Trustee: Operation HOPE - DC Financial Dignity Center
Why are you interested in becoming a Trustee?
We look to be an effective resource for our clients and this program would give us a direct alternative funding partner.
What is the mission of your organization?
Our mission is 'silver rights,' or making free enterprise and capitalism work for all. Financial literacy is the tool, financial dignity is the goal and financial inclusion is the way.
What indicators/metrics do you use to evaluate and monitor your impact?
Ultimately, we look at businesses created and job creation. We do have many more specifics like "loan applications, loan approvals, loans funded" etc.
How have you performed in the past, according to these indicators/metrics?
We are meeting our internal goal, but always looking to grow our programs.
How will you determine whether or not the business plans of the Borrower(s) you endorse are sound?
We provide Entrepreneurial Training and technical assistance to help people develop their business plans. We will review the marketing plan, financial management, and operation management of the business plan to evaluate feasibility. We also evaluate the itemized breakdown of start-up costs and financial statements, as well as personal financial statement, credit scores, and professional expertise. We will ask the entrepreneurs about their contribution and collateral of the business. We will assess the rate of return for the business.
How will you know whether the Borrower(s) you endorse will have the character to repay a loan?
First, we will assess the borrowers following Kiva zip's hard criteria. Then, we will evaluate the rate of return of the business, the break even analysis, net income, and cash flows. We will also assess all the start up cost expense.
Please describe what type of business, financial, technical or other support you plan on providing to the Borrower(s) you endorse:
We provide small business workshops, credit and money management workshops, a 12 week entrepreneurial training program, as well as technical assistance in the areas of business plan, marketing, financial plans, access to capital.
How will you establish whether the Borrower(s) you endorse are in debt, or have a history of debt? How will what you find affect your endorsement of their loan application?
We pull credit reports of ALL participants in our Small Business Workshop and 12 week training program. Our credit counselor are proactive in scheduling one on one credit assessments to determine what type of credit program they should be enrolled in, if any. That allows us to learn and change financial management habits. We will only give endorsements to borrowers that we are comfortable with.
Why can't the Borrower(s) you endorse access traditional loans?
There are several reasons. The major one is that they have low credit scores which make them have limited access to capital. Second, most of the businesses are start-ups, which is always very difficult to obtain financing.
Please describe how you could help us to ensure that the loans you endorse on Kiva Zip have a significant and positive social impact:
Operation HOPE, as a social entrepreneurial organization, is making positive impact in the community by educating people on financial literacy and helping small business dreamers become small business owners. we have built our reputation in the community with organizational partners of all kind. With the partnership with Kiva, we are sure that it will help us grow the capacity of current work and better contribute to the community.
About Operation HOPE - DC Financial Dignity Center
- Trustee Type:
- Paused Tier trustee
- On Zip Since:
- Jan 4, 2013
- Loans Endorsed:
- Total Value:
- Paying on Time:
- Not enough data
- Paying Back Late:
- Not enough data
- Repaid in Full:
- Repayment Rate:
- Less than 50%