ONCE A MONTH ON A FRIDAY NIGHT, A SMALL GROUP OF PEOPLE GATHERS AT JON AND TERRY SCOTT�S HOUSE IN COLEBROOK.
IT�S A COZY SCENE AROUND THE DINING ROOM TABLE, COMPLETE WITH A LITTLE BLACK AND WHITE CAT WHO KEEPS JUMPING INTO PEOPLE�S LAPS.
BUT IF THE MOOD IS CASUAL, THE TALK IS ALL BUSINESS.
you could write a press release and put it in the paper, see if you could drum up some business that way.
JOYCE PRESBY IS MICROCREDIT NEW HAMPSHIRE�S NORTH COUNTRY MANAGER.
they�re very good about printing press releases, esp the papers up here.
PRESBY IS TALKING WITH TERRY SCOTT ABOUT HOW TO MARKET �SCOTTY�S ROAST BEEF.� THE SANDWICH SHOP THE scotts plan TO OPEN.
you could have someone come do an articdle on you, but you�re kind of at their mercy. this way if you write your own article, you can put the info you want them to see first in the first paragraph. //
16 130 huh. that�s an idea. I was also going to see, there�s a sign up the road that theres nothing on the back, I dunno if you can see it from here, its for the comfort inn, theres nothing on the back side coming this way, I was going to see if I could use the back side for scotty�s.
MICROCREDIT GROUPS typically HAVE between FOUR AND TEN MEMBERS.
THEY GET TOGETHER TO TRADE IDEAS AND SHARE THEIR STORIES OF TRIUMPH AND Defeat..
THEY ALSO LEARN THE BASICS OF BUSINESS.
AFTER CHATTING ABOUT THE LATEST HAPPENINGS WITH THEIR BUSINESSES, EVERYone at this meeting TAKES OUT THICK BINDERS AND STARTS FLIPPING PAGES.
18 00 T which one are we at now? J we finished number one. t: we did? not jon. j: no, jon didn�t.
PRESBY IS LEADING THROUGH GROUP THROUGH A TWENTY-PART LESSON PLAN.
IT COVERS EVERYTHING FROM WRITING A VISION STATEMENT, TO CREATING A BALANCE SHEET.
THAT�S THE KIND OF INFORMATION ENTREPRENEURS NEED.
BUT IT CAN BE SCARY, NOT TO MENTION BORING, TO TRY TO LEARN ON YOUR OWN.
ROB RILEY IS MICROCREDIT�S STATEWIDE DIRECTOR.
theres a real fear around numbers, people just throw their hands up and say I cant do this, esp if they have an artistic bent, they want to be making product, marketing product but the last thing they want to do is looking at the numbers.
BESIDES KNOWLEDGE, MICROCREDIT PROVIDES ONE OTHER ESSENTIAL INGREDIENT: MONEY.
MICROCREDIT WILL LOAN BUDDING ENTREPRENEURS BETWEEN 500 AND TEN THOUSAND DOLLARS.
THE CASH COMES FROM ITS PARENT ORGANIZATION, THE NEW HAMPSHIRE COMMUNITY LOAN FUND.
THERE�S NO COLLATERAL REQUIRED, AND EVEN PEOPLE WITH BAD CREDIT HISTORIES CAN BORROW.
AS JOYCE PRESBY EXPLAINS, MEMBERS OF YOUR OWN MICROCREDIT GROUP EXAMINE YOUR BUSINESS PLAN AND DECIDE WHETHER TO GRANT THE LOAN.
16 15 the groups looks over application and either yays or nays the loan. //these people do have to convince their peers they are viable for this loan.
THE SYSTEM IS CALLED PEER LENDING.
IT�S DESIGNED TO BE LESS INTIMIDATING AND MORE SUPPORTIVE THAN, SAY, ASKING A BANK PRESIDENT FOR MONEY.
BUT presby points out�..THERE IS A CATCH.
16 40 if someone becomes delinquent, no one else in grp can borrow money until that person starts paying.
THIS KIND OF SMALL, GROUP-BASED LENDING PROGRAM got its start in some of the poorest regions of the world.
And it�s had its successes in PLACES LIKE AFRICA AND ASIA.
THERE, A LOAN MIGHT BUY A COW, OR A YEAR�S WORTH OF SEED.
DIRECTOR ROB RILEY SAYS HERE IN NEW HAMPSHIRE THE MONEY meets A VARIETY OF NEEDS.
13 38 we�ve had loan uses from buying a wood stove to heat a garage where a stained glass studio wd be, some who�ve purchased entry fee for trade show, someone that leveraged thousands of dollars in sales out of 500 entry fee, people who are buying computer equipment, maintaining a vehicle for delivery. it really runs the full gamut.
AT 12 PERCENT, MICROCREDIT�S INTEREST RATES AREN�T CHEAP. AND SKEPTICS QUESTION WHETHER PROGRAMS LIKE THESE ARE BIG ENOUGH TO power a REAL economic ENGINE.
BUT RILEY SAYS MICROCREDIT can help a new ENTREPRENEUR GET OVER SOME OF THE INITIAL BARRIERS TO STARTING A BUSINESS.
ONCE THE COMPANY IS LAUNCHED, IT CAN QUALIFY FOR BIGGER LOANS OUT IN THE OPEN MARKET.
if someone went to bank and wanted 500, 1k, even 5, a bank won�t look at them for a variety of reasons � they don�t have enough biz acumen, enough time in biz, or collateral. so we help people devel biz credit.
THAT CERTAINLY SQUARES WITH TERRY SCOTT�S EXPERIENCE.
I can�t find a bank to touch a startup loan. that�s been the biggest probl. everyone tells me they don�t do them. if you have a business already they�ll give you money, but if you�re just starting, no.
UNFORTUNATELY, Terry FIGURES SHE and her husband NEED ABOUT 25-THOUSAND DOLLARS FOR EQUIPMENT AND STARTUP COSTS IN ORDER TO OPEN SCOTTY�S ROAST BEEF.
SHE CAN�T GET THAT MUCH FROM MICROCREDIT ALONE.
SHE MAY TRY ONE OF THE LARGER ECONOMIC DEVELOPMENT ORGANIZATIONS LIKE THE BUSINESS ENTERPRISE DEVELOPMENT COUNCIL.
They DO BIGGER LOANS, BUT THEY HAVE TOUGHER LENDING STANDARDS.
AND SHE SAYS SHE AND HER HUSBAND WILL CONTINUE PUTTING PROFITS FROM HIS ROOFING WORK TOWARD THE NEW BUSINESS.
BUT EVEN IF MICROCREDIT CAN�T MEET ALL HER FINANCIAL CHALLENGES, SCOTT SAYS SHE BENEFITS FROM THE CLASSES.
this is the part of microcredit I really wanted, is the skills training. bc I knew I really needed them.
MEANWHILE, THE SCOTTS ARE MAKING PROGRESS ON OTHER FRONTS.
THEY�VE BOUGHT A LOT OF THE KITCHEN EQUIPMENT THEY�LL NEED.
AND THEY PLAN TO START RENOVATIONS SOON TO TURN THEIR GARAGE INTO THE ROAST BEEF SANDWICH SHOP OF THEIR DREAMS.
FOR NHPR NEWS I�M TRISH ANDERTON IN COLEBROOK.
