In the future, the Institute would also like to create a domestic Micro-Finance Fund with an equity line of $100,000 or more. The Micro-finance Fund would provide capital to newly resettled refugee women and their families in order to start businesses in Boston, particularly in low income communities. The fund would be managed by students and overseen by the Center for Social Entrepreneurship.
New research initiated by ACCION USA, one of America’s largest microfinance networks indicates that domestic micro-finance serves as a catalyst for lifting families out of the US poverty line. Similarly, over 10 million entrepreneurs, mostly minorities and women, lack access to small business capital (FIELD, 2007). Domestic microfinance services also help poor families develop credit, which later allows them to access higher credit lines in the future.
The Social Enterprise Institute is currently seeking organizations in the Boston or Cambridge area with specific outlets to resettled communities in order to determine eligibility for micro-credit loans or equity. For more information on how you can help build this program, please email firstname.lastname@example.org. Please note that this program is in the process of being created.
*Coming Soon* information on how to get involved with the Social Enterprise Institute's Domestic Microfinance Fund
© 2014 Northeastern University D'Amore-McKim School of Business