities. Industrialization. Center, of Washington and that's the state of Washington, they. Are a Community, Action Partnership, organization. That focuses on serving rural, communities. We. Have over, 300, people registered, today thank. You and welcome, thank. You for taking the time to learn about how, to implement, money smart for small business and we. Encourage, you to reach out to us if you, need help developing, your program, this. Town hall is intended. For intermediary. Organizations. Again, such as financial institutions and, nonprofits. Working, with entrepreneurs as, you. Know money, smart for small business is a curriculum co-branded. By FDIC. And the US Small Business Administration. SBA. Always. Joins us on these. Townhall, webinars, and today, we have Nathaniel. Bishop program. Manager, at FDA's office of entrepreneurial. Education. Here. In Washington, DC. Is. Here to welcome you so, following, Nathaniel's. Remarks. Our. MoneySmart, for small business national, point-of-contact, colleges. Will provide a few reminders and, we'll introduce our special, guest. Nathaniel. Are you there please tell us about FDA's, work in rural areas, yes, Leslie thank you for that introduction, hello. To everyone and also the panelists got to be presenting. Today I, just want to touch, on three key points there that you see on the slide there I wanted, the main focus, with SBA this year is also trying to tap into rural. America, as well, as farmers as well in rural America, so, uh SBA. This. Year April 2018. Signed, a memorandum of understanding with, USDA, and part, of that memorandum of understanding the USDA, was, one of the things we wanted to improve investment.

Opportunities. In rural America, we, wanted to examine, the Senate and streamlines some our programs, programs. That SBA offers programs. That USDA offers special, lending programs, we. Also wanted to improve innovation. And, rural technology. Within. Rural. America as well and the, last one is that we want to be to aid rural. Businesses. Farmers. And ranchers as, well and provide. Them with the tools that, they, need for, exporting, and around the world so that's one of the reasons that SBA, partner, with for USDA this year we thought it'd be a great opportunity for. Us to work together as we partner and try to grow rural, American businesses, the. Other partnership, that I want to talk about that, happened, last year which, was August, of 2017. Was. That score, and USDA. Partnered, together and, a. Lot, of you all make no score about score that's on the call but as if you don't know score. Is a SBA, resource partner, where, they have over 10,000. Volunteer, mentors, that train entrepreneurs. And. Small business, owners around. The country they have over 300, locations, one, of the things we thought was, great this, great opportunity for score, was that school, has mentors, that. Who may have been in the farming, business or the, agriculture. Business so we thought it'd be a great way, to partner with farm with. USDA, because, as you all may know it may not know the, demographics. In farming. Is changing, so farmers, over, the age of 65, now. Outnumber farmers. Under 35, a margin of 61. Nearly. 2/3 of farmland is currently managed by someone over 55, and. Over. The next five years nearly, 1 million acres, of US farmland. Expected. Change ownership, which. Basically looks like you know you have new farmers, and. New ranchers coming into play so, that's what the reason why score, actually, wanted, to partner up with USDA, because, it encourages. Cooperation. And collaboration as one and also, will help strengthen America's, agriculture. Business particularly, farmers. Ranchers. And, rural businesses as, well. The last point here on the slide that I want to talk about is Native American. Technical. Assistant workshops so, one of the things we're also doing is also working with the Native American community now, we know some of the communities are a rural American, we know some of the Native American community, our banner as well but, one of the things we want to focus on is actually providing, some entrepreneurial, training and development, for, Native, Americans, and in rural America, as well so, one. Of the things we've been doing this year and we will continue next fiscal year going into 2019. Is that, we are providing, entrepreneur. Training in 12, locations, throughout. The country where. Folks will be able to get assistance. Native. Americans, we're ready to get assistance in terms, of either starting. A business or, growing a business so. That's. One. Of the things we're also working on in, nineteen as well and. Just want, to thank you all for the time as, SBA. And USDA, contain this partnership. Definitely. Check out both websites also. Check, out score, website. As well, saw the great things that uh everyone, is doing around, you. Know farming, ranching and providing, the business tools and assistance they need for rural America. Thank. You very much lessee and Nathaniel. And Nathaniel. Painted a very interesting picture for, us and that. Will be followed by a detailed presentation, about, an organization. That focuses on the rural area so I am Paola, Diaz the, national point of contact, for MoneySmart, for small business we, will be using the acronym MSS. Be going, forward to, refer to Monique Marfa small business and. One. Thing I want you to know is my job is to promote MSSP in collaboration, with SBA, and make. Sure that our content stays current, and based on industry. Changes, and the feedback we received from users, so I, want. To know anytime, you have feedback or comments, about our resources, or whether you think there's anything else we need to create for you to, help entrepreneurs, again.

