October 25, 2005

Forum Discussion on California Microenterprise Development

San Francisco, October 25, 2005—The Federal Reserve Bank of San Francisco and the California Association for Microenterprise Opportunity (CAMEO) will host a forum discussion titled “Banking on Microenteprise Development”, in La Mirada on November 1, 2005. This discussion will highlight the partnerships between microenterprise development programs and financial institutions, and will recognize the contributions of microenterprise development to the regional economy. This learning and networking meeting culminates a month-long celebration of California Microenterprise Development Month (October 2005) as designated in a Resolution carried by the California legislature.

Microenterprises, small businesses with fewer than five employees, comprise 88% of all California businesses. These small shops, restaurants, home based businesses, and contractors also create 17% of California’s jobs. Microenterprise development, the process of providing business management training, counseling, business plan development and microloans is essential to help these businesses start right, expand and prosper. The benefits to communities with successful microenterprises include an improvement in downtown districts with vibrant retail and restaurants, increased availability of new jobs, locally developed services and products, tax revenues, and reduced public assistance costs.

“Banking on Microenterprise Development” will highlight several successful partnerships of microenterprise programs and financial institutions and demonstrate models of successful microenterprise development, spotlighting the work being done by Acción San Diego. The meeting agenda includes a continental breakfast, presentations and dialogue on model partnerships, information on microenterprise development from local providers and a buffet networking lunch. Extensive resource materials and resources on California microenterprise development will be made available.

What is CAMEO? California Association for Microenterprise Opportunity (CAMEO) is a statewide association of microenterprise programs and supporters providing business training, technical assistance, microloans and other services to low and moderate-income individuals. For more information on statewide events visit CAMEO’s website at: http://www.microbiz.org/html/med_month_statewide.htm.

What is a Microenterprise? A microenterprise is a business with five or fewer employees, $35,000 or less in start-up capital, and which does not have access to the traditional commercial banking sector.

What is Microenterprise Development? Microenterprise development is a process of providing services such as training and technical assistance to new, prospective, and experienced small business owners. Microenterprise development reduces the risk associated with launching and growing a small business and greatly increases a microentrepreneur’s chances of success.

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