Loyola MicroFinance
Loyola MicroFinance
Loyola MicroFinance (LMF) is an innovative student organization based at Loyola University New Orleans and focused on practicing microfinance in the city of New Orleans. LMF is designed to leverage the economies of scale found within a university setting in creating a long-term partnership between local entrepreneurs and the members of Loyola University New Orleans. The initiative takes advantage of the unique combination of technical expertise, capable volunteers, and commitment to social activism that characterizes Loyola University New Orleans. The ultimate goal of Loyola MicroFinance is to enhance the economic development of individual borrowers and the wider New Orleans community.
LMF will provide micro-loans and business consulting services to established small businesses in the city of New Orleans. LMF’s products and services are designed to aid clients in the processes of optimizing and expanding their businesses. LMF will initially provide clients with loans of up to $1,500. As members develop their businesses and repay their initial loans, their individual credit limits will rise incrementally to a final cap of $12,000. LMF will enhance the impact of its lending services by providing clients with business consulting services designed to aid in the planning and implementation of client-specific business strategies. From the initial application process all the way through to the collection of the final loan installment, clients will have constant access to consulting services. Clients will go through a training process provided by LMF and its partners, create a formal business plan and financial statements, join a peer group, present a business plan to group members, and pass a written test before becoming eligible to obtain credit access.
Members will attend bi-weekly meetings on the campus of Loyola University New Orleans. At these meetings, loan installments will be paid, new loans will be disbursed, new loan proposals will be presented, and guest speakers will be invited to provide ongoing training to LMF’s members. The meeting process is built around the goal of providing clients with a valuable network of like-minded local business owners. Students from LMF will be partnered with clients and will actively assist members throughout the lending process. LMF’s lending and consulting processes are designed to create and affirm strong relationships between staff and clients. These relationships will enhance the effectiveness of LMF products and services, will strengthen student experiences, and will maximize client success and satisfaction.
No comments