Welcome, And. Before. Our guests join us I will, go over three items, and, one. Of them is disclaimer that you have in your, screen. On its light number five so. Reference to any specific organization. Does not constitute an, endorsement. Recommendation. Or favoring, by the FDIC, or, the United, States government. Next. I just, want, to share the, webinar. Platform and, we. Want, you to know we expect you to be very participatory. In this, by. Using this system and for, that you simply use, the. Chat or the Q&A functions. In your, screen or is light number six you, have a model of your webinar platform on the left side you can see this lies on, the right side you see various functions, the, chat feature is marked with the number one you. May have questions to the panelists, as they come to mind or during the designated times, with, a Q&A feature which. Is the number two when. Using the chat or Q&A functions, please be sure to hit stem which, is number four in the chart and if, you lose the slides look for a green and blue circle. Icon number. Five in your taskbar or reopen. The, webinar, link we. Will conduct a poll at the end of today's event and the. Polling questions will pop up on the right on your screen and if, you are having technical difficulties, to join the webinar platform you. Can contact the past tucker, and, her email is on it slide number two, it's. Like where email to all registrants, prior to the event so if, but if you didn't receive the email you simply go to the event website and, go, to the tab event presentation. And you will be able to download this life we. Will be referencing these live numbers, from time to time. Next, a few reminders, based, on their multiple, questions I get in. Between, town, halls so, please. Know that you can join the, MoneySmart. Alliance you can find recordings, of prior MoneySmart, for small business found on webinars and find. More, money smart events, at the, FDIC that, goes forward. Slash money, smart hopefully. That's memorable, you don't need to write it down you. Can download any, MSSD. Module, and the MSS featuring the training curriculum anytime. From the catalog, that.

Website. Is also in your slide, number 7, thanks. For your questions you submitted during, the registration process, we. Have already addressed, some of them one-on-one and some, will be explained, as it - designated. Question-and-answer, segment please. Note again that to pass tucker is monitoring, your questions, we are the women on our platform, or, by, email, please. Be, reminded that all participant. Lines are muted but, you're expected to participate via, the chat function. So. Today. We, will hear from opportunities. Industry allocation center or IC, in the, state of Washington, this, is a rural organization. That is part of the Community Action Partnership, network, and is recognized, as a micro enterprise development, organization. By the US Department, of Agriculture. Henry. Jagger. And Carlene Murphy, will tell us how they use MoneySmart for small business for waste and how this resource, fits within their organization. Mission. Additionally. We will hear directly from, a job seeker that, became an entrepreneur with. Assistance, from oh I see, we. Will pause about halfway, through the presentation for, questions and answers, so. Family, and Caroline thanks again for working on this presentation we, are eager, to learn from, your experience, kandi, are you ready I am. Good. Afternoon everyone. My name is candy Jagger and the director, of the prosperity center that, opportunities, industrialization. Center also known as oh I see in Washington, State and with, me is Carolyn, Makai our credit house business, coach Carolyn. And I will be sharing details, about how we deliver money smart for small business and how it fits in with other programs, and services that we offer first. A little bit about myself I have. Been in the nonprofit and asset development, field for 12 years working exclusively, with, Community Action agencies. If. You've never heard of the designation. Before you should know that there are hundreds, of Community Action agencies, across the United States. These. Are local private, and public nonprofit, organizations. That carry out the Community Action Program which. Was founded, in 1960, for Economic, Opportunity Act to fight poverty, by empowering the poor as part of the war on poverty oh, I. See is a, non-profit community action agency that was established in 1971.

