Trustee: Women's Business Center at Mi Casa Resource Center
Why are you interested in becoming a Trustee?
Mi Casa's Business Center guides entrepreneurs through the process of launching a business, helping to navigate the business landscape, understand the regulations, write a viable business plan, and access other community resources to maximize chances for a successful launch. The Business Center serves low and moderate income business owners; our target market consists of women, minority and Latino entrepreneurs. The majority of entrepreneurs and business owners are startups, have credit problems, and do not have collateral. In consequence they are not able to get traditional funding. Mi Casa would like to offer alternative sources of funding to small business owners who have gone through our program and have developed a viable business plan but cannot fund the launch or expansion of the businesses.
What is the mission of your organization?
Mi Casa Resource Center is one of the oldest and largest Latino-serving nonprofit organizations in Colorado. Mi Casa works to advance the economic success of Latino and other working families by expanding opportunities for educational, professional and entrepreneurial advancement. Mi Casa pursues an integrated program strategy comprised of Career, Business, and Youth & Family Development services to help families achieve lasting economic prosperity.
In the past, how effective have you been in achieving this mission?
In 2010 and 2011, 468 people were served in Mi Casa’s entrepreneurial training courses. The Women's Business Center at Mi Casa helped to launch 163 businesses in 2010 and 2011, which collectively created 209 new jobs, obtained more than $2.4 million in capital and generated more than $4 million in revenue. Since launching business programs in 1985, the Women's Business Center has trained over 1,500 individuals, helping them launch businesses and find success through entrepreneurship. Economic impact is measured by the number of business plans developed, number of business started, jobs created, jobs retained, access to capital and revenues.
Do you belong to any organizational networks -- nationally, regionally, or locally? If yes, please list.
Association of Women's Business Centers Colorado Nonprofit Association Colorado Women's Chamber of Commerce Denver Jobs Network Denver Metro Chamber of Commerce Denver's Road Home Employment Subcommittee Diversified Human Resource Professionals Hispanic Chamber of Commerce of Metro Denver Linked Local Denver Mile High Business Alliance MojaLink - Non Profit Network Small Business Administration Youth & Development - Non Profit Network Honors and Awards: National Council of La Raza 2010 Family Strengthening Award 2012 Summit Award, Executive Director's Award from IECRM
How will you decide who to endorse as a borrower? What due diligence will you conduct?
Ideal customers will be existing businesses (1 to 5 years) who have regular and consistent sales, have a basic recordkeeping system, and commit to regular business technical assistance meetings. The business center will create a profile of the ideal client that will be used for recruiting of participants. Clients will participate in the 13-week business class or in 6 week boot camp for existing businesses to help with business plan development and management of the business. At registration, clients will provide income documentation, business registration documentation, business bank statements and financials (if available).
How do you plan to support the borrower, both before and after the loan is disbursed?
Clients will commit to meet with Mi Casa's business consultant on a regular basis for technical assistance meetings. Consulting sessions will help review cash flow statements, budgets, business plan, goals and objectives, etc. Consultants will do regular site visits to see first hand how business is being managed.
How will you help us ensure that the loans you endorse have a significant and positive social impact?
The Business Center will only endorse businesses that have gone through their programs, have developed a viable business plan, and have demonstrated commitment and responsibility. We primarily will endorse existing businesses (1-3 years in business) who have a regular source of income and a portfolio of clients. It is hoped that loans will allow business to create new jobs, maintain existing jobs, increase inventory, expand to offer new services or products.
About Women's Business Center at Mi Casa Resource Center
- Trustee Type:
- Pilot Tier trustee
- On Zip Since:
- Sep 18, 2012
- Loans Endorsed:
- Total Value:
- Paying on Time:
- Not enough data
- Paying Back Late:
- Not enough data
- Repaid in Full:
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