Trustee: Women's Business Center at Mi Casa Resource Center

Denver, CO

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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 have limited 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 completed our business plan development program, as well as existing business owners who receive regular consultation, but cannot fund the launch or expansion of their businesses through traditional sources.
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 2015, 395 people were served through Mi Casa’s entrepreneurial training courses and individual one-on-one counseling, resulting in the development of 113 business plans. The Women's Business Center at Mi Casa helped to launch 82 businesses in 2015, which created an additional 83 new jobs, and retaining 472 others. Our business owners obtained more than $12million in capital and generated more than $26.4 million in revenue. Since launching business programs in 1985, the Women's Business Center has trained over 2,000 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 (ASWBC) Colorado Nonprofit Association Colorado Women's Chamber of Commerce Denver Metro Chamber of Commerce Denver Jobs Network Denver's Road Home Employment Subcommittee Diversified Human Resource Professionals Hispanic Chamber of Commerce of Metro Denver Small Business Administration NCLR - National Council of La Raza Honors and Awards: 2014 Women’s Business Center of Excellence National Council of La Raza 2010 Family Strengthening Award
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 graduate from one of our business classes (10-weeks for existing business; 14-weeks for start-ups) to help with business plan development and management of the business growth and expansion. 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 a Mi Casa 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 the 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 our programs and consulting sessions, have developed a viable business or strategic plan, and have demonstrated commitment and responsibility. We primarily will endorse existing businesses (1-5 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:
Non-profit
Tier:
Second Tier trustee
Website:
micasaresourcecenter.org
Follow:
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On Zip Since:
Sep 18, 2012
(43 months)
Loans Endorsed:
7
Total Value:
$30,500
Fundraising/Raised:
1
Paying on Time:
Not enough data
Paying Back Late:
Not enough data
Repaid in Full:
3
Defaulted:
3
Repayment Rate:
66%

Most Recent Endorsements

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Natasha
Denver, CO
100% raised
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Damaris
Denver, CO
Disbursed Jun 12, 2013
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Brandy
Centennial , CO
Disbursed Jun 19, 2013
Search Loans (7 loans total)