To, Eliminate, unemployment, poverty, and, illiteracy, so, that people of all colors, and creeds can. Live their lives with greater human dignity, the. Prosperity, center, and the other OAC program, serves, people that are most at risk in, the rural areas, of Washington, State, we. Work to afford a second chance city of individuals, and families with multiple life, challenges, oh I. See, provides services, through six divisions, and they include community, and emergency, services, such as energy assistance. Education. And employment training, home, weatherization, services. Youth. Services. We. Provide food banks, and, provides. Personal, financial, assistance, development, services. MoneySmart, for small businesses, falls into number two and number six on the slide. For. Over forty six years on partnership, with the community, local. State and federal partners we. Have helped Washington, residents, become self-sufficient, through, our programs including. Job skills training high. School education, completion. Energy. Assistive, emergency. Food assistance use. And Senior Services and, money management including, business counseling. The. Prosperity, Center, is a program of OIC and operates. In rural rural, grants, and Adams counties in Washington State, we. Are a financial planning program that provides services. And financial. Education, money. Management. Homeownership. Counseling. Foreclosure. Counseling, credit. Budgets. Counseling. And also micro enterprise or Small Business Development Services. We. Are currently funded, by the Washington, State Housing Finance Commission's. Department. Of Commerce with, Community, Development, Block Grants, and community, service block grants. As you, can see the prosperity center program of OIC focuses. On financial training, home, ownership, and, business coaching, services. The. Business coaching, represents, about 10%, of, our work overall, client, count we. Have assisted, over 100, small business startups in the last eight years which, translates, to well over 100. Jobs staves are created, in these small rural towns. The plastic surgery center is a microscope. Micro-enterprise, development, organization. Also known as an MDL, I will, be using the term in do going forward in this presentation. Become. An MD Oh recognized. By the US Department, of Ag Rural Development Program. An organization. Must offer three services. The. First one is training and technical, assistance the. Second one is mentoring and the final. Aspect is micro, business, loans. Micro. Loans are short-term and low-interest, loans up to, $35,000. And are, used for working capital or, the purchase of inventory supplies. Machinery. Or equipment oh I. See then has loans are up, to $5,000, and we refer, our clients, to larger local lenders by, tri-county, Economic, Development District. Mercy. Corps Northwest, or, USDA. For, loans over $5,000. Now. My colleague, Carolyn Makai will describe how we use money smarts for small business through our four approaches. Carolyn. Please share a little bit of your background before you start. Thank. You kandi hello, I am Carol and I credit, housing, and business coach here at prosperity, sinners, I come. From a real estate and accounting background I have counseled, hundreds of clients since 2009, I'm happy. To share our perspective, on small business development I, am. On slide 15, we. Offer many programs for the prosperity, center this, is coaching is just one of our many services, all clients, go through the intake process we, run everyone's credit work. On their business and professional, budgets, and really discuss their needs and desires before, beginning the coaching session, this. Process, gives everyone the full picture and helps drive the clients decision making, whether it is to purchase a home foreclosure, options, work.

On A monthly budget improve. Their credit score or start, a business. We, have four different methods when offering the business services, we conduct group classes, one-on-one. Counseling. Self-employment. Assistance program. Which is known as seat and, stand up and stand alone topic specific, workshops, as requested, by partner, organization. A, group. Class one-on-one, counseling or, sleep is a requirement to apply and receive any micro loan an. Initial, intake appointment is, conducted, prior to any of these services. The group classes used the fdic, ms/ms SP modules, there are generally 5 to 20 people per class when. This class is three hours long once a week for five to six weeks, pre. And post-tests, are used in evaluation, sheets are filled out at the end of the course. Certificates. Are given out to those that are completed every module and, attended, every class, clients. Must complete the entire course, to receive a certificate this. Course is a requirement for anyone applying for microloans. Faster, completion of the 13 modules several of our clients, and business owners, continue to work with us especially during, their startup and first year we, are somewhat limited with resources, due to lack of funding. This, module is the order. Of. The modules we use for class and one-on-one counseling. MSSP. Has, 13 training modules and we use them all as, they are we have not made any modifications. We've. Designed our program, by combining two to three modules in each class is shown on this slide 19. We. Think that this flow in order is consistent, with the steps of developing a, business as. We work through the modules the client has homework and research to accomplish, before the next coaching, or training session. We. Review the modules homework and see what they need and answer any questions we. Are always encouraging. And provide positive reinforcement. To the clients, as they work their way through the module. Or Shan State self-employment, assistance program. Or seat is a program, in collaboration, with Department. Of Social and Health Services and, Employment, Security unemployment, a, person. On unemployment can, go through the business coaching classes or one-on-one sessions, in lieu of conducting, job search job, search. Is a requirement to receive unemployment benefits. Attending. This class is time-consuming, so for five weeks the client can go through our program and, dedicate, time to plan for a business, instead of searching for a job the. Client can attend longer than five weeks that must continue job, search after the first five weeks, we. Have had some clients that after the training have decided this is not the time for them to start a business but. They have made an educated and informed decision. So. At this time we want to pause for questions and, we have several someone. Asked my colleague suppose. To read the first place, the bus. Do. You have to get a specific. Phone, do you have to get a certification, by. USDA. In order to become a, in, MDL. If so. How, long do you remain, how. Long do you remain. Certified, what, is the reporting. Requirement. Thank You Toba. Hello. Candy. Hi. This is candy, so, notice, no certification, is required other, than, the. Fact that you need to offer those services for, three services, the. Technical, assistance you. Have a mentoring, program in, place and you.

