Spring Class Has Started The spring SMA Opportunity Bank class has started. For the next three months nearly twenty promising entrepreneurs will be immersed in the art of operating a successful small business. Though we gear our program toward women and on average 95 percent of our participants are female, the program is open to men as well. A few of the topics that will be covered include: - How do I know I have a good product to sell? - Pricing, what do I charge? - Customers - Who are they? How do I get them? How do I keep them? - What about bookkeeping? Participants will upon completion of the program have a working business plan and an opportunity to apply for funding for up to $5,000. There will be guest speakers, door prizes, and snacks. Tired of working to help build someone else's dream? Ready to shape your destiny? Then you need to be here. Contact Christine Telford at 901-774-9582 for information about the upcoming summer class. The South Memphis Alliance, Inc. wish to thank its partners in this project: - The Women's Foundation for a Greater Memphis (www.wfgm.org) - The City of Memphis' Renaissance Business Center (www.cityofmemphis.org) City and Nonprofits to help on MLGW Bill $2.5 million for incomes 150%-175% of poverty level SMA is proud to announce a $2.5 million partnership with the City of Memphis to help citizens struggling with high utility bills who do not qualify for existing programs. SMA Executive Director, Reginald Milton stated, "Though SMA’s PowerOn! Project we will help the working poor struggling with high utility bills who do not qualify for existing programs." "The city can not afford to not help people in need," said Mayor Willie Herenton. The city will award eligible families up to $500 toward a past-due MLGW bill, and families must be prepared to pay the balance. Families will not receive a check. Instead, the money will be applied directly toward their utility bill in "one-stop shops" set up at partner organizations that will handle applications, screening and the electronic transfer of city funds to Memphis Light, Gas and Water Division. To qualify, people must have income that falls between 150 percent and 175 percent of the federal government's poverty income guidelines and have received a service interruption notice. A family of four would have to have an income of between $32,012 and $37,100 to qualify. "There are gaps," said Sara Lewis, special assistant to the mayor overseeing the city's Youth Services and Community Affairs Office. "There are those people who do all those things that have to be done and are plagued by high bills. Some work two or three or four jobs ... and they are the ones who are in the gap that are hurting." The program comes as Herenton has repeatedly warned that the city is facing an "inevitable" property tax hike. The other partners are the city's Office of Human Services, the Works, Inc. and Case Management. Help is available by appointment only. To schedule an appointment, call 575-7200. SMA Pays $120,000 to Purchase a Community Laundromat SMA's purchase of a Coin Laundromat is its first social enterprise. Over the next several months SMA plans to redevelop the facility into a laundromat/resource center. Executive Director Reginald Milton stated, "If our goal is to create better ways of reaching the public then this laundry is a perfect way to do just that. This way while the public is going about taking care of their daily needs, we can offer them at the same site a place to access useful information." SMA is in discussion with several social service agencies to locate mini-offices at the laundromat. It is SMA's goal to provide clients with help in housing, health care, and financial literacy. "Imagine, a customer comes into the laundry, place their clothes in the washer and instead of wasting 20 - 30 minutes waiting for their clothes to be cleaned they can take five steps and be at, say the Health Department! We think this is a great idea," Milton said. SMA is proud to announce that it will be taking over the MIFA Opportunity Banc. MIFA has successfully operated this service for several years. The mission of the SMA Opportunity Bank is to provide training, technical assistance and financial resources to enable entrepreneurs who have low to moderate incomes to establish or further develop their own businesses. Eligibility: Any individual who has low to moderate income and is interested in starting their own business or further developing their existing business is eligible for our training program. Loan Program: Any individual who has successfully completed the twelve-week training program is eligible to apply for a SMA Opportunity Bank loan. The loan committee will review the applicant's loan proposal. The decision of the committee will determine whether the applicant receives the SMA Opportunity Bank loan. Fee: $150: All students are required to attend all of the classes and complete their business plan and all of their homework assignments. Services: The SMA Opportunity Bank offers training, loans, and technical assistance. Training: The SMA Opportunity Bank provides a twelve-week training program. The training focuses on the fundamentals of business development including: how to create a successful business plan, setting goals for your business, pricing your products and services, marketing, managing your cash flow, managing your records and financial statements, improving your personal financial and credit history and obtaining the proper insurance and licenses for your business. Four training sessions are held each year. January – February – March--------------------------July – August – September April – May – June---------------------------------------October – November – December The training sessions are held on Tuesday and Thursday evenings for 2.5 hours each evening. Every month we hold an orientation to the SMA Opportunity classes. This orientation allows interested parties the chance to complete an application and find out more information about the SMA Opportunity Bank program. In order to sign up for the next orientation please call Christine Telford at 901.774.9582. Loans: Upon successful completion of the training program an individual may apply for a SMA Opportunity Bank loan. Opportunity Bank loans range from $250 to $5,000. The loans have a 5% interest rate and a 3 year period of repayment. The applicant will meet individually with our Technical Assistance provider in order to complete their loan proposal and their loan packet. After completing their loan packet the applicant will present their business plan before the SMA Opportunity Bank loan committee. The loan committee will make the final decision on whether to approve or deny the loan request. SMA MoneySmart Brochure   SMA Stand By Me Brochure SMA Welcome Brochure