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Creating Opportunities for Economic Self-Sufficiency Through Entrepreneurship

Creating Opportunities for Economic Self-Sufficiency Through Entrepreneurship. Organization Overview 2004. What is Microenterprise?. A microenterprise is a business that Employs five or fewer employees Requires $35,000 or less in start up capital Has annual sales of less than $100,000

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Creating Opportunities for Economic Self-Sufficiency Through Entrepreneurship

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  1. Creating Opportunities for EconomicSelf-Sufficiency Through Entrepreneurship Organization Overview 2004

  2. What is Microenterprise? • A microenterprise is a business that • Employs five or fewer employees • Requires $35,000 or less in start up capital • Has annual sales of less than $100,000 • May not have access to traditional sources of capital • Federal, State and local governments support microenterprise development initiatives as an economic strategy to strengthen communities and help families become self-sufficient. Cobb Microenterprise Center (CMC) is the leading microenterprise development program in Georgia, and a co-founder of GMEN, Georgia Microenterprise Network, the statewide association for the field.

  3. Honors, Awards, Achievements • U.S. SBA “Models of Excellence” Vision 2000 national award. • U.S. Department of Housing and Urban Development “Simply the Best” national award for microenterprise. • Jimmy and Rosalynn Carter Partnership Award Finalist for Campus-Community Collaboration. • SBA PRIME (Program for Investment in Microenterprise) 2001 – 2002 national award. • Federal Home Loan Bank of Atlanta 2000 Partnership Excellence Award CMC has trained over 300 entrepreneurs, which includes over 150 start-up, existing, or expansion stage businesses and has leveraged over $1.8 million in capital for its clients.

  4. Programs • CMC runs a 12-week entrepreneurship training program, a 6-week e-commerce program, provides one-on-one technical assistance to graduates, and provides access to capital through matched savings plans, micro-loans, Small Business Administration (SBA) loans, traditional lenders, and sources of social venture capital. CMC has trained over 323 microentrepreneurs since its inception. • CMC also offers training programs for new microenterprise development programs in Georgia. Through this program, CMC shares its expertise to build capacity and help further the mission of microenterprise. Cobb Microenterprise Center was created in 1997, by the Georgia Campaign for Adolescent Pregnancy Prevention (GCAPP) and the United Way of Metro Atlanta to provide training and technical assistance in microenterprise development.

  5. Funding Sources and Partners • CMC is grateful for the financial and in-kind support it receives from United Way of Metropolitan Atlanta, Mary Reynolds Babcock Foundation, SBA PRIME Grant, Ms. Foundation, Kennesaw State University, Coles College of Business, Georgia Department of Human Resources, Washington Mutual Foundation, St. Teresa’s Episcopal Church, Ewing Marion Kauffman Foundation, Cobb County Community Development Block Grants, City of Marietta CBDG, and the Atlanta Women's Foundation. • Community partners include CobbWorks!, Cobb Family Resources, Kennesaw State University, United Way of Cobb County and YWCA of Northwest Georgia. The current capital campaign, which was initiated at the outset of fiscal year 2004 aims to enroll corporate foundations and private donors to diversify the funding base of the organization. Please visit our new website at www.cobbmicro.org.

  6. Allocation of Funding Our program focuses on providing microenterprise training through our 12 week Business Development curriculum and our 4 week Internet Marketing & E-Commerce course. We also provide significant on-site and off-site technical assistance to graduates. While micro lending is not our core focus, we do have a small micro loan program.

  7. Staff, Consultants, Volunteers • CMC employs 5 full-time employees. The staff is responsible for recruitment, program development and management, and training and technical assistance for program graduates. • The organization utilizes consultants to provide some course instruction and management, matched savings program management, and some off-site technical assistance. CMC Staff Our generous Volunteers provide many hours of pro bono services. They provide mentoring, assist clients with legal issues, developing financial statements and business plans, life skills training, and even advice on web site design.

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