Need To offer loans and, so. When applying for the funding for, you from USDA, or other. Funders, there. Are some money, awarded. To NGOs. The. Monies that are awarded to MBOs, we, need to verify that we also do services, and. Provide detailed, information and, outcomes, as expected. At the time of application. So. Yeah there's no like official, certification other, than just being able to verify. That those services are offered and that you are in a rural area. Less. Than 50,000. People in your area. Thank. You we have another question. Do. You have the same instructor, to teach all five classes, and is this instructor, a volunteer, or paid staff, thanks. We. Use our internal staff, for, these classes however, we do have guest speakers on, topics specific. Things. Insurance. L&I. And. So. Different, things like that we will have guest. Speakers come in but for. The modules themselves we, use Carolyn. And other in. Staff. And in-house. Right. Thank you, we're not going to give you a pulse here there's another question go. On the bus how, are you able to fit so much content, into the one and a half to two hour coaching, sessions, when it takes you three, hours to teach the same content. In a group in the group format, thank, you. Parowan I'll let you go ahead and take this Vince you teach the classes. Okay. And one. And a half to two hours one-on-one, coaching the modules are done at home and. We review and coach through each module when the client returns in the. Class we teach the module, classes. Have more questions due to more people speakers. And one-on-one offers, individualized. Assistance. Okay, we're going to continue and we're going to pause again for, questions at, the end. So, okay good Tyron. Gone. Yeah. So thanks, Carolyn. The. Second aspect of being an NGO is offering, mentoring, services as, I mentioned earlier in addition. To the business counselors, here at the prosperity Center we, have a pool of local, business professionals. Who. Also mentor, new entrepreneurs. It's. Meeting with a local mentor. Working, for the new. Business owner we. Refer them to micro, mentor micro. Mentor is available, to anyone anyone. Anywhere, in the world it's, a free easy-to-use social, network that allows entrepreneurs and. Volunteer, business mentors to connect so that they can problem, solve and build, businesses together. The last requirement, to, be an MBO is lending. Oh I. See, offers. In house small business micro, loans are, loans range, from 500 to, $5,000, and. A client must attend a class or, attend, the one-on-one coaching sessions, they. Must complete a loan application and. Provide a credit report business. Plan a license. And show, financials. We. Don't compete with outside, lenders because these, loans are only available to, clients who've been turned down by conventional, lenders, some. Collateral might, be needed and if. But a person's, character is really a big factor in these loans our. Loans are usually short-term they're, 24, months or less and they. Have zero interest. However. If we do have clients that need larger, loans we do assist the client with loan packaging, this can be very time-consuming. So. After. The group class or one-on-one counseling and, the completion, of their business plan and the, completion of their final phonetic, financials, we. Assist the clients with preparing their paperwork for the application, to the larger lenders. Like. I said its own packaging, takes time and requires a lot of information, so this is what a group and one-on-one. Coaching is required, we. Need the client to fully understand, exactly what they are applying for. We. Worked with an organization called tri-county, development, and we, also work with Mercy, Corps Northwest, both. Consider, loan applications. Can continue. Bid tangent. Also on the fact that the, borrower, has. Been turned down by conventional, lenders. Once. The package is complete it is submitted to tri-county, for review and approval or denial. Applications. Are reviewed by their loan committee, which always have the final loan approval, authority. Applications. Can be based on each potential, borrower's credit, listing their character, what, kind of collateral they have, what. Their business plan looks like and the ability to repay, the loan as well as the economic impact. That their business might have on the community. Barmes. Applying for these funding, through. Tri-county, USB, and Mercy Corps have. Done do not also. Have to have been denied by a conventional. Lender these loans are not necessarily, low-interest, and generally, require some collateral. Tri-county. Utilizes. Rural Opportunity. Loan funds, also, known as wolf and, they. Serve rural counties, in eastern, part of Washington State, they.

