LOCO DAY 1

Loan Officer Job Description Application process (1-2 weeks) -analyze application -check reference and do background checks -compile list of all helpful resources (beyond a loan) -present case to allocations committee for vote If loan is approved… Banking -draft terms of a agreement -collect payments -keep records/receipts -deliver payments and report to accounting team -update database Social Work –collaboratively (with other loan officer, large group and borrower): –identify problems and assets –create and implement short-term and long-term solutions provide what background knowledge you have connect borrower to resources (example on reverse)

Micro-finance institutions in the United States offer: Loans…. -max out at $35,000 -average at $5,000 used for… -small businesses -often as a supplement to other jobs -1/3 home-based -1/3 office/store-front -1/3 artisans

TARGET POPULATION -most often INDIVIDUALS, not peer model -DEMORGRAPHIC: minorities, recent immigrants, women and the disabled with incomes at the poverty line (the working poor) -people that don’t have access to credit In practice: -65% women -55% minorities -60% below poverty line, but only 13% live in poverty -average family income is $24,000

Other Services -small seed grants -IDAs Individual Development Accounts (match funds for savings for housing, education and small business) -training (business plans, prepare the borrower for a loan, tax preparation, marketing, use of technology, business finance)

How are MFIs (micro-finance organizations) doing? from a financial standpoint… -92% repayment -1% of potential clientele is being reached ($13,000 out of 10.8 million) -not financially sustainable- operation costs are too high

-from a “social performance measurement” standpoint… self-esteem, morale- what comes from being taken seriously, and starting your own business “ The [ACCION staff members] have been very helpful. If you surround yourself with negative people you will end up being a very negative person. But if you get hooked up with positive-thinking people that believe in you, it just makes you feel good about yourself.”

ACCION offers…. - a line of credit -credit building loan -does not finance pure start-ups -divides banking services from training services -cooperates with mainstream banks- they refer to ACCION -funding: banks, government agencies, private foundations, church groups, investors -the future for ACCIÓN -internet lending -consolidate small organizations, and streamline - reach more people

Volunteers needed: Oct 8. Project Homeless Connect 9am -3pm resume building workshop and or job search