SEG is currently developing a credit-building loan program. Through this program, we hope to alleviate one of the hidden costs of poverty—high interest rates. Better credit opens doors to traditional banking and saves individuals thousands of dollars. In addition, business owners can benefit from low interest rates. By offering a concentrated way to increase one’s credit score, we will help people help themselves, which will ultimately benefit the entire community.
Creating a Microfinance Network
One of SEG’s continuing initiatives is to develop a network with other microfinance organizations around the country. We seek to facilitate the development of peer organizations by communicating on events, strategies and opportunities. These relationships keep us constantly re-evaluating and improving our own procedures. Together, a collaborative network of organizations can pioneer sustainable microfinance that can be replicated around the United States.
We aim to train SEG members in business consulting. These services will include: assisting with formulating and enhancing business plans; planning and creating financial documents; budgeting; guidance with market research; and advertising and communications.