Supporting Returning Citizens in Entrepreneurship and Credit … · 2019-05-15 · §Prison Entrepreneurship Program §Rising Foundation This toolkit was developed with generous funding
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Supporting Returning Citizens in Entrepreneurship and
Credit Building
2019 Personal Finance Seminar for Professionals 5.16.2019
§70 to 100 million Americans (or 1 in 3 Americans) has a criminal record§Over 65,000 are released annually§A disproportionate number of minorities are incarcerated §1 in 17: white§1 in 3: black§1 in 5: Latino
§Employment is a barrier§Access to capital is a challenge§Debt is of essence§Credit is limited, if even in existence§Opportunities are limited§Entrepreneurship as a strength
§ Defy Ventures§ The Fountain Fund§ Goodwill Industries of Central IN§ Guidewell Financial Solutions§ Justine PETERSEN§ Mercy Corps NW§ Mon Valley Initiative§ Prison Entrepreneurship Program§ Rising Foundation
This toolkit was developed with generous funding from the Small Business Association’s PRIME Program. CBA thanks our many contributors, including:
§ Rising Tide Inc.§ Sunshine Enterprises§ CitySquare§ The Financial Clinic§ Goodwill Industries of Sacramento
Valley & Northern Nevada, Inc.§ Haven Neighborhood Services§ Pathfinders§ University of Minnesota Extension
§ “Explain the importance of credit in a tangible way. Speak in street terms. Simple is Key”
§ “Out in the streets, your name is your credit. If you have bad credit, you’re not going to get what you’re looking for. But if your name is ‘golden’ or ‘platinum’…now that’s a different story”
§ Find ways to formulate self-limiting beliefs in a positive way§Avoid saying you need to do this
JP’s Aspire Entrepreneurship Initiative (AEI)§Self-selective participation – 14-week program§ Individual and group counseling/training§Review credit and address early on§ Ice House Entrepreneurship curriculum§Access up to $50K in small business loans
§Supporting returning citizens in their reintegration into society is work that requires a holistic approach to facilitate healing and growth and will require a change of narrative
Goal: Support nonprofits in choosing and offering small dollar consumer loans and other credit building products that meet the needs of specific populations in their community through…
1. Turnkey Toolkits2. Technical Assistance3. Loan Capital and Program Funding
“Of course every contract has benchmarks and outcomes that have to be hit – but for real, for real, I measure the outcome when people come back smiling. When they finally get their first job after searching for seven months for nothing. Access is bite sized chunks for where their best step is.”