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Yanki Tsherin, Business Center for New Americans and the Office of Refugee Resettlement, USA, The Role of Microfinance and Financial Services in Building Resilience
The BCNA med programs, funded by the Office of Refugee Resettlement, aim to create pathways to self-sufficiency for immigrants and refugees through access to loans, training, and consulting services. Since its inception in 1991, the program has provided over $15 million in loans, assisting thousands of businesses and individuals in achieving financial stability. The initiative has supported the creation or retention of numerous jobs and has received multiple awards for its contributions to entrepreneurship and community development.
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Yanki Tsherin, Business Center for New Americans and the Office of Refugee Resettlement, USA, The Role of Microfinance and Financial Services in Building Resilience
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- 2. MED Programs forRefugees Funded by Office of Refugee Resettlement (ORR) US Department of Health & Human Services Program started in 1991 Currently funds 22 organizations in 20 states In 2015 made over $12 million in loans Created or retained 1,163 jobs 2
- 3. Our Mission BCNA createspathways to self sufficiency for immigrants, refugees, and others in need through access to credit, specialized training, technical assistance, and one-on-one coaching. BCNA fulfills the American Dream of financial inclusion by building wealth through business development & expansion, savings, and homeownership.
- 4. 4 2,425 loansfor a total of $15 million $500 to $50,000 with an average loan of $6,000 One-on-one consulting to over 500 businesses per year Workshops in business and financial management, social media, and one-on-one digital marketing consultation. Equity & Technology grants – IDA Program, eBay Foundation Techquity Award Program, Google Tablets Micro-Enterprise Development
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- 6. Credit Enhancement Loans 6 March 2007 October 2007 2008to 2013 Enrolls in BCNA’s IDA Program $2,000 savings & $2,000 match grant $500 Credit Enhancement Loan $2k to $3k Per Year Score of 740 Qualifies for 2 credit cards Saving for Home-ownership! 2014 $2,000 Loan Score of 640 Astou establishes 740 Fico Score!
- 7. Noor Halal AfricanAmerican Market Medium Size Loan 7 Boot Strap Entrepreneur Award 2015
- 8. Larger Loan Client 8 YelenaGordiyevskaya, 2015 NYC Job Creator Award Winner
- 9. BCNA’s Individual Development AccountProgram for Refugees 9 Ibrahim Bah - purchase of a newer used car Samal Nur – cosmetology school Vlasenko family - 1st Home Purchase 1,354 graduates have built assets including: •Micro-business •First home •Education/ Vocational training or re-certification Total IDA investments: $ 24,284,945
- 10. Award Winning BCNATeam The American Dreamer Award by Mayor Michael Bloomberg. April 2012 2006 SBA Award 10 2008 SBA Award 2014 SBA Award
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Editor's Notes
- #9 We are looking at the results of the deployment of capital and starting or expanding of businessses The “So What?” – we provided loans, we helped clients start or expand a business. Now where are they? How has their lives changed? Are they making a contribution to the larger community? That’s why we track job creation. They are creating jobs for themselves, family members, larger community. Here is Yelena Gordiyevksaya, a top job creator. She started with a small day care on Staten Island. Now has 2 day care centers sites plus a private school. She has created at least 55 jobs in the community.
- #11 In 2011, BCNA was awarded the American Dreamer Award for improving the life of newcomers by then Mayor Michael Bloomberg. CNN Money listed BCNA as one of the top ten microenterprise organizations in the US in 2011. BCNA opened its second office in Queens, the most diverse borough in NYC and the US, in 2013. BCNA has been recognized for making the largest number of SBA funded loans in NYC, nine times since 2006 and most recently for FY 2015. BCNA has been the highest performing of the ORR funded Microenteprise Programs for the past ten years.