Are Funded, by state and federal dollars, such as US, Department, of Commerce economic, development. Administration. USDA. And Washington, State Department of Commerce. Ralph. Has been providing, financial assistance small, businesses, here in Worcester in, Washington, since 1984. That. Are loans ranged from five hundred to two hundred and fifty thousand, dollars and are, available depending on location and with the. Intended, uses for our, clients. That need to apply for tri-county, loans go through classes 101. Counseling, and then, we assist. Them with the loan packaging. By. County, is. Funded, in part by USDA, USDA. Offers many types of its different lending programs. Listed. On slide 29 are some of the business lending programs. Girl Mike burns, micro. And entrepreneurial. Assistance programs is. Also. Known as our map provides. Loans and, grants to MDOT's, so, that they can offer small loans to business rural areas, outside the city or town with a population of. Less than 60,000. People, organized. Areas near a city of 50,000. Or more maybe may, not be eligible. USDA's. Our map program like I said provides loans, and grants to NGOs and. Organizations. Like mine and, like, tri-county development, so, that they can offer small, start-up loans to borrowers and, micro. Entrepreneurs, to. Be eligible to apply, for this funding from usda the borrower must. From. Tri-county I'm sorry the. Bar the borrow must, live in the eligible, rural area, and employ ten or fewer employees, they. Must have finished the training and technical assistance and, they must have access to a mentor. And. Qualify. For business activities, and expenses, that include but are not limited to, working. Capital debt, refinancing, purchase. Equipment and supplies, and improve real estate, follow. The link to see the eligible areas. OSE. Is not a lender for this program our, organization. Is working with tri-county, and Lewis competing, with them for funds in the same service area and additionally. They have more lending expertise. We, are a small program with very few staff so, partnering, on these types of loans is vital for the success of our clients. We, have many local collaborations. We. Work with the chamber and, to. Interrupt, I just wanted to ask. A few questions because, there are several questions related to the loan, program that you described before you jump into something else, I hope. You're okay to take some of those I, will. Certainly try I'm not familiar with every loan program, but I will do, my best thank. You so, there's a question about the. Number of months, that the micro, loans are extended, for I know you said short-term, but I, mean maybe they. Want to know how many months are, your, pro your loans for, and, also they want to hear, examples, or a range of the, annual interest, on, these loans and the. If, there are caps to the interest rates that you can charge thank. You. Sure. So. The in-house, micro. Loans that we offer up to $5,000. We have zero interest and it's usually 24, months or less. Usually, our, clients. Don't borrow, all the way up to the 5,000 so they're able to pay that back within. 24 months so. Larger. Micro. Loans, they're. Usually up to $35,000. And. Depending. On the. Lender if it's tri-county, or Mercy. Corps their. Loans are usually from two to five years and, their. Interest rate is only six to ten percent depending. On credit score and just kind of what the business is and how, long the loan is. And. Then. If it goes past the thirty five thousand, that's really not considered, a micro loan anything, over thirty five thousand and so. Those loans can just depends. On the amount they, can go out for quite a few years and the interest rate is a little higher than the ten percent. Thank. You can do this a couple more questions related to the loan so I'm going to have those asked now thank you is there. A minimum, credit score required. For, you for. Your micro, loan application. So. For our in-house, ones. There's. We don't necessarily go off credit score a lot of it is of character. Because. Most. Of our clients well, because they have to be denied by, a conventional, lender, most. Of the time the thing that hangs hangs, them up is the credit, score so. We, go a lot of a, lot of stuff, is character, for our for.

Our Qualifications. And. I know that's similar with Tri County and Mercy. Corps they. Do, I don't. Carolyn do you know what the minimum credit score is for them. They. Did not give me a minimum credit score but, with Tri County they look at the credit score and establishing, the interest rate because they, know they've already been refused and there might be some, problems. With this list alone itself so that. They usually go between 60 10% is what they've told me. Yes. Did that answer that question, I. Think so we would see we have more questions in the Q&A there's. Another one and before. We move on do. You report, your micro, loan borrowers. Payments, to credit, bureau. Thanks. To pests. So. The, OSE program we do not because. They're so short, term zero, interest. But. I do believe that tri-county, does as well, as Mercy Corps Northwest. Which. Is a benefit, to the clients, because. We. Really don't have default, on those loans because, the, clients, go through the technical, assistance and they're mentored the whole time and they have help with their budgets, so. It's actually, good thing that they're recording. To their credit bureaus. Thank. You well at this point we can go back to the presentation. Flow so we are on a slide 31 or the collaboration. Thank. You, we. Have many local collaborations. We work with the chambers and business associations, for outreach and education, the. Small Business Development Center. At the local college is a huge help for clients, and then they also help with the business plan research. We. Refer clients back and forth often, tri-county, Development, Mercy Corps Northwest, and. Other social, agencies, are all great resources and, advocates, for the work we do. I would, like to take this time now to introduce Israel, Gonzalez, he, is one of our seat graduates, and a business startup, client. Welcome. Israel have to have you. Good. Morning everyone how's everybody, doing. Great, thank. You here. Okay, so I'm going to go ahead and tell you a little bit about myself, my. Name is Israel Gonzalez. When, I first had. In mind I'm opening my own business I was. Not aware of all the, responsibilities. Regulations. And, information. Of a business. Owner would need in, order to be a successful business, owner so. I initiated, my business, this. July, 2018. And. The business, name is IgM, health and safety training. My. Goal is to increase production, and safety. For, the employer, and employees, by, qualifications. To bring the two together our 10. Years of experience working, in the field of, agriculture. And increased. Awareness and, knowledge for, ultimate, production, and, awareness. Exceeding, my requirements. By becoming certified. As. You can see on your screen you can see my, certifications. There um. If you have any questions, we still feed it for you ask um. I. Am also happy to offer my by label services in Spanish, and English, increase. Awareness and production, while minimizing. Hazards. And unwanted. Claims, I am. Also glad. To help facilitate, a, rise, to a brighter financial. Future, for both, the employers, and employees. You. Can see there on your screen due to the different types of training that I provide. I'm. Also. In addition to my certifications. I have been endorsed, by a great five week program course. Called, self-employment. Assistant, program known. As sleep. Offered. By diya prosperity. Center here at Alexia, Washington, I with. Feet, I have gained valuable and, helpful information that will help me on becoming a great business, owner ah, the.

Defeat. Financial, education, curriculum, consists, of 13 chapters all. 13, chapters of the year curriculum are very interesting. Helpful. And very, informative. One. Of my favorite topics was managing. Cash flow. The, cash flow diagram, taught me that owning, a business is not just for making money and. Spending. It but. To use the cash conversion, cycle and, manage. Your money. One. Of my favorite parts of the training, is the. Curriculum, is also available in both languages, English, and Spanish so, that's that's, very helpful as well. The. Counseling, has helped me on gaining, quality, information and techniques to put in use to succeed, and become a successful, business. Owner, meeting. Once a week for five weeks with, my counselor was not just the commitment with. The program but. It was very inspiring. Every. Time I arrived to me with my counselor she. Would greet me with such. Positive and, motivated. Attitude. The. Counseling, assisted, me on getting my business license, my business, cards, and, also. Gave me guidance on how to stay organized, and much warrent. How. The program. Has also helped me on becoming a business owner and has. Helped me in using my area of expertise. Through. Their training I am certain, of my, success, as a business owner as an instructor, and a. Trainer. Any. Questions. Well. I have to say they really train you well on, your elevator. Pitch I, think, we're all sold on your business idea and we certainly wish you success, thank, you for the presentation, this is the first time we have an, entrepreneur. In one of our modules so I think. It energizes, all of us to share your enthusiasm well. Thank you very much and it's been an honor being part, of this web meeting. Here. Well. Thank you I guess, I think there are a few, other. Thoughts. And. Pictures. Of other happy, customers. Candy. Do you want to share your final thoughts, and we do earn more questions, after you have. Shared. Your final, piece of advice. Sure. Sure, Israel. Thank you for sharing your story and. Add. There. Are few pictures of our other classes but my final thoughts. We. May not be able to assemble hundreds, of people on our training events, but, our approaches, on depth, so. We devote significant, time and effort to help a few individuals, rather than reaching hundreds, rural. Areas are challenged and some clients travel one hour or more just, to get our services because. They have no other alternatives, in this area. Our. Service, area is 4,500. Square miles, right, in the middle of the state we. Have clients, outside of our service area that drive up to two hours to seek out assistance. From, us, and. There is also very little public transportation. Which is a barrier in itself. I'd. Encourage banks and credit unions to look for organizations, such as ours, to reach consumers, and businesses, in rural areas, having. Local lender and banking partners are, really vital in the success, of a program like ours our. Biggest issue is getting locals, to see the value in small business, and connect. The fact that small businesses, do generate, jobs in these small communities. Being. Rules we, just don't have the financial resources like, larger, urban or metropolitan areas, do the. Financial assistance, keeps the doors open to assist, clients. Well this is great we, really appreciate your presentation, and there's a few more questions. That. Came. From the audience. So. Please please. Tell us everything, you can about the impact of your classes. So. If you covered quite a bit about that but if you can perhaps, tell. Us specifically. How. Do you measure your impact and I, know being, a non-profit this is a very important element and I know this is what helps you get more funding, and support for your programs so can you talk a little bit about that. Sure. So. As, I mentioned before our classes, help clients decide, if business ownership is really right for them over. The last seven. Years we've assisted more, than a hundred businesses, startups. And expanding. That. Equals roughly two to three hundred jobs in our small communities, we. Made our impact by that just how many comes. Which. The job growth how many jobs have we started in these areas, and people. Don't be an impact when a small business opens. But. When you look at it in the larger picture is, like, the equivalency, of like.

Opening A large factory and hiring 200, new employees, so. Really. Yeah. We measure, it by the job started, or sometimes. Even, success. Is people realizing that they're not ready to start that business there's. Several different ways that we record, our outcomes and, recognize. The impacts of the work we do. Thank. You candy there's. A couple, of attendees, of eskas they want to hear a little bit more about micro mentors I'm going to go back to that slide well, you tell us a bit more about it thank you. So micro manner is a social, network. Just. Like any other social network like, Facebook. Or. LinkedIn, you. Sign, up and you, can. Be matched you you go through a list and you, can see like who, other mentors, are anywhere. Across the world actually, and, you. Can sign up and ask them to be your mentor and then you can start some conversations, to see if it's a good fit for your business so it, doesn't necessarily even have to be someone in your same field, but. If they're looking through the men the mentors they might be someone that maybe has you. Know some information perhaps, on financials, and they need more information on financial specifics. So they might be a mentor or mentee of, someone like that and, then, later on if they want mentor. Regarding, something different, they can sign up with a different mentor so. Like. I said you could be matched. Up with someone even in a different country. So. Is it free to be to. Use micro mentor and do you does, an entrepreneur need. To. Go through an organisation, such a geek such as yours and an entrepreneur, can go directly to the micro mentor or you can find them a much. Micro. Manor is free and, if. They don't have to go through an organisation, like ours they can just go straight, to micro mentor org and sign up there. There's another question of an impact. Do. You use the pre in post-test, survey on, or, other. Tools to assess impact. Dandy. I can answer that one okay. Go ahead yes. We review with the client so we can assist them in understanding, and why they need to know this information so it's good, to see what they didn't know before and what they learn from the module. Okay. Thank you I want to encourage participants. Again I, believe, we still have our representative. From SBA if you have questions, for Nathaniel you can also ask, during. This time. There's. One, more question that I'm going to ask topaz, to read, how. Do you draw attendees, and. There. Was someone who was having a hard time signing, the, significant. Numbers of. Entrepreneurs. To the classes, yes. Thank you. Okay. This is Carol and I'll answer that one we. Do we, use flyers we use radio spots and we advertise, through all our community, partners and we seem to get filled up rather quickly.

Okay. Good when. I, am. Going to take the time to address at least one question, that came through the registration. For. FDIC, and the question was whether money smart for small business can be used in an apprenticeship. Program and the answer is yes, I don't. Necessarily. Know, basically. About an organization. That uses, it that way but, by you, know the wide array of presenters. That we've had in our town halls and who. Tell us that they don't have to modify anything to. Use the materials, I can tell you with confidence that. These materials, can be used, to teach. Any audience, in, fact some. Of the modules. Are even appropriate, for youth. We. Have, intentionally. Intentionally, created. Our materials, in simple. Language so, that they're easily, understood. By somebody that doesn't necessarily have, a very strong business. Acumen. We, intend, for the materials, to be easy to understand, and, there's. A few that, are technical. Like. The. Cash flow that, I you. Know someone would need a little basis, of financials. To understand, it but most. Of the modules. Are, considered. Introductory. And as, a matter of fact they do serve as a good basis, to go further, so, like, this organization. Like oh I see. Uses that I think is probably one of the most successful approaches. Because. The. Participants. Are able to go to a class and afterwards, they're able to follow up with a one-on-one with. A mentor with a coach in, a one-on-one. I. Also, got a question if MSS, we can use it you can be using a podcast, yes. All. Of FDIC, resources. Are you know we, are the federal government, all of our resources and Spri or copyrights, we, make, it available to, everyone. For use and one. Thing that we encourage you to do is to let us know whenever we are using at the innovative, ways like, using, it in a podcast, the. Only thing that we ask is, that whenever you've changed, our materials, very significantly. You, can see they're you know calling, them something else and giving us some credit and say that they were based on money. Smart materials, that other than that we, don't know we're not here to police anyone, we don't ask anyone. To become certified, to. Use one is more for small business as I say literally anyone, can go, to our website to the fjc, catalog, and download, our materials. And use them right away. So. There's. Another question I. Want. To pass to read from, Steven could you recommend, would, you recommend MSSP. To, be used in a correctional, environment, for offenders, within, one. Year, of reentering. My, mind. Straight mainstream. Society. Yeah. So, I do want to share a little bit of my protection and I basically already covered. A question, when, I was answering, if, these. Materials can be used on an apprenticeship, but I also I, don't know if he. Has any experience working with this population if, you want to chime in you. Or simply, you can just. Comment on whether, you think the materials, are generic, enough that they can be used by anyone. Candy. Or our. Airline. Sure I welcome your argument. I would say it's very easy we've, actually used it per. Use 18, and under actually. 23 and under. The. Modules, were easy for them to understand, the, financial one we had to go into you know a little, bit more in-depth with them. But. They all liked it they had you, know they did well, in the class and they enjoyed it so the. Modules are easy, to use and easy to understand, so most everyone. Thank You Caroline you have some, thoughts you want to share. Okay. Well. There's. Another question that came in that I think I feel that we've covered it already we. Were asked if emesis, we can be used there in a, can I teach a method being my school Wester questioning, once again the answer is yes, as, a matter of fact the schools qualify. As a alliance. Members from, this. Brings. Me an opportunity, to just tell you a little bit about the eligibility so. At this time we, welcome, any financial institution to, join the MoneySmart Alliance as well as any nonprofit, organization. And that includes government. Organizations. Includes, a, K, through 12 establishment. So we have a bunch of schools that use money, smart money smart for small business and we. Always encourage you to. Let us know we. Have about 800 organizations, that, have recently, rejoined. The, MoneySmart alliance because we've been. We've. Been trying. To put, a monitor, and coordinate. This community. Of practice for several years, but, we. Recently, did, a cleanup of the database, and we ask people, to resign but, we know for sure that there, are many more organizations.

Actually Using, and, since. We do a number of outreach events, as Leslie described, at the beginning of the event it, is very. Useful for us to be able to know who's your offering. Because people, visit our website, and they. Particularly, go to the MoneySmart Alliance, website where they can download at least also, one. Smart alliance members, and find. Organizations, that each one is marked near. Them and I, want to encourage you whether MoneySmart, is some is a small, part of what you do like for OIC they do a whole, lot I mean they, had, enough materials, to discuss. In one hour and this is only 10% of what they do basically, and, based on what they were explaining that the 10% of the of the clients are business clients, so. I encourage you to join, the alliance no matter if, you what MoneySmart is a small part of what you do or a big part of what you do and at, this point I want to ask our operator to, please help, us launch. The poll so, that we can get some. Feedback and. The. Poll is open. To. Your right and I see. Some. People seem. To already be participating. In a poll, so, the questions, are on the slide but, the answers actually you have to click on the right hand side of your, screen. And. This. I also want to use this opportunity to. Remind. You that this, event. Is being recorded and. It, will be made available to, everyone who registered we. Usually. Make. It available to, all. Participants. About. Two to three weeks after the event we send an email but. We also publish. It in our website within. The FDA. That work MoneySmart, there is someone is marked for a small business car and within that there's, a town halls tab where, you can find past events, and our link to register to new events once, again Lizzy. Invited you, if, you don't already know your. Community affairs point, of contact, please go to the FDIC that go forward slash Community Affairs and you. Will find your. Point of contact right, there or, I, am, also happily, and readily available to take any questions you have about, implementation. So. With. This I thank, you for, your time today and you can have about, five three, minutes, thank. You for your feedback and please. Let us hear more, in the, once again I want to thank, candy. And Caroline, from opportunities. Industrialization, Center food is a fabulous presentation, they share their secrets and details with, us Thank, You Carolyn and. In. Candy. Operator. Well. Unless candy and current. Have any, final thoughts or. Nathaniel. If you distill available otherwise. We're. Going to adjourn, I. Just. Like to take the opportunity to thank you for having us today and, I'm. Happy to answer any questions my. Contact informations. In the slides if any organizations. Out, there have, specific. Questions that we, didn't cover today, thank. You for being so generous to share your, email, so. I. Remind. The participant, that your email and phone number is available and once, again Alessi, reminded, me to thank Israel, for, taking. The time to, share his experience, and his feedback with us today. Operator you can enter call at this time thank you. That. Does conclude today's conference. Thank you participating, you may disconnect at this time.

2018-09-22 21